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].

在港股IPO市场稳坐近六年半"超购王"宝座的毛记葵涌（01716.HK），如今终于迎来了新的挑战者。 尽管市场反响热烈，但大行科工本次IPO规模并不大。公司共发售792万股，定价每股49.5港元，净募资金额约3.42亿港元。 本次招股中，大行科工还吸引了多家知名基石投资者参与，包括安联环球投资亚太、大湾区基金管理、Harvest及维科香港。这些机构合计认购201.38万股， 总投资额约1275.98万美元。 中签的投资者在大行科工上市首日收获不菲，截至发稿，公司股价涨幅达18.69%，总市值18.6亿港元。 大行科工由被誉为"折叠自行车之父"的韩德玮博士创立，他毕业于美国南加州大学，拥有物理学博士学位。 公司的产品组合包括折叠自行车、公路自行车、登山自行车、儿童自行车和电助力自行车。按2024年零售量计，公司于中国内地折叠自行车行业排名第一， 市场份额达26.3%。 全球折叠自行车行业龙头大行科工(02543.HK)近日完成了全球招股，引发投资者热烈追捧，认购火爆程度创下港股IPO历史新纪录。 大行科工发布的分配结果公告显示，其香港公开发售部分共收到约22.39万有效申请，认购倍数高达7558.4倍，远超毛记 ...

Group 1 - The core viewpoint of the article highlights the successful IPO of Daxing Technology on the Hong Kong Stock Exchange, raising approximately HKD 392 million with a stock price of HKD 49.5, and experiencing significant early trading gains [1] - Daxing Technology's stock was oversubscribed by 7558.4 times during the public offering phase, making it the "super subscription king" of the Hong Kong market [1] - The stock price surged nearly 40% at the opening, settling at HKD 60.00 per share, reflecting a 21.21% increase by midday [1] Group 2 - Daxing Technology is the largest folding bicycle company in mainland China, with a projected retail volume market share of 26.3% and a retail revenue market share of 36.5% in 2024 [2] - The company focuses on the mid-to-high-end folding bicycle market, with high-end bicycles accounting for approximately 10% of total sales, while mid-range bicycles' sales share increased from 50.6% in 2022 to 69.5% in 2024, reaching CNY 307 million [2][3] - Sales in the mass market segment have been sluggish, with revenues of CNY 93 million, CNY 75 million, and CNY 95 million from 2022 to 2024, indicating a decline in market share from 39% in 2022 to 21.4% in the first three quarters of 2024 [3] Group 3 - Daxing Technology's production capacity is currently overutilized, with the factory in Huizhou exceeding 100% capacity utilization, reaching 114.1% in the first four months of 2025 [4] - The company relies increasingly on third-party OEM factories, with the proportion of bicycles produced by OEM suppliers rising from 29.5% in 2022 to 65.5% in the first four months of 2025 [5] - Approximately 30% of the funds raised from the IPO (around HKD 103 million) will be allocated to modernizing production systems and expanding operational scale, including the establishment of a new production facility in Huizhou expected to produce 200,000 units annually starting in Q1 2027 [5] Group 4 - Daxing Technology has a relatively short history compared to competitors, founded in 1982 by Han Dewei, who still holds over 90% of the shares and is referred to as the "father of modern folding bicycles" [5] - The company has consistently distributed dividends to shareholders, with Han Dewei receiving nearly CNY 60 million in dividends during the reporting period from 2022 to the first four months of 2025 [6]

