Razer IPOed in Hong Kong, latest market cap at $5.25B

Another great hardware startup has completed IPO. This time it's Razer in HK. The market cap as of Nov 13, 2017 is about HK$41B, which is roughly US$5.25B.

In their listing document, the company appears to have generated a revenue of US$392M in 2016 with a fairly low gross margin of 28%. This is a bit surprising to me given the strong brand. Obviously the company is still losing money. The growth also doesn't appear to be super sexy. Probably need to dig deeper to see why the market gave such a high cap. But here's the Income Statement from the listing doc:

On BRCM(AVGO) attempting to acquire QCOM