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， ...

Core Viewpoint - DAHON TECH officially listed on the Hong Kong Stock Exchange, becoming a "star stock" in the capital market for 2025, highlighting strong investor interest and confidence [1][3]. Group 1: Company Overview - DAHON TECH is recognized as the world's largest manufacturer of folding bicycles, with over 40 years of experience and a strong reputation for technological strength, innovation, and product quality [5]. - The company has over 100 employee shareholders, indicating a unified commitment to long-term development [7]. Group 2: Market Performance - The public offering was highly successful, with subscriptions exceeding 7558 times, marking a new record in Hong Kong's history [7]. - In 2024, the company achieved significant growth, with sales surpassing 229,000 units, a year-on-year increase of approximately 46%, and revenue reaching around RMB 450 million, up about 50% [8]. - For the first four months of 2025, net profit increased by approximately 69.3%, from RMB 12.7 million to RMB 21.5 million [8]. Group 3: Industry Position - DAHON TECH holds a dominant position in the Chinese folding bicycle market, with retail volume and value shares of 26.3% and 36.5% respectively in 2024, making it the "dual champion" of the industry [9]. Group 4: Technological Innovation - The company has a leading patent portfolio with 135 effective patents, including 19 invention patents, which are crucial for maintaining competitive advantage [10]. - DAHON TECH's "Fast Lane" technology significantly enhances cycling efficiency and has been adopted by 16 companies, with 18 industry peers using its patented components [11]. Group 5: Product and Sales Strategy - The company offers over 70 models and is expanding into electric-assisted bicycles and electric motorcycles, creating a comprehensive product matrix for various scenarios [12]. - DAHON TECH has established a robust online and offline sales network, with over 680 retail outlets and a rapid growth rate of 166.1% in online direct sales from 2022 to 2024 [12]. Group 6: Future Outlook - The company plans to use the proceeds from the IPO for capacity expansion, R&D upgrades, and brand building, with a new factory expected to produce 200,000 units annually by Q1 2027 [14][15]. - The folding bicycle market in China is projected to grow from RMB 1.8 billion in 2024 to RMB 4.6 billion by 2029, with a compound annual growth rate of 21.2%, indicating strong future potential for DAHON TECH [16].

Company Overview - Dahon Technology (大行科工) officially listed on the Hong Kong Stock Exchange on September 9, 2023, known as the "first folding bicycle stock in mainland China" [1] - The opening price was HKD 67.5, a significant increase of 36.36% compared to the issue price of HKD 49.5 [1] - The company reported a revenue of RMB 451 million for 2024, a 77.56% increase from RMB 254 million in 2022, with a compound annual growth rate (CAGR) exceeding 30% [1] - Net profit for the same period rose from RMB 31 million to RMB 52 million, marking a growth of 67.74% [1] - In the first four months of 2025, revenue reached RMB 185 million, a year-on-year increase of 47.11%, and net profit was RMB 22 million, up 73.06% [1] Product and Market Position - Dahon Technology holds the top position in the mainland folding bicycle market, with a market share of 26.3% by retail volume and 36.5% by retail value for 2024 [2] - The product range has expanded beyond classic folding bicycles to include road bikes, mountain bikes, children's bikes, and electric assist bicycles, offering over 70 models as of April 2025 [2] - The mid-range market (priced between RMB 2,500 and RMB 5,000) contributes 68.4% of revenue, while the high-end market (above RMB 5,000) accounts for 10.4% [1] Industry Growth Potential - The folding bicycle industry is expected to experience structural growth due to innovations in folding technology, design, and materials, appealing to urban commuters and cycling enthusiasts [2] - The global folding bicycle market is projected to reach 5.2 million units by 2029, with a CAGR of 7.3% from 2024 to 2029 [2] IPO Performance - The total subscription amount for the IPO reached approximately HKD 262.19 billion, with an oversubscription rate of 6,688 times, setting a new record for Hong Kong IPOs [2] - This figure significantly surpassed the previous record of 6,289 times set by another company in 2018 [2] - As of the latest update, Dahon Technology's stock price experienced a slight decline, trading at HKD 60.25, reflecting a 21.62% increase from the IPO price, with a total market capitalization of HKD 1.9 billion [4]

Core Viewpoint - 大行科工 (02543.HK) has successfully listed on the Hong Kong Stock Exchange, with a closing price of 56.90 HKD, reflecting a 14.95% increase from its opening price of 67.50 HKD. The company primarily generates revenue from the sales of folding bicycles, which represent a niche market within the global bicycle industry [1]. Summary by Sections Company Overview - 大行科工 specializes in folding bicycles, with its revenue mainly derived from the sales of its own brand of bicycles [1]. - The company has issued a total of 7,920,000 H-shares, with 792,000 shares available for public sale and 7,128,000 shares for international sale [2]. Financial Details - The offering price was set at 49.50 HKD per share, raising a total of 392.04 million HKD. After deducting estimated listing expenses of 49.84 million HKD, the net proceeds amount to 342.20 million HKD [3][4]. - The net proceeds will be allocated for modernizing production systems, expanding operational scale, enhancing distribution networks, strengthening R&D capabilities, and general corporate purposes [3]. Investor Participation - Key cornerstone investors include Allianz Global Investors Asia Pacific, Greater Bay Area Development Fund Management, Harvest International Premium Value Fund, and Vico (Hong Kong) Trading Co., with their respective allocations being 789,100 shares (9.96%), 378,800 shares (4.78%), 441,900 shares (5.58%), and 404,000 shares (5.10%) [4][5]. Revenue and Profitability - The company's projected revenues for the years ending December 31 for 2022, 2023, and 2024 are 254.2 million RMB, 300.2 million RMB, and 450.7 million RMB, respectively. The corresponding net profits are expected to be 31.4 million RMB, 34.9 million RMB, and 52.3 million RMB [6][7]. - The average selling price of the bicycles is approximately 2,000 RMB, contributing to a gross margin exceeding 30%, with a gross margin of 33.5% reported for the first three quarters of 2024 [8]. Market Position and Challenges - Despite the favorable profit margins, the folding bicycle segment accounts for less than 5% of the global bicycle market, indicating a limited market size of around 100 billion RMB. This presents a challenge for 大行科工 to diversify its product offerings to achieve growth [9].