# China toys

Cheap Blind-Box Champion Goes Public: Can Sunny & Sandy Turn Volume into a Durable IP Business?

Sunny & Sandy, a low‑price blind‑box maker, has filed to list in Hong Kong after rapid revenue and volume growth driven by a nationwide low‑price, high‑turn retail strategy. The firm has converted short‑term momentum into profit, but rising licensing costs, lack of proprietary IP and thin per‑unit margins create questions about the sustainability of its model.