MaHui Moment | Congratulations to MaHui Member Blokees on Its Successful IPO — Committed to Building Lasting, Real Value Together

On January 10, Blokees (hereinafter referred to as "Blokees") listed on the Main Board of Hong Kong Exchanges and Clearing Limited, with a final offer price of HK$60.35 per share and total gross proceeds of approximately HK$1.674 billion. This historic milestone marks the arrival of China's buildable character toy industry on the global stage.

Founded in 2014, Blokees has broken through in the fiercely competitive buildable character toy sector. The company owns two original IPs, "Magic Blokees" and "Hero Infinity," and holds non-exclusive licenses for over 50 globally renowned IPs including Ultraman, Transformers, Marvel heroes, and Naruto. Blokees encourages user-generated content and has built a highly interactive, co-creation ecosystem that has earned widespread acclaim from players worldwide.

Source Code Capital was Blokees' first institutional investor, leading its pre-A round and participating in multiple subsequent funding rounds. The firm has provided comprehensive venture-building support across talent acquisition, organizational development, commercial partnerships, and international expansion strategy. This sustained partnership has helped Blokees grow into China's largest and the world's third-largest buildable character toy company.

This marks Source Code Capital's 12th IPO.

Kaishi Chang, Partner at Source Code Capital, commented: "As Blokees' earliest institutional investor, we are thrilled to witness the company's rapid growth. Bringing joy through toys is a wonderful endeavor. We look forward to seeing Blokees continue innovating from this new starting point, sharing that joy with more consumers around the world. Source Code Capital's founding mission is to walk alongside outstanding entrepreneurs and create lasting, real value. Blokees' successful listing is once again an affirmation of our investment philosophy."

Weisong Zhu, Chairman of Blokees, said: "We are grateful for Source Code Capital's long-standing trust and support, and for their unwavering commitment to our long-term growth. Together, we will go even further."

At the bell-ringing ceremony: Kaishi Chang, Partner at Source Code Capital (left); Weisong Zhu, Chairman of Blokees (center); and Deming Weng, Investment Manager at Source Code Capital (right)

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Listing Address:

Embracing a New Beginning, Embarking on a New Journey

In his listing address, Weisong Zhu, Chairman of Blokees, stated:

Today, Blokees' successful listing on the Hong Kong Stock Exchange is not only an important milestone in our development journey, but also an entirely new beginning.

Just two weeks ago, Blokees celebrated its tenth anniversary. A decade of honing our craft — our sincere gratitude to all investors and partners for your support and trust.

The essence of toys is to bring joy. We love this industry and embrace innovation. Throughout our journey, we have adhered to our core values: "Passion-driven, Collaborative, User-first, Principled, and Committed." Going forward, we will continue increasing R&D investment, delivering more and better products, and working hand-in-hand with partners to drive industry innovation and development.

Our thanks to the Hong Kong Stock Exchange. Through this listing, Blokees will attract more outstanding talent, further expand our global market presence, and deliver superior business performance to repay the trust and support of our investors.

Once again, thank you all for your companionship and encouragement. Let us join hands to create an even brighter future together!

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Innovation-Driven Growth

Building a "All-Ages, All-Price-Points, Global" Product Portfolio

Blokees focuses on the design, R&D, and sales of buildable character toys. Through continuous innovation, the company has accumulated over 500 patents, establishing the core competitive strength of its brand. These innovations give Blokees' brick figure products four defining characteristics: "high IP fidelity, easy assembly, strong playability, and great value." This has enabled the company to achieve comprehensive coverage across age groups and consumption tiers. Beyond meeting domestic consumer demand, Blokees has expanded into overseas markets including the United States, Southeast Asia, and Europe, propelling Chinese buildable character toys onto the global stage.

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BFC Community

A Highly Interactive, User Co-Creation Ecosystem

The Blokees Figure Creators (BFC) community engages with global players through events such as creation contests, model-building competitions, and exhibitions, encouraging innovative builds and user-generated content. BFC breaks from traditional one-way communication models to build a user-centric co-creation ecosystem. Players are not merely consumers of products, but also creators and brand ambassadors, providing invaluable inspiration for Blokees' product development and innovation.

Blokees stands at a new starting point, ready to embrace new challenges and opportunities. Source Code Capital remains a steadfast partner, confident that Blokees will bring more delightful products to global users through its exceptional products and services, and make even greater contributions to the toy industry's development.