Here Group Ltd

Here Group Ltd operates a pop toy business primarily through its WFOE Shenzhen Letsvan and related subsidiaries following a corporate restructuring that terminated its prior VIE-based online learning operations. It designs, develops and commercializes collectible pop toys and related merchandise, including plush toys, soft vinyl figures and blind box product lines, supported by proprietary and licensed IPs. Key business activities include in-house IP incubation and licensing, product design, and multi-channel sales management. Products are distributed via direct-to-consumer online platforms and physical pop-ups in China, third-party distributors to over 10,000 domestic retail stores, and international e-commerce channels across North America, Europe, Southeast Asia and the Middle East.

Summary from filing dated 2025-10-31