来源：瑞恩资本RyanbenCapital 大行科工是次招股，公开发售部分获7558.40倍认购，国际发售部分获21.65倍认购。 2025年9月9日，来自深圳宝安的大行科工(深圳)股份有限公司 DAHON TECH (SHENZHEN) CO., LTD. (02543.HK)，成功在香港联合交易所主板挂牌上市。 大行科工是次IPO全球发售792万股H股，占发行完成后总股份的25.01%，每股发售价49.50港元，募集 资金总额约3.92亿港元，所得款净额约3.42亿港元。 大行科工是次IPO招股引入4名基石投资者，合共认购约201.38万股(约1275.98美元)的发售股份，其中安 联环球投资亚太认购500万美元、大湾区发展基金认购约240万美元、嘉实基金认购约280万美元、维科 控股(600152.SH)通过维科香港认购2000万港元。基石投资者认购股份占全球发售完成后总股份的 6.36%。 招股书显示，大行科工在香港上市后的股东架构中，韩德玮博士，持股66.41%；大行科工企业有限合 伙(数名董事、监事等持股，韩博士为GP)，持股1.20%；其他员工持股平台：美大行有限合伙(41名雇员 持有，磨权先生 ...

Group 1 - The core viewpoint of the articles highlights the successful IPO of DaHing Technology on the Hong Kong Stock Exchange, marking it as a significant event in the 2025 market with overwhelming public subscription reaching 7558 times the offering [1][2] - DaHing Technology is the world's largest folding bicycle manufacturer, with a projected sales volume of 229,000 units in 2024, representing a year-on-year growth of approximately 46% [1][2] - The company has established a strong market presence in China, holding 26.3% of the retail volume and 36.5% of the retail value in the folding bicycle market, maintaining its position as a dual champion [1][2] Group 2 - DaHing Technology possesses 135 effective patents, including 19 invention patents, showcasing its industry-leading position in research and development [2] - The company has launched over 70 models, catering to various market needs such as commuting, leisure, and racing, and is expanding into the electric bicycle and electric motorcycle markets [2] - The online sales channel has seen a remarkable compound annual growth rate of 166.1% from 2022 to 2024, indicating strong growth in e-commerce [2] Group 3 - The funds raised from the IPO will primarily be used for capacity expansion, research and development upgrades, and brand building [2] - A new production base in Bao'an is partially operational, with plans for completion by Q1 2027, aiming for an annual production capacity of 200,000 units [2] - The Chinese folding bicycle market is expected to grow from 1.8 billion yuan in 2024 to 4.6 billion yuan by 2029, with a compound annual growth rate of 21.2% [2]

集资所得三成用于生产系统现代化及扩大运营规模、三成用于强化经销网络及策略性品牌发展、另外三 成用于研发，余下一成作一般营 刘智恒 来源：市场资讯 （来源：BBW咏竹坊） 折叠自行车制造商大行科工（深圳）股份有限公司（2543.HK）周二首日在香港挂牌，开市即升36%报 67.5港元，之后股价略回软，中午收市报60港元，升21%。 公司发售792万股H股，一成于香港公开发售，每股售价49.5港元，录得超额认购7,557.4倍，打破香港新 股认购纪录，国际配售超额20.65倍，集资净额3.42亿元。 欲订阅咏竹坊每周免费通讯，请点击这里 快讯,消费-快讯,新股-快讯 国际配售,大行科工 ...

此前，公司在公开发售阶段获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%，超额认购倍数高达 6688 倍。打破纪录成为港股新"超购王"。 截至发稿，大行科工涨幅缩窄至23%，报61.25港元/股。 | 分时 多日 1分 5分 15分 30分 60分 90分 2小时 日 周 月 J ▼ F9 壁加 画线 工具 >> | 大行科工 | 61 250 +11.750 +23.74% | 2543.HK(大行科工) 11:11 价 61.250 雅庆 11.750(23.74%) 均价 67.72 成交量 5900 成交金额 36.22万 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2543 | 53.49% | 75.980 | 日四四 | HKEX HKD 11:11:56 | 67.153 1 | 35.66% | | | | | | | | | ...

恒生指数高开0.3%，恒生科技指数涨0.57%。科技股多数上涨，大行科工上市首日高开36%，网易涨超 3%，京东集团涨超2%，京东物流涨超1%。 据中国基金报，综合来看，业内认为港股近期的低迷更多是前期快速上涨后的