Kayou partners with Fanatics to launch China’s first official NBA trading cards

On October 3, Chinaese trading card company Kayou announced a partnership with global sports and entertainment collectibles giant Fanatics Collectibles. The two will jointly launch the NBA Match Attax 2025 series, an officially licensed NBA trading card product, in the Chinese market.

While Fanatics is a household name in the US, it remains relatively unknown in China.

In August 2021, Fanatics secured long-term manufacturing and distribution rights for trading cards from major sports organizations, including MLB (Major League Baseball), MLBPA (Major League Baseball Players Association), NBA, and NBPA (National Basketball Players Association). The company later acquired trading card brand Topps in 2022 and expanded into high-end auctions and displays through collaborations with auction houses such as Sotheby’s. These moves cemented Fanatics as an integrated player in card production, licensing, direct-to-consumer sales, and secondary market services, establishing it as a dominant force in the trading card industry.

By the end of 2022, Fanatics reportedly raised USD 700 million in financing, valuing the company at USD 31 billion.

Fanatics Collectibles, established in 2021, focuses on producing and selling sports trading cards and memorabilia. Its entry into China represents a key step in Fanatics’ global expansion, reflecting the country’s sizable NBA fan base.

Starting October 3, the NBA Match Attax 2025 series will be available through Kayou’s flagship stores, trading card shops, and other online and offline channels. The series includes two package types: “Power Pack” and “Super Pack,” priced at RMB 10 (USD 1.4) and RMB 20 (USD 2.8) per pack, respectively. Fanatics Collectibles and Topps describe the series as their first mass market NBA product under the new licensing partnership, providing an accessible entry point for collectors.

Fanatics Collectibles’ strategy in China appears aimed at expanding the collector base rather than targeting the niche of high-end sports fans.

For Kayou, the collaboration carries strategic weight: it marks the company’s debut in operating sports IP trading cards. Given the high licensing fees associated with NBA IPs and the revenue-sharing arrangements with rights holders, Kayou’s short-term profit margins in this segment are likely to be limited. Still, the partnership introduces China’s first officially licensed NBA trading card line, broadens Kayou’s product portfolio, and lays the groundwork for its future R&D and operations in sports IP cards.

Trading cards have a long history as collectibles. In the early 20th century, companies like Topps recognized the commercial potential of the small cardboard inserts once used to promote tobacco and gum products. With the rise of global sports commercialization, trading cards evolved into one of the first collectible categories with a mature global market.

Few collectibles rival sports cards in historical influence or auction value. In August 2022, a 1952 Topps Mickey Mantle card graded “Mint+ 9.5” by SGC (Sportscard Guaranty Corporation) sold for USD 12.6 million at Heritage Auctions, setting a record for a sports card sale.

In China, the rise of sports trading cards traces back to 2002, when Yao Ming joined the Houston Rockets as the first foreign player selected number one overall in the NBA draft. His entry boosted the NBA’s popularity in China and helped form the foundation of the country’s collector community.

The market has since experienced cycles of growth and decline. The surge in “emotional consumption,” combined with the rise of live streaming and blind box sales around 2020, triggered a brief boom in trading card enthusiasm. That momentum has since cooled, leaving the domestic market subdued: hit products are rare, leading players are scarce, and the secondary market remains underdeveloped.

Several factors contribute to this stagnation. Trading cards carry a high entry barrier and limited appeal beyond core fans. Moreover, China’s sports ecosystem and event management are less mature than in overseas markets, making it difficult for sports IPs to gain mainstream traction. The last major international card brand to invest heavily in China, Panini, spent over a decade in the market with limited success.

Nonetheless, conditions are beginning to shift. The 2020 live streaming boom brought in younger consumers, while the recent social media visibility of sports stars has renewed public interest. Domestic brands such as Qica, founded in 2023, have also emerged, releasing collectible cards for Chinese athletes including Sun Yingsha, Wang Chuqin, and Wang Meng.

This context explains why Fanatics Collectibles selected Kayou—a company with extensive distribution capabilities and a youthful customer base—as its local partner.

According to Kayou’s latest prospectus, as of December 31, 2024, the company had 217 distributors across 31 provinces, 39 key retail channels, and 351 centers nationwide. It also operates 32 flagship stores and 13 self-owned online stores.

The decision to sell sports trading cards aligns with Kayou’s post-IPO transformation strategy. Despite its broad IP portfolio of more than 70 licenses, the company remains heavily reliant on a handful of franchises. Five IPs—My Little Pony, Ultraman, Yeluo Li, Eggy Party, and Jujutsu Kaisen—account for 86.1% of its revenue, down from 98.4% previously. Most of its products are based on non-exclusive IP licenses.

Kayou’s revenue and profitability have been inconsistent. In 2023, the company reported a sharp drop in sales, attributing it to falling trading card revenue.

Before venturing into sports cards, Kayou had already been diversifying its IP and product range. In the summer of 2024, it collaborated with the creators of the film Nobody, which struck a chord with China’s working class, to launch a plush blind box series. In September, the company made its official entry into the US market.

KrASIA Connection features translated and adapted content that was originally published by 36Kr. This article was written by Lan Jie for 36Kr.