Are the men's "mystery box business" about to ring the bell?

The copper craftsman who makes copper artworks has recently submitted a listing application to the Hong Kong Stock Exchange again. This company, known as "the middle-aged man's version of Bubble Mart," had no updates after its first submission in May last year, but it is making a comeback this time.

I looked through their prospectus, and the revenue scale is indeed quite impressive—reaching 571 million for the whole year of 2024, and already achieving 308 million in the first half of this year. As a leading player in the niche market of copper art ornaments, this performance illustrates that "even niche markets can generate significant business" quite well.

That said, while copper ornaments and trendy mystery boxes are both emotional consumption, their repurchase logic is completely different. One relies on scarcity and collectibility, while the other plays on the surprise of unboxing. I’m quite curious about how the capital market will value this traditional craft.