Group 1 - The core point of the article highlights that Daheng Kegong (02543) has transferred shares from Goldman Sachs (Asia) Securities to Futu Securities International, with a market value of HKD 183 million, accounting for 44.49% of the total [1] - Daheng Kegong is recognized as the largest folding bicycle company in mainland China, leading in both retail volume and retail value for folding bicycles in 2024 [1] - The company's IPO has seen significant interest, with approximately 223,900 valid applications and a subscription rate of 7558.4 times, surpassing the previous record of 6289 times set by Mak's Noodle in 2018, establishing it as the new "super subscription king" in the Hong Kong stock market [1] Group 2 - The total market value for the IPO is HKD 1.567 billion, with the offering price corresponding to a static PE ratio of approximately 27.4 times, which is higher than the industry average valuation of 22 times [1] - Guoyuan International previously commented that the company is a leader in the niche segment of the bicycle industry and is currently in a growth phase [1]

Core Viewpoint - The folding bicycle company, Daxing Kegong, has achieved a record 6688 times oversubscription in its IPO, becoming the new "super subscription king" in the Hong Kong stock market, amidst rising outdoor sports trends and significant market share in the folding bicycle sector [2][3]. Financial Performance - Daxing Kegong's revenue is projected to grow from 254 million RMB in 2022 to 451 million RMB in 2024, with a compound annual growth rate (CAGR) of 33.1%. Net profit is expected to increase from 31 million RMB to 52 million RMB during the same period [3]. - The company plans to allocate approximately 30% of its IPO proceeds (around 103 million HKD) for modernizing production systems and expanding operational scale, including a new production facility in Huizhou with an initial capacity of 200,000 units per year [3][4]. Dividend Strategy - Prior to the IPO, Daxing Kegong distributed significant dividends, totaling around 60 million RMB from 2022 to the first four months of 2025, raising questions about the rationale behind its IPO fundraising strategy [4]. - The founder, Han Dewei, holds a concentrated ownership of 90.16%, making him the primary beneficiary of these dividends, which has led to market skepticism regarding the company's intentions [4]. Market Position and Competition - Daxing Kegong holds a 26.3% market share in terms of retail volume and a 36.5% share in retail value within the Chinese folding bicycle market [6]. - The global bicycle market is projected to grow from 165 million units in 2019 to 179 million units by 2024, with the folding bicycle segment representing a small niche, accounting for only 5.3% of the market by retail value [6]. Growth Challenges - The folding bicycle market is characterized by limited growth potential, increased competition, and changing consumer preferences, which may restrict Daxing Kegong's expansion opportunities [7]. - The company is encouraged to enhance product differentiation, explore international markets, and develop related products such as electric folding bicycles to capture emerging trends [7].

Company Overview - Dahan Technology (Shenzhen) Co., Ltd. officially listed on the Hong Kong Stock Exchange under the stock code 02543.HK [1] - Founded by Dr. Han Dewei in 1982, the company has established a product matrix of over 70 models, including folding bikes and electric assist bikes, since settling in Shenzhen in the 1990s [3] Market Position - In 2024, Dahan Technology holds a 26.3% retail volume market share and a 36.5% retail value market share in mainland China, making it the industry leader in the folding bicycle sector [3] IPO Details - The company raised HKD 392 million through its IPO, which will be used for capacity enhancement, equipment upgrades, and innovative product research and development [3] Policy Impact - The successful listing of Dahan Technology reflects the ongoing optimization of Shenzhen's policies towards Taiwanese enterprises, facilitating their development and access to capital markets over the past decade [3]

