Group 1 - The company, Daxing Kegong, has successfully completed its IPO subscription with a total subscription amount of approximately HKD 262.19 billion, significantly exceeding the initial fundraising target of HKD 39.2 million, resulting in an oversubscription of over 6,688 times, making it the "super subscription king" in new stock history [1] - Daxing Kegong plans to issue 7.92 million H-shares, with 10% allocated for public offering, at a price of HKD 49.5 per share, aiming to raise approximately HKD 390 million [1] - The company has secured cornerstone investors including Allianz Global Investors Asia Pacific, Greater Bay Area Fund Management, and others, collectively subscribing for approximately USD 12.76 million [1] Group 2 - Daxing Kegong is the largest folding bicycle manufacturer in mainland China, holding the top position in both retail volume and retail value in the folding bicycle market, with a market share of 26.3% by volume and 36.5% by value for 2024 [2] - The company holds the most patents in the Chinese folding bicycle industry, with 113 valid patents in mainland China and 22 valid patents in the US, Europe, and Japan as of April 30, 2025 [2] - Daxing Kegong has established a comprehensive and efficient sales and distribution network, collaborating with 38 distributors across 30 provincial-level administrative regions in China, covering 680 retail points, and has expanded its online presence on major e-commerce and social media platforms [2]

Group 1 - The company, Daxing Kegong, has successfully completed its IPO subscription with a total subscription amount of approximately HKD 262.19 billion, achieving an oversubscription rate of over 6,688 times, making it the "super subscription king" in new stock history [1] - The company plans to issue 7.92 million H-shares at a price of HKD 49.5 per share, aiming to raise approximately HKD 390 million [1] - The company has introduced cornerstone investors including Allianz Global Investors Asia Pacific and others, collectively subscribing approximately USD 12.76 million [1] Group 2 - Daxing Kegong is the largest folding bicycle manufacturer in mainland China, holding a market share of 26.3% in retail volume and 36.5% in retail value as of 2024 [2] - The company holds the most patents in the folding bicycle industry in China, with 113 valid patents in mainland China and 22 valid patents in the US, Europe, and Japan as of April 30, 2025 [2] - The company has established a comprehensive sales and distribution network, collaborating with 38 distributors across 30 provincial administrative regions in China, covering 680 retail points and expanding into major e-commerce and social media platforms [2]

| 新股 | 券商 | 子展(亿港元) | 息率(%) | | --- | --- | --- | --- | | 大行科工(02543) | 富余 | 859.00 | 0.00 | | | 辉立 | 345.00 | 0.00 | | | 耀才 | 86.00 | 0.00 | | | 信诚 | 60.00 | 0.00 | | | 化成 | 42.90 | 0.00 | | | 18 | 11.02 | 0.00 | | | 艾德 | 1.797 | 0.00 | | | | 1.50 | 0.00 | | | 其他总和 | 290.8426 | | | | 共计 | 1698.0596 | | | | | 集资额: 0.39亿港元 | | | | | 认购: 超额逾4352倍 | | 智通财经APP获悉， 大行科工(02543)正在招股中。截止9月3日，富途、辉立、耀才等券商合计为大行科工借出1698.0596亿港元，超购逾 4352倍。 ...

Investment Rating - The investment rating for the company is 6.1 out of 10, based on operational performance, industry outlook, valuation, and market sentiment [7]. Core Insights - The company is the largest folding bicycle manufacturer in mainland China, holding a market share of 26.3% by retail volume and 36.5% by retail value as of 2024 [1]. - The company has shown rapid growth, with a compound annual growth rate (CAGR) of 24.1% in sales from 2022 to 2024, and a significant increase in net profit by 69.3% year-on-year as of April 2025 [2]. - The folding bicycle market in China is expected to grow at a CAGR of 14.5% from 2024 to 2029, which is higher than the global average [3][10]. Company Overview - The company was founded in 1982 by Dr. Han Dewei and has a strong brand presence with popular models like the P8 [1]. - As of April 2025, the company collaborates with 38 distributors across 30 provinces in China, covering 680 retail points and has expanded its online sales channels [1]. - The product mix is primarily mid-range, with 69.5% of revenue coming from products priced between 2500-5000 RMB [1]. Financial Performance - Sales figures for the company were 148,956 units in 2022, 156,877 units in 2023, and projected 229,525 units in 2024, indicating a strong growth trajectory [2]. - Revenue for the same years was 254.2 million RMB in 2022, 300.2 million RMB in 2023, and projected 450.7 million RMB in 2024, with a CAGR of 33.1% [2]. - The gross profit margin has remained stable at around 33% as of April 2025 [2]. Industry Status and Outlook - The global bicycle market is projected to reach 178 million units in retail volume by 2024, with a CAGR of 1.7% from 2019 to 2024 [3]. - The folding bicycle segment is expected to grow significantly, with a projected retail volume of 3.7 million units and a retail value of 23.1 billion RMB in 2024 [3]. - Key drivers for market growth include urbanization, innovation in folding bicycle design, and increasing consumer preference for eco-friendly products [3]. Strengths and Opportunities - The company is recognized as a leading player in the folding bicycle industry with strong technical innovation and a diverse product portfolio [4]. - It has established a robust multi-channel sales and distribution network, enhancing its market reach [4]. - The management team is experienced and international, contributing to the company's strategic growth [4]. Use of Proceeds - Approximately 30% of the net proceeds from the IPO will be used for modernizing production systems and expanding operational scale [6]. - Another 30% will be allocated to strengthening the distribution network and strategic brand development [6]. - The remaining funds will support research and development capabilities and general corporate purposes [6].

