Here Group Ltd (HERE)

QuantaSing Group Limited is a Cayman Islands holding company that now operates a pop toy business, primarily in China through Shenzhen Letsvan and, to a much lesser extent, overseas through several subsidiaries. It creates collectible pop toys built on original and licensed characters (IPs). Until September 2025 it also ran an individual online learning services business and certain consumer and other businesses in China through a VIE structure. That structure was terminated on September 30, 2025, and the company sold those operations to a third-party buyer for RMB162 million and US$2.5 million, with the buyer assuming their net liabilities. It has since ceased all online learning and other consumer businesses. The company completed a US IPO of ADSs in February 2023. It began consolidating Shenzhen Letsvan in April 2025 after acquiring 61.05% for about RMB235.0 million, and was acquiring the remaining equity for RMB383.5 million in cash plus 18,219,330 Class A ordinary shares to the founder. It held 76.3% as of the report date.

The pop toy portfolio comprises 11 proprietary IPs, including the flagship WAKUKU and ZIYULI, plus four exclusive and two non-exclusive licensed IPs, such as SIINONO, IMPOPO PIX, YEAOHUA and VIVIMANI. Products are sold under the "HERE奇梦岛" brand and consist mainly of plush toys and soft vinyl figures. The company operates over 40 blind box product lines and over 30 plush pendant card products, with plush priced from RMB69.8 to RMB1,099 per unit. An in-house design team and an incubation methodology develop the proprietary IPs. Products go through a five-phase process covering strategy, design and development, production and quality control, marketing and launch, and post-launch management. Its IP strategy combines original creation, licensing partnerships with artists, and cross-industry alliances with entertainment, fashion and lifestyle brands.

Customers are a broad range of consumers across age groups who seek emotional fulfillment, self-expression and collectibles. WAKUKU targets fashion-forward individuals and ZIYULI targets urban female fans. Sales run through direct-to-consumer and distributor channels. Direct channels include flagship stores on Tmall, Douyin and RedNote, a proprietary mini program, pop-up stores, a North American independent e-commerce site, and flagship stores on TikTok Shop and Shopee. Distributors supply over 10,000 retail stores across China and partners in more than 20 countries across North America, Europe, Southeast Asia and the Middle East. Marketing relies on social media, with over 250,000 followers on two local platforms and over 550 million views on Douyin and 140 million on RedNote. The company has overseas subsidiaries and controlled entities in Southeast Asia and the United States.

The company's principal executive offices are in Chaoyang District, Beijing, and its registered office is in Grand Cayman. The text gives no information on suppliers, manufacturing sites or named competitors.