The card game company invested by miHoYo is going public.

Another company has joined the IPO battle in the trading card market.

On the first day of the new year, Suplay submitted a listing application to the Hong Kong Stock Exchange.

Suplay is an IP collectibles and consumer goods company founded in 2019. It owns a portfolio of brands, including the trading card brand "Kakawow", the trendy toy brand "HeyDolls", and the merchandise brand "Letao Valley".

Going back to the beginning of 2024, when "the king of trading cards" Card Hero first submitted its listing application to the Hong Kong Stock Exchange, the market unanimously assumed that it would undoubtedly become "the first trading card stock". However, to this day, there is still no news after Card Hero's second submission.

In the second half of last year, it was reported that another trading card company, Hitcard, was also advancing its listing process.

Compared with Card Hero and Hitcard, the trading cards under Suplay may not be as well - known. In fact, behind it stand well - known game companies such as Mihoyo and Gibit Networks, as well as institutions like Source Code Capital.

The senior management team also has a profound background in the investment industry. Huang Wanjun, the founder of Suplay, and Li Jing, the CFO, both used to work at China Renaissance. Li Jing was the former CEO of the venture capital service institution Xiaofanzhuo and is the wife of Wang Huadong, a partner at Matrix Partners.

With the support of the billion - level revenues of Pop Mart and Card Hero, trendy toys and trading cards have become one of the few bright spots in the consumer market in the past year or so. Some enter the trendy toy market, while others rush into the trading card market. While some people choose between the two, Suplay wants both.

 A Miniature Version of "Pop Mart"

In its early days, Suplay's development path was neither like Pop Mart's nor Card Hero's.

Initially, Suplay positioned itself as a trendy toy platform, with the mini - program "Suplay Trendy Toys" as its main platform, providing online product sales for third - party designers.

With the entry of Mihoyo, changes occurred. In 2021, Suplay received an $8 million Series A+ investment from Mihoyo. In the same year, Suplay started its brand - building process, including acquiring "HeyDolls" and establishing its own brands "Kakawow" and "Letao Valley".

Mihoyo not only brought capital to Suplay but also multiple IP collaborations, such as the Slimes from "Genshin Impact", the Fontaine Sea from "Genshin Impact", the creations of Ruan Mei from "Honkai: Star Rail", the origami birds, the Chimeras, and Bangbu from "Zone Zero".

Suplay divides its products into two major categories: collectibles and consumer - grade products. Among them, collectibles include trading cards and collectible - related accessories. Trading cards mainly correspond to the products of "Kakawow"; collectible - related accessories include card accessories, grading, authentication, and other related services.

Consumer - grade products include trendy toys, such as figurines, mini - figurines, and plush toys; and IP derivatives, including products from Letao Valley and retail trading cards in various forms.

Source: Prospectus

Suplay's initial cooperation with Mihoyo focused on consumer - grade products, especially figurines, mini - figurines, and plush toys. Among them, the GMV generated by the "Ruan Mei Creations" mini - figurine series exceeded 50 million yuan.

As long as the emotional consumption carried by trendy toys exists, factors such as facial expressions, materials, and the size of figurines can support new business models. That's why Pop Mart can reach new heights with its plush toys, and TNT became well - known by "making blind boxes a bit bigger". Suplay's strategy for trendy toys is to downsize them.

In August, at Pop Mart's earnings conference, Wang Ning took out a mini - Labubu, recreating the scene of supply falling short of demand. Suplay started "going small" in April 2022, being the first to launch China's first mini - figurine series - the KIKI Tata Lactic Acid Bacteria Candy Series mini - figurines. All mini - figurines are shrunk to 2 - 2.5 cm PVC collectibles, with each bag priced at 69 yuan.

It is reported that Suplay currently mainly owns three self - developed IPs: Rabbit KIKI, Uncle OHO, and Water Wave Egg. In 2023, 2024, and the first nine months of 2025, self - developed IP products contributed approximately 40.6%, 14.4%, and 4.1% of the total revenue respectively.