Group 1 - The core point of the news is that Dahang Technology (02543) is currently in the process of an IPO, with significant oversubscription indicating strong investor interest [1] - As of September 2, a total of HKD 781.0743 billion has been borrowed by brokers such as Futu, Huatai, and Yaocai for the IPO, resulting in an oversubscription of over 2001 times [1][3] - The total amount raised in the IPO is HKD 0.39 billion, highlighting the scale of the offering [3] Group 2 - The breakdown of the borrowing by brokers includes Futu with HKD 392.40 million, Huatai with HKD 140 million, and Yaocai with HKD 35 million, among others [3] - The interest rate for the borrowing from these brokers is reported to be 0.00% [3] - The total borrowing from other brokers amounts to HKD 159.661 million, contributing to the overall total [3]

Core Viewpoint - Dahon Technology, a leading manufacturer of folding bicycles, is conducting an IPO from September 1 to September 4, aiming to raise approximately HKD 390 million with a share price of HKD 49.5 per share [1][3]. Company Overview - Dahon Technology is the largest folding bicycle company in China, with a market share of 26.3% in retail volume and 36.5% in retail value as of 2024 [4]. - The company offers over 70 bicycle models, targeting different market segments: high-end (above RMB 5,000), mid-range (RMB 2,500 to 5,000), and budget (below RMB 2,500) [4]. Financial Performance - In the previous year, Dahon Technology reported revenue of RMB 450 million, representing a year-on-year growth of 50.2% [5]. - The total profit and comprehensive income amounted to RMB 52.3 million, also reflecting a growth of 50.1% year-on-year [5]. Investment and Subscription Details - As of September 2, Dahon Technology has received at least HKD 61.1 billion in margin subscriptions, with the public offering being oversubscribed by 1,557.7 times [3]. - The company has secured cornerstone investors, including Allianz Global Investors Asia Pacific and others, with a total investment of USD 12.76 million [6]. Use of Proceeds - The net proceeds from the IPO will be allocated as follows: approximately 30% for modernizing production systems and expanding operations, 30% for enhancing the distribution network and brand development, 30% for increasing R&D capabilities, and 10% for working capital and other general corporate purposes [7].

Group 1 - The core point of the news is that Dahang Kegong (02543) is currently in the process of an IPO, with significant oversubscription observed [1] - As of September 1, a total of HKD 19.70615 billion has been borrowed by brokers such as Futu, Huili, and others for Dahang Kegong, resulting in an oversubscription rate exceeding 504 times [1][3] - The total amount raised in the IPO is HKD 0.39 billion, indicating strong investor interest [3] Group 2 - The breakdown of the borrowing amounts by brokers includes Futu with HKD 11.45 billion, Huili with HKD 3.5 billion, and several others contributing smaller amounts [3] - The interest rates for the borrowed amounts from these brokers are all reported as 0.00%, suggesting a competitive environment for the IPO [3] - The total borrowing from other brokers sums up to HKD 3.49805 billion, further highlighting the extensive participation in the IPO [3]

Group 1 - The company, 大行科工 (2543.HK), has set its IPO date from September 1 to September 4, 2025, with an expected listing on the Hong Kong Stock Exchange on September 9, 2025 [1] - The company plans to globally offer 7.92 million shares at an IPO price of HKD 49.5, resulting in a post-issue market capitalization of HKD 1.568 billion and an H-share market value of HKD 392 million [1] - The total amount raised from the IPO is approximately HKD 392 million, with 25.01% of shares being issued [1] Group 2 - The company has introduced four cornerstone investors, including Allianz Global Investors, 嘉实基金, 维科香港, and 大湾区基金管理, who have subscribed for approximately HKD 99.68 million, accounting for 25.42% of the global offering [1] - As of September 1, 5 PM, the total subscription amount for the IPO reached HKD 20.223 billion, with a subscription multiple of 515.83 times [1] - Major securities firms such as 富途证券, 辉立证券, and 老虎证券 have contributed HKD 11.447 billion, HKD 3.5 billion, and HKD 3.006 billion respectively to the subscription [1]

Group 1 - The core viewpoint of the article highlights that the Chinese folding bicycle company, Daxing Technology (2543.HK), has commenced its public offering with significant interest from investors [1] - As of now, brokers have lent a total of HKD 20.223 billion in margin financing, indicating strong demand for the shares [1] - The public offering has raised HKD 39.2 million, which corresponds to an oversubscription rate of nearly 515 times [1] Group 2 - The subscription period for Daxing Technology will close on September 4, with the company expected to list on September 9 [1] - CITIC Securities International is serving as the sole sponsor for this public offering [1]

Group 1 - The company, Daxing Technology, has commenced its public offering with a significant oversubscription rate of nearly 515 times the amount raised [1] - The total amount of margin financing provided by brokers for the offering is approximately HKD 20.223 billion [1] - The public offering aims to raise a total of HKD 39.2 million, with the listing expected to occur on September 9 [1] Group 2 - The sole sponsor for the offering is CITIC Securities International [1]