Core Viewpoint - The rapid growth of IPOs in Bao'an District, Shenzhen, is attributed to a combination of strong government support, a robust pool of potential listing companies, and a favorable business environment, positioning it as a leading area for new listings in the region [1][2][3]. Group 1: IPO Activity - Daxing Technology (02543.HK), known as the "leader in folding bicycles," debuted on the Hong Kong Stock Exchange with a public subscription oversubscription rate of 7558 times, marking it as a new "super subscription king" in Hong Kong's history [1]. - Bao'an District has seen a significant increase in the number of listed companies, with 3 out of 13 new listings in Shenzhen this year coming from Bao'an, which accounts for nearly a quarter of the total [2]. - In 2024, Bao'an is expected to add 6 new listed companies, leading the city in this regard [3]. Group 2: Listing Support and Resources - Bao'an currently has 82 listed companies, ranking third in Shenzhen, with 64 in A-shares, the second highest in the city [2]. - The district has a strong pipeline of potential IPO candidates, with 45 companies currently in the IPO application and guidance process, and over 800 companies in reserve for future listings [3]. - Bao'an is home to 277 national-level specialized and innovative small giant enterprises and 21 national-level single champion enterprises, indicating a strong industrial base [3]. Group 3: Government and Financial Support - Bao'an's government actively supports businesses, providing responsive services to address various needs, which has been highlighted by local business leaders [3][7]. - The district plans to introduce over 100 new application scenarios annually starting in 2025, focusing on smart manufacturing, smart cities, and low-altitude economy [4][5]. - The recent investment and financing conference in Bao'an facilitated over 500 billion yuan in agreements, showcasing the district's commitment to attracting financial resources to support industrial growth [9]. Group 4: Industry Transformation - Bao'an is transitioning from a manufacturing hub to a strong manufacturing district, with 29 of Shenzhen's 100 provincial manufacturing champions located there [7]. - The district's manufacturing sector accounts for over one-third of Shenzhen's total, with large-scale industrial enterprises making up 40% of the city's total [7]. - The focus on hard technology and innovation is driving Bao'an's economic transformation, with many companies deeply embedded in the supply chains of major players like Apple, NVIDIA, Huawei, and BYD [3][6].

Core Viewpoint - Daheng Technology (Shenzhen) Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 392 million through the issuance of H-shares at a price of HKD 49.5 per share [1][3]. Company Overview - Daheng Technology, formerly known as Shenzhen Meidaheng Technology Co., Ltd., was established in December 2016 and renamed in August 2023 [3]. - The company specializes in folding bicycles under the brand Dahon and holds the leading market share of 26.3% in the folding bicycle industry in mainland China as of 2024 [4]. Financial Performance - The revenue for Daheng Technology for the years 2022, 2023, and 2024 is projected to be approximately RMB 254 million, RMB 300 million, and RMB 451 million, respectively [5][6]. - Gross profit for the same years is expected to be around RMB 77.93 million, RMB 101.49 million, and RMB 148.75 million, with net profits of RMB 31.43 million, RMB 34.85 million, and RMB 52.30 million [5][6]. - In the first four months of 2025, the company reported revenue of approximately RMB 185 million, compared to RMB 126 million in the same period of 2024 [5][6]. Market Activity - On its first trading day, Daheng Technology's stock opened at HKD 67.5 per share, reflecting a 36.36% increase from the IPO price, and closed at HKD 56.9, a 14.95% rise [3]. - The company has secured cornerstone investment agreements with several investors, allowing for the subscription of 201.38 million shares, totaling approximately USD 12.76 million [3].

Company Overview - 大行科工 (02543) is the largest folding bicycle company in mainland China, leading in both retail volume and retail value for folding bicycles in 2024 [1] - The company had a total market capitalization of 1.567 billion HKD during its IPO, with an initial public offering (IPO) price corresponding to a static price-to-earnings (PE) ratio of approximately 27.4 times, which is higher than the industry average PE of 22 times [1] IPO Performance - On the second day of trading, 大行科工's stock fell over 8%, after opening high and closing with a nearly 15% increase on the previous day [1] - The public offering segment received approximately 223,900 valid applications, achieving a subscription multiple of 7558.4 times, surpassing the previous record of 6289 times set by 毛记葵涌 in 2018, making it the new "super subscription king" in the Hong Kong stock market [1] Market Activity - As of the latest report, 大行科工's stock was down 8.44%, trading at 52.1 HKD, with a transaction volume of 67.6618 million HKD [1]

在技术创新领域，企业构建起强大的知识产权壁垒，持有国内外有效专利135项，其中发明专利19项。通过持 续研发投入，已形成覆盖通勤、休闲、竞速等全场景的70余款产品矩阵。值得关注的是，企业正加速布局"折 叠+电动"双赛道，在电助力自行车及电动摩托车市场展开战略拓展。 销售网络建设方面，企业构建了立体化渠道体系。截至2025年4月，中国内地拥有38家经销商、680余个零售 网点，电商渠道2022-2024年直销收入年复合增长率达166.1%。国际市场同步发力，产品通过35家经销商进入 28个国家和地区，形成全球化的销售布局。 全球折叠自行车行业领军企业大行科工（股份代码：02543）近日正式登陆香港联合交易所主板，凭借7558倍 的公众超额认购纪录，成为2025年港股市场最具热度的"超购王"。此次上市不仅标志着企业迈入全新发展阶 段，更推动深圳市宝安区境内外上市企业总数增至82家，持续保持全市领先地位。 作为深耕行业四十余年的龙头企业，大行科工在2024年交出亮眼成绩单：全年销量突破22.9万辆，同比增长 46%，占据中国内地折叠车市场零售量26.3%、零售额36.5%的份额，实现"量价双冠"。进入2025年后， ...