According to the prospectus, from 2023 to 2024, Suplay's revenue increased from 146 million yuan to 280 million yuan, a year - on - year increase of 92.5%; in the first nine months of 2025, the revenue was 283 million yuan. In 2023, 2024, and the first nine months of 2025, the corresponding net profits were 2.95 million yuan, 49.11 million yuan, and 37.07 million yuan respectively.

The adjusted net profit increased from 16 million yuan in 2023 to 64.8 million yuan in 2024, a 305% increase; in the first nine months of 2025, this figure increased to 86.4 million yuan, an 81.9% increase compared to 47.5 million yuan in the same period of 2024.

 An Adult - Female Version of "Card Hero"

Card Hero's users are mainly minors, and later trading card brands all emphasize that they are mainly targeting adults.

Suplay is no exception. It mentioned in its prospectus that according to a consumer survey conducted by Frost & Sullivan, 99% of its consumers are 18 years old or above. Its core consumer groups include IP series collectors, aesthetic - driven collectors, and value - oriented collectors.

In addition, Suplay also breaks the traditional "male - dominated" pattern in the trading card market. It is reported that among Suplay's trading card collectors, women account for up to 52.7%.

Most trading card companies in the market are trading card game - based, which can be divided into battle - style and non - battle - style trading cards. The latter is mainly for collection.

Non - battle - style trading cards are IP - centered card products. The single - card price is usually above 10 yuan or the equivalent in foreign currency. Their scarcity and non - reproducibility are emphasized through limited and numbered editions.

Their core value comes from IP influence, artistic design, and historical significance. They have attributes such as collection, display, and secondary - market circulation (some products also have investment value). They are mainly targeted at core IP fans, collectors, and high - engagement consumer groups, covering themes such as sports, anime, and popular culture.

In the pan - entertainment merchandise market, non - battle - style trading cards for collection are one of the fastest - growing but lowest - penetration segments. In 2024, the global market size was $12 billion, and it is expected to grow to $25.7 billion by 2029, with a compound annual growth rate of 16.5%; the Chinese market size was 6.2 billion yuan in 2024 and is expected to grow to 16.5 billion yuan in 2029, with a compound annual growth rate of 21.4%.

Suplay's trading card products are positioned at the high - end, focusing on the collectible segment with a single - card issuing price of over 10 yuan. According to the prospectus, these cards are issued in limited quantities, combining artistic quality and collection value.

"This forms a significant distinction from the consumption attributes, entertainment orientation, and less emphasis on grading or long - term value preservation of cards priced below 10 yuan per card." This also boosts the gross profit margin of Suplay's trading cards, with the gross profit of its collectibles (trading cards) reaching as high as 69.5%.

In the past three years, Suplay's revenue focus has shifted from trendy toys and other products to trading cards.

Source: Prospectus

The prospectus shows that from 2023 to the first nine months of 2025, Suplay's trading card (i.e., collectibles) revenue was 47.95 million yuan, 120 million yuan, and 198 million yuan respectively, accounting for 32.9%, 41.8%, and 70% respectively. Correspondingly, the revenue share of consumer - grade products decreased from 67% in 2023 to 30%, with revenues of 97.78 million yuan, 163 million yuan, and 84.86 million yuan respectively.

Suplay mentioned in its prospectus that its future IP cooperation with Mihoyo will also expand to the collectible trading card series.

The trendy toy market may seem bustling, but the road ahead is not easy. It took Pop Mart 15 years to achieve its current success. During these 15 years, many followed in its footsteps, but no "next Pop Mart" has emerged.

In contrast, Card Hero, founded in 2018, achieved in three years what took Pop Mart ten years.

In the past, Chinese trading card companies operated in relative obscurity until Card Hero emerged and heated up the market. The primary investment centered around trading cards has been booming. Not only Suplay, but also companies like Flash Soul, Jason Entertainment (Jikashe), and Hitcard are highly sought after by capital. Sequoia Capital, Pop Mart, Yuewen Group, Hillhouse Capital, and Banyan Capital are all placing bets, and everyone wants a piece of the pie.

More importantly, there is currently no trading card company in the secondary market, presenting an opportunity for hot money and a chance to overtake competitors on a curve.