"Bloks" saw a significant increase of 72% in the grey market, with a market value exceeding HK$25.1 billion.

Just now, the new stock "Buluke", which has attracted the attention of the entire Hong Kong stock market, has started its grey market trading, providing a benchmark for the official listing and bell-ringing ceremony tomorrow.

Buluke opened with a surge of 72% at one point, reaching HK$104 per share, corresponding to a market value of HK$25.1 billion. Winning a lot in the lottery can earn HK$14,000.

Grey Market Trading Situation

In this IPO, Buluke set the upper limit price at HK$60.35, raising HK$1.674 billion. Its subscription was extremely popular, with an oversubscription of more than 10,000 times. The total margin subscription amount in the entire market reached HK$877.496 billion, with a margin subscription multiple of 6027.58 times. It has entered the top three in the Hong Kong stock market, second only to Ant Financial and Kuaishou.

Greenwoods, UBS, and Fullgoal Fund have also become cornerstone investors, subscribing for US$20 million, US$20 million, and US$10 million respectively.

Product Matrix

Buluke was founded in 2014, and its founder, Zhu Weisong, was once the CTO of YOOZOO Networks. Before 2019, it mainly focused on building block toys and launched its own IP "Transformable Buluke". Later, it transformed into building and assembling character toys, obtaining 50 well-known IPs such as Ultraman and Transformers, and launched its own IP Hero Infinity.

In terms of performance, the revenues in 2021, 2022, and 2023 were 330 million yuan, 326 million yuan, and 877 million yuan respectively; the gross profits were 123 million yuan, 123 million yuan, and 415 million yuan respectively; the gross profit margins were 37.4%, 37.9%, and 47.3% respectively; and the corresponding profits were -507 million yuan, -423 million yuan, and -207 million yuan respectively.

The Ultraman series contributed the most, generating an income of 560 million yuan in 2023, accounting for 63.5% of the total revenue; followed by Transformers, contributing an income of 130 million yuan, accounting for 14.3%.

As of September 30, 2024, Buluke's revenue was 1.69 billion yuan, a year-on-year increase of 177.2%. It recorded a gross profit of 870 million yuan, a year-on-year increase of 220.7%. The gross profit margin increased from 46% as of September 30, 2023 to 53.2% as of September 30, 2024.

Buluke is currently ranked third in the global building and assembling character toy market. Bandai from Japan is ranked first, with a revenue of 48.8 billion yuan and a profit of 3.17 billion yuan in 2023, with a market share of 39.5%; Lego from Denmark is ranked second, with a revenue of 69.2 billion yuan and a profit of 13.76 billion yuan in 2023, with a market share of 35.9%.

The official IPO will be held tomorrow. How it performs specifically, 36Kr will continue to follow up.