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According to the disclosure on March 10 by the Hong Kong Stock Exchange, Hangzhou Coppersmith Cultural and Creative (Group) Co., Ltd. (referred to as Coppersmith) has conducted a listing hearing on the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor, which means Coppersmith can start the IPO process in the short term. Market rumors suggest that Coppersmith has already started a pre-roadshow with the goal of raising $100 million. The prospectus shows that since its establishment in 2013, Coppersmith has been focusing on combining traditional craftsmanship with modern design and usage scenarios to develop copper cultural and creative products. The company's products are divided into four 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. According to a Frost & Sullivan report, as of the fiscal year ended December 31, 2024, Coppersmith ranked first in the Chinese copper cultural and creative craftsmanship market in terms of total revenue, with a market share of 35.0%. The Chinese copper cultural and creative craftsmanship market accounted for approximately 6.3% of the Chinese metal cultural and creative craftsmanship market in 2024, and now represents a more segmented area of the broader cultural and creative craftsmanship market in China, where Coppersmith holds around 0.2% market share in 2024. Coppersmith has established a comprehensive IP matrix, including self-developed IPs and IP licensing partnerships, supported by a strong system of design patents, copyrights, and proprietary technologies. Public data shows that the company has also obtained licensing for well-known IPs such as "The Avengers," "Nezha," and the National Museum. By the end of September 2025, Coppersmith had launched 327 SKUs based on self-developed IPs and 77 SKUs based on licensed IPs. In terms of equity structure, founder Yu Guang is the largest shareholder, holding 26.27% of the shares; Lei Jun's Shunwei Capital and Xiaomi Group (01810) hold 13.39% and 9.56% respectively, making them the second and third largest shareholders of the company.