Ruyuchen Responds to HKEX Prospectus Expiration: Hong Kong Stock IPO Still Progressing in an Orderly Manner; LABUBU Collaborates with Sony Pictures on Live-Action Animated Film | Consumer Morning Briefing

| March 20, 2026, Friday |

NO.1 Young羽臣 responds to HKEX IPO filing invalidation: Hong Kong stock IPO still progressing in an orderly manner

On March 19, the listing application documents for Young羽臣 on the Hong Kong Stock Exchange were marked as “invalid.” Young羽臣 responded to the media, stating: “Hong Kong IPO (Initial Public Offering) has not been paused; everything is still progressing in an orderly fashion. A normal prospectus is valid for six months, and only a data update is needed.”

Comment: The invalidation of Young羽臣’s Hong Kong IPO prospectus is more a technical procedural issue rather than a substantive obstacle. Strategically, Young羽臣’s pursuit of an “A+H” listing reflects its desire to leverage the Hong Kong capital market to strengthen brand management and cross-border valuation logic, especially amid slowing growth in the agency operation industry and the rise of proprietary brands as a secondary growth driver. However, it’s worth noting that the overall valuation of the Hong Kong consumer and e-commerce service sectors remains cautious, and with increasing industry competition, whether Young羽臣 can effectively tell the story of “brand + operation” will directly impact its listing process and pricing potential.

NO.2 Pop Mart LABUBU collaborates with Sony Pictures on live-action animated film, directed by the creator of “Paddington”

On March 19, Pop Mart and Sony Pictures jointly announced the latest progress on the LABUBU film project. The two will develop a live-action animated film based on the IP (intellectual property with commercial value, creative content, or brand) THE MONSTERS (LABUBU) under Pop Mart. The film will be directed and produced by Paul King, known for directing the “Paddington” series and “Wonka.” Artist Long Jiaseng will serve as producer, and Paul King will co-write the screenplay with Steven Levinson.

Comment: This marks a key step for trendy toy IP breaking into mainstream entertainment, leveraging top-tier film production resources to transform toy characters into on-screen roles. The collaboration broadens Pop Mart’s IP commercialization boundaries and supplements Sony Pictures’ high-quality original IP reserves, enabling deep synergy between entertainment and trendy toys. This move signifies the entry of domestic trendy toy IP into the global film market. If the core IP and cinematic storytelling are well balanced, it could set a benchmark for Chinese trendy toy IP’s globalization.

NO.3 Snow Beer’s brand Fresh Beer Deer Home announces its first global ambassador

On March 18, Snow Group’s craft beer brand Fresh Beer Deer Home announced that celebrity Lu Han has become its first global ambassador.

It is understood that on October 1 last year, Snow Ice City announced the acquisition of a 53% stake in Deer Home Beer for approximately 297 million yuan. After the transaction, Deer Home officially became a non-wholly owned subsidiary, with its financial performance consolidated into the group’s reports.

Comment: This move leverages celebrity influence to help Deer Home shed its sub-brand label and expand into the national market, while also enhancing Snow’s “tea + coffee + fresh beer” all-day beverage layout. However, the brand still needs to rely on product quality to sustain traffic, balancing marketing buzz with craft beer taste and supply chain stability to convert short-term traffic into long-term market competitiveness.

NO.4 Robot leasing platform Ji Shi Zu is officially launched

On March 19, the robot leasing platform Ji Shi Zu officially launched in Shanghai, adopting a light-asset model to enter scenarios such as robot performances and local services. Its first rentable realistic robot, “Xiao Mei,” was also unveiled.

Comment: Robot leasing essentially shifts from heavy asset procurement to on-demand leasing, lowering application barriers and promoting deployment in entertainment and exhibition scenarios. Currently, realistic robots are still mainly “display-oriented,” with limited demand frequency. Whether the business model can succeed depends on scalable operational capabilities and whether AI interaction improvements will create high-frequency, essential scenarios.

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