Brik, known as the 'Chinese version of Lego,' is set to make another attempt to list on the Hong Kong Stock Exchange.

According to the latest news from the Hong Kong Stock Exchange, Brik Group Limited (referred to as Brik) officially submitted its listing application to the main board of the Hong Kong Stock Exchange yesterday, with Goldman Sachs and Huatai International serving as co-sponsors.

It is worth noting that this is Brik's second attempt to list on the main board of the Hong Kong Stock Exchange. In May of this year, Brik submitted its application for the first time but was unsuccessful, and it has since lapsed.

Regarding the reason for Brik's initial listing application failure, Jiang Han, a senior researcher at Pangu Think Tank, stated in an interview with the Star Daily reporter that this does not mean the company did not meet the listing standards, but rather that it may be a decision by the company to voluntarily delay the listing process.

He further pointed out that the failure of the listing application may be related to various factors such as the company's own preparation, the completeness of financial data, corporate governance structure, and changes in the market environment. These factors could impact investor confidence, resulting in the failure of the listing application to succeed as planned.

The net income for the first half of this year was 0.292 billion yuan.

According to the prospectus, Brik is a company that engages in the design, research and development, and sales of building block role-playing toys.

The prospectus cites data from Frost & Sullivan stating that Blokus is China's largest and a globally leading building block toy company, achieving approximately 1.8 billion yuan GMV in 2023. It is also the fastest-growing scaled toy company globally, with GMV growth exceeding 170% year-on-year in 2023.

Looking back at the company's development history, Blokus began researching building block toys in 2016. In terms of IP matrix construction, Blokus successfully launched two proprietary IPs, including the child puzzle-themed Blockus and the Chinese traditional culture-themed Heroes Unlimited. In addition, the prospectus reveals that Blokus has obtained approximately 50 non-exclusive licenses from IP copyright holders or licensors, including Ultraman, Transformers, Marvel, Harry Potter, and Star Wars.

It is worth mentioning that in 2021, Blokus entered into a licensing agreement with the IP licensor to obtain the rights to develop and sell Ultraman IP products, with its licensing in China extended until 2027. In 2023 and the first half of this year, most of Blokus's revenue came from the sale of products based on the Ultraman IP, accounting for 63.5% and 57.4% of total revenue, respectively.

In terms of channel expansion, as of June 30, 2024, Blokus has covered approximately 0.15 million offline outlets through cooperation with over 450 dealers, including all first-tier and second-tier cities and about 80% of third-tier cities and below. At the same time, Blokus's products are sold in large supermarkets and specialized outlets in China such as Toys 'R' Us, Kidswant, Coolplay, and Walmart.

In addition, according to the prospectus, Blokus sells through online and offline channels such as Amazon and Walmart, entering overseas markets including the USA, Southeast Asia, and Europe, while part of the funds raised is used for overseas market expansion.

In terms of financial data, Blokus's revenue in 2021, 2022, and 2023 was 0.33 billion yuan, 0.326 billion yuan, and 877 million yuan respectively, with losses during the same periods of 0.507 billion yuan, 0.423 billion yuan, and 207 million yuan.

In the first half of this year, Blokus's revenue increased by 237.6% from 0.31 billion yuan in the same period of 2023 to 1.046 billion yuan; the loss during this period was 0.255 billion yuan.

Moreover, in terms of adjusted net income, the losses for 2021 and 2022 were 0.356 billion yuan and 0.225 billion yuan respectively; last year turned profitable with a net income of 72.882 million yuan, and in the first half of this year, it was 0.292 billion yuan.

Sources Capital, Yunfeng Fund, and others have invested, with financing reaching 1.787 billion yuan.

Zhu Weisong, the founder of Brik, is an entrepreneur who transitioned from the gaming industry to the toy industry.

In 2009, Zhu Weisong co-founded Yoozoo Interactive with Lin Qi and others. After gaining successful entrepreneurial experience, Zhu Weisong entered the children's toy industry and officially founded Brik in 2014.

Since its establishment, Brik has attracted the interest of several well-known institutions, including Junlian Capital, Gao Rong Capital, Sources Capital, and Yunfeng Fund.

According to the prospectus, Brik has completed three rounds of financing, totaling 1.787 billion yuan, which includes 0.857 billion yuan from the angel round, 0.33 billion yuan from the Pre-A round, and 600 million yuan from the A round.

It is worth noting that in April of this year, Zhu Weisong transferred over 2.3 million shares of common stock of the restructured Brik through a wholly-owned holding company, accounting for approximately 1.1% of the total share capital, cashing out over 75 million yuan. Meanwhile, external shareholder Gao Rong Capital's Gaorong BLK Holding Limited transferred 0.8953 million shares of preferred stock to Gaintex, cashing out nearly 29 million yuan. According to the share trading price of Brik in 2024 at 32.27 yuan/share, with a total share capital of 0.223 billion, Brik's latest valuation reached 7.2 billion yuan.

After the equity transfer, Zhu Weisong remains the largest shareholder of Brik. The prospectus shows that Zhu Weisong indirectly holds 54.95% of Brik's equity through Wit Bright Limited and Playcreation Holding Limited, making him the actual controller of Brik.

In addition, Junlian Capital holds 6.72% and 0.31% through Idea Great Limited and LC Fund, respectively; Sources Capital holds 5.64% through BlueCo; Yunfeng Fund holds 3.15% through Yunfeng Blocks; Gao Rong Capital holds 1.19% through Gaorong BLK; and Hangzhou Wangxin holds 0.58% through HFHI.

Moreover, the pressure for Bruker to go public is significant. It has been disclosed that Bruker has agreed with investors that if it fails to complete the listing by June 30, 2026, the preferred shareholders can exercise their redemption rights. As of June 30, 2024, the amount of Bruker Group's convertible redeemable preferred shares reached 1.822 billion yuan, while its cash and cash equivalents were only 0.554 billion yuan.