(Yicai Global) June 2 -- Chinese vendor pop toy vendor, Pop Mart International Group is applying for a Hong Kong initial public offering, according to materials the Hong Kong Stock Exchange made available yesterday.

This company that won popularity by selling blind boxes achieved CNY450 million (USD63.21 million) in net profit last year. A statement as to the planned fundraising amount is still pending.

Ten-year old Pop Mart was China’s largest and fastest-growing seller of pop toys -- vinyl figurines such as bobbleheads -- in revenue in 2019 and revenue growth from 2017 to 2019, respectively, according to a report by Texas-based consultancy Frost & Sullivan.

Pop Mart's total revenue rose by 225.4 percent from CNY158.1 million in 2017 to CNY514.5 million in 2018, and further grew by 227.2 percent to CNY1.68 billion last year. It also recorded net profit of CNY1.6 million, CNY99.5 million and CNY451.1 million in 2017, 2018 and last year, respectively.

Its sales and distribution network as of the end of 2019 was 114 retail stores in 33 cities, 825 innovative roboshops in 57 cities in China, and 22 wholesale distributors in China, with 19 in the US, Japan, Korea, Singapore and 17 other countries and regions.

Editor: Ben Armour