Lei Jun bets big! The first copper-themed cultural and creative stock, Copper Master, is here: specializing in Bubble Mart for middle-aged people.

Ask AI · What key factors are behind Lei Jun’s investment in Tong Shifu?

According to Kuai Technology on March 31, Lei Jun is betting on it—yet another “Xiaomi-affiliated” company is set to go public.

Today, Hangzhou Tong Shifu Cultural and Creative (Group) Co., Ltd. was listed on the Hong Kong Stock Exchange, becoming “China’s first listed company for copper-quality cultural and creative products.”

Tong Shifu offered 7.4068 million shares at an offering price of HK$60 per share in the global offering, raising a total of about HK$440 million. As of the time of this press release, its total market capitalization is about HK$2 billion.

The brand, which industry insiders call “Bubble Mart for middle-aged people,” started in Jiande, Zhejiang. In just over 10 years, it turned copper craft collectibles into cultural and creative products accepted by the mass consumer market.

The company’s core customer base is a group that is relatively less specifically covered in the collectible toy/play (潮玩) space—middle-aged people aged 30–55.

They have money and a sense of nostalgia, but they are extremely rational consumers. They don’t chase trends and don’t buy into concepts; they’re more willing to pay for products with “cultural meaning” and “practical, tangible quality.”

In the first 9 months of 2025, Tong Shifu sold 1.4 million pieces of copper-quality cultural and creative products. Not only do these silent consumers truly exist, but their purchasing power is astonishing.

According to a report by Frost & Sullivan, Tong Shifu ranks first in China’s copper-quality cultural and creative craft products market by total revenue, with a market share of 35%.

In terms of product mix, copper-quality cultural and creative products are the company’s core source of revenue. From 2022 to the first 9 months of 2025, revenue from copper-quality cultural and creative products was 480 million yuan, 488 million yuan, 551 million yuan, and 425 million yuan, respectively.

In the equity structure, Tong Shifu’s founder Yu Guang holds 26.27%, making him the largest shareholder; Lei Jun’s Shunwei Capital and Tianjin Jinmi under Xiaomi each hold 13.39% and 9.56%, respectively, making them the second- and third-largest shareholders.

It is understood that founder Yu Guang once described himself as a “die-hard Mi Fan,” and brought Xiaomi’s value-for-money philosophy and fan-operations model into Tong Shifu.

In 2017, Yu Guang, armed with a PPT and a few samples of copper statues, walked into Shunwei Capital’s roadshow event. After a one-hour presentation, he successfully secured funding.

In August of that year, Tong Shifu received 110 million yuan in Series A funding, led by Shunwei Capital and Xiaomi’s ecosystem chain.

Lei Jun later publicly commented: “Tong Shifu is the entrepreneurial company outside our entire Xiaomi ecosystem that is most like Xiaomi.”

In 2018, Tong Shifu completed a 310 million yuan Series B funding round, and Shunwei Capital and Xiaomi continued to add investments.

Roughly calculated, on the Tong Shifu project, Xiaomi-affiliated capital invested a total of 160 million yuan, with aggregate shareholding of more than 22%, making it the company’s largest institutional shareholder.

With this IPO, Xiaomi’s holdings in Tong Shifu are worth about HK$550 million, making it the biggest winner of the IPO.