Pop Mart, Radiance target Hong Kong IPOs in busy October

Intellectual property manager Pop Mart, and property developer Radiance, are seeking to raise up to US$1 billion combined, sources say

The two Beijing-based firms’ IPOs could join fintech firm Ant Group’s jumbo IPO in October

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Published: 6:45pm, 22 Sep 2020Updated: 10:12pm, 22 Sep 2020

Two Chinese companies, Pop Mart International and Radiance Holdings, are hoping to list in Hong Kong as early as October, a month that could potentially see a record amount of fundraising on the city’s bourse.

Pop Mart International, a Beijing-based management company of intellectual property rights and creator of pop toys, is seeking to raise up to US$600 million in an initial public offering that could happen as early as October. Also from Beijing, property developer Radiance Holdings is looking to raise up to US$500 million, according to people familiar with the transaction.

If successful, these deals would join Ant Group’s potentially record-breaking dual listing in Hong Kong and Shanghai that looks likely to happen in October.

Year-to-date the Hong Kong stock exchange has helped new issuers raise US$10.78 billion, up 7 per cent from US$10.08 billion in the same period a year ago, data from Refinitiv shows. Alibaba, the South China Morning Post’s parent, owns a third of Ant’s stock.

Hong Kong Stock Exchange is likely to see a busy October. Photo: AFP

Pop Mart has 85 intellectual property rights, based on which it makes pop toys. Pop toys, such as action figures, are created from licensed pop content such as cartoon or movies; and buyers, including children and adults, often collect them.