【New Stock IPO】Copper Master 664 Raises Up to 500 Million Yuan, Copper Cultural Creative Product Merchant Owns IP Licenses for Ne Zha 2, Transformers, GOT and More Entry Fee 6869 Yuan

Master Copper (New Listing Number: 00664) Initial public offering from March 23 to 26. Master Copper plans to issue 74.068 million H-shares of copper cultural and creative products, with 10% available for public sale in Hong Kong. The offering price ranges from HKD 60 to HKD 68, raising up to HKD 500 million. Each lot consists of 100 shares, with an entry fee of HKD 6,868.6. Master Copper is expected to list on March 31, with China Merchants Securities International as the sole sponsor.

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Master Copper states that it has always focused on combining traditional craftsmanship with modern design and usage scenarios to develop copper cultural and creative products. According to a Frost & Sullivan report, as of the fiscal year ending December 31, 2024, it ranks first in China’s copper cultural and creative craft products market by total revenue, with a market share of 35%. The Chinese copper cultural and creative craft products market accounts for about 6.3% of China’s broader metal cultural and creative craft products market in 2024. It is a more niche segment within China’s larger cultural and creative craft products market, holding approximately 0.2% of that segment’s market share.

Copper cultural and creative products remain the core category in its product matrix. Products are divided into four main categories based on materials and craftsmanship: copper cultural and creative products; plastic dolls and toys; silver cultural and creative products; and gold cultural and creative products. Copper, gold, and silver products are made from pure metals. Some copper cultural and creative product SKUs are plated with pure gold or silver on the surface to enhance their aesthetic appeal and value.

In the first nine months of last year, the top five IPs accounted for 23.4% of total revenue

Master Copper has established a comprehensive IP matrix, including self-developed IP and licensed IP collaborations, supported by a strong system of design patents, copyrights, and proprietary technologies. It has licensed well-known IPs such as Nezha: Warrior of the Sea, Transformers, Game of Thrones, and the National Museum. In the first nine months of last year, it launched 327 SKUs based on self-developed IP, and 77 SKUs based on licensed IP. The top five IPs collectively contributed 23.4% of total revenue, ensuring no significant dependence on any single IP.

In the first nine months of last year, Master Copper recorded revenue of RMB 450 million, an 11.3% increase year-over-year. Its profit and comprehensive income totaled RMB 41.55 million, a 22% decline.

Master Copper has introduced Jiantou International as a cornerstone investor, with an investment of RMB 30 million.

Founder Yu Guang is a major shareholder, holding 26.3%. Xiaomi (01810) founders Lei Jun’s Shunwei Capital and Xiaomi hold 13.4% and 9.6%, respectively, making them the second and third largest shareholders.

Use of net proceeds

• 38%: Investment in product development and design capabilities
• 24%: Increasing production capacity and fulfillment flexibility
• 24%: Strengthening sales channels and marketing capabilities
• 4%: Upgrading digital and information infrastructure
• 10%: Operating capital and general corporate purposes

Source: Master Copper Announcement

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