Blind Box Demand Boosts Semico Capital’s Bursa Debut Case

The Edge reported that continued demand for blind box collectibles has become an important part of the investment narrative surrounding Semico Capital’s Bursa Malaysia debut. The company is involved in distributing arcade and amusement machines as well as toys and collectibles, with brands such as Pop Mart, Funism, Jotoys and ToyCity included in its portfolio. According to the report, toys and collectibles contributed more than half of Semico’s FY2025 revenue, showing how meaningful the segment has become to its business model. Analysts also pointed to the company’s expansion potential, supported by stronger product offerings, wider customer reach and continued consumer interest in collectible categories. At the same time, the report noted that Semico remains heavily dependent on Pop Mart, which accounted for 47.1% of total purchases in FY2025. This means that while blind box demand is currently supporting growth, any slowdown in the hype cycle could also create pressure on the company’s future performance.