Despite the recent uncertainty in the stock market, Chinese toy retailer Pop Mart is considering an initial public offering on the Hong Kong Stock Exchange, according to Chinese tech media 36Kr.
The company just raised over $1 billion in a new round of funding led by China Renaissance and Loyal Valley Capital, said 36Kr.
The IPO will start as early as next month, people familiar with the deal said.
Targeting young urban white-collar employees and students, Pop Mart was founded in 2010 and sold various categories of lifestyle commodities, including toy, home, digital, beauty etc. In recent years, the company has changed its strategy and shifted its focus in the designer toy market in China.
As one of the biggest lifestyle retailer in China, Pop Mart is now running over 140 stores at best local shopping malls. The company said it also owns over 850 automated vending machines across the country.