9月9日，全球折叠车领军品牌DAHON TECH大行科工（股份代码：02543）正式在香港联合交易所主板挂牌上市，成为2025年资本市场备受瞩目的"明星 股"。 上市仪式现场，董事长韩德玮博士在各位股东代表、合作伙伴及媒体代表的共同见证下，敲响开市锣，铭记这一振奋人心的历史时刻。 韩博士致辞：全新启航，以创新铸就行业标杆 作为最大的折叠自行车公司之一，大行品牌历经40余载深耕，在技术实力、创新精神，以及产品质量的追求方面享负盛名。 公司创始人、董事长兼总经理韩德玮博士在现场发表致辞，表示：" 站在新的起点，我们将以本次港股上市为契机，把握机遇，顺应趋势，进一步深耕国 内外市场，为广大投资者带来长期可持续的回报。" 【关于大行】 一、招股火热：公众认购超额7558倍，投资热情高涨 成为港股历史上新的"超购王"，充分显示了投资者对大行的高度关注与强烈信心。 四、逆势成长：大行业绩增长强劲 大行折叠车既拥有公路自行车的速度，又可以折叠，好携，好放，深受市场欢迎。 2024年公司实现跨越式发展，销量突破22.9万辆，同比增长约46%；收入攀升至约人民币4.5亿元，增幅达约50%；净利润同步增长至约人民币5230万元。 ...

Group 1 - The core viewpoint of the article highlights the successful listing of Daxing Technology on the Hong Kong Stock Exchange, marking it as a significant event in the 2025 market with a record oversubscription of 7558 times, reflecting strong investor confidence in the company's growth prospects [1][2] - Daxing Technology, established for over 40 years, is the world's largest folding bicycle manufacturer, achieving a sales volume of 229,000 units in 2024, representing a year-on-year growth of approximately 46%, and holding a market share of 26.3% in retail volume and 36.5% in retail value in the Chinese folding bicycle market [1][2] - The company reported revenue of approximately 21.5 million yuan from January to April 2025, a 69.3% increase compared to the same period in 2024, indicating continued high growth [1][2] Group 2 - Daxing Technology holds 135 valid patents, including 19 invention patents, positioning it as a leader in the industry, and has launched over 70 models to meet diverse market needs [2] - The company is expanding into the electric bicycle and electric motorcycle markets, establishing a dual innovation path of "folding + electric" [2] - Daxing Technology has developed a comprehensive online and offline sales system, with over 680 retail outlets and a rapid growth in e-commerce sales, achieving a compound annual growth rate of 166.1% from 2022 to 2024 [2] Group 3 - The funds raised from the IPO will primarily be used for capacity expansion, research and development upgrades, and brand building, with a new production base in Bao'an expected to reach an annual capacity of 200,000 units by the first quarter of 2027 [2] - The Chinese folding bicycle market is projected to grow from 1.8 billion yuan in 2024 to 4.6 billion yuan by 2029, with an annual compound growth rate of 21.2% [2]

大行科工推出的竞速小折ARCHER P18 Ultra。 9月9日，大行科工正式在港交所挂牌交易，公司股票发行价为49.5港元，募资总额约为3.92亿港元。港 股早盘，大行科工股价大幅走强，开盘后一度涨近40%，随后涨幅逐渐收窄。截至午间休盘，大行科工 股价报60.00港元/股，涨幅为21.21%，较此前有少许回落。 作为"内地折叠自行车第一股"，大行科工在公开发售阶段获7558.4倍认购，公开发售的发售股份最终数 目为79.2万股股份，占发售股份总数的约10%，成为港股新一代的"超购王"。而国际配售部分同样获得 了21.65倍认购。正式发售前，暗盘对大行科工热情高涨，8日晚间，公司股票在富途交易场一度涨 203%，报150港元。最终富途暗盘收涨58.99%，报78.7港元。 扩产正是大行科工寻求上市募集资金的核心目标之一。大行科工表示，根据计划，公司拟将约30%的募 集资金（约1.03亿港元）用于生产系统现代化及扩大运营规模。具体而言，公司预计将使用约6500万港 元在惠州设立新生产设施，该设施预计于2027年第一季度投产，初步年产能约为20万辆。 与迪卡侬等国际品牌以及凤凰、永久等国内老牌自行车企业相比， ...