Cailian Press reported on January 6 (edited by Hu Jiarong) that the new stock subscription situation of Bruker Corp, known as the "Chinese version of Lego," continues to be very active.

According to reports, as of 12:00 noon on January 3, the total amount of margin subscription by retail investors has exceeded 590 billion HKD, compared to the public offering's fundraising amount of 0.146 billion HKD, with a nearly 4053 times oversubscription, showing the market's high enthusiasm.

It is noteworthy that in this IPO, Bruker Corp has also introduced three cornerstone investors, including Jinglin Asset Management Hong Kong Limited, UBS AM Singapore, and Wells Fargo Fund Management Company along with Wells Fargo Asset Management (Hong Kong) Limited.

In fact, Bruker Corp operates in the toy industry. According to Frost & Sullivan data, the compound annual growth rate of the global/China market size from 2023 to 2028 is 15% and 22% respectively, attracting many companies to position themselves in it. Among them, as a producer of building block character toys, Bruker Corp is at a crucial development juncture, and its IPO dynamics have drawn significant attention.

Bruker Corp is expected to replicate the performance of POP MART on its first day of listing.

POP MART completed its first day of listing on December 11, 2020. By the close of the day, it had risen by 79.22%, closing at 69 HKD.

Why is Bruker Corp's IPO receiving attention from investors?

In terms of market positioning, Bruker Corp fills a wide gap in the "Low Stock Price + Young Age" market. The core audience for LEGO and Bandai is primarily consumers born between 1980 and 1995, focusing on classic Japanese anime, 2D IP, and educational family scenes, with pricing often in the high range of hundreds to thousands of yuan; POP MART and JellyCat target adult consumers in high-tier cities, emphasizing boutique figurines and plush toys.

Meanwhile, Bruker Corp differentiates itself by focusing on the Low Stock Price + Young Age sector, with core SKUs priced around 40 yuan, and some new products as low as 10 yuan, precisely meeting the affordable toy needs of children aged 6-16, in addition to aligning with the interests of teenagers and children in popular IPs like Ultraman and Transformers.

The channel side is also a key focus for Bruker Corp. In recent years, miscellaneous retail stores represented by Miniso, Jiuwu Miscellaneous, Cool Play, KKV, and Tomato Pocket have shown explosive store-opening momentum in domestic commercial complexes. As of June 2024, the number of domestic stores for Miniso and Jiuwu Miscellaneous has reached 4,115 and 671, respectively, increasing by over 62% and 127% compared to June 2020.

On the product side, Bruker Corp enhances its hit rate through a high-frequency new product strategy for IP and SKUs. The standardization and reusability of connector interface components for building toys make upstream production relatively flexible. Bruker Corp's average new product launch cycle from concept to mass production is only 6-7 months, shorter than the industry average of 10-12 months; in terms of launch frequency, it maintains 30-90 SKUs per quarter, with 197 products launched in 2023 and approximately 800 planned for 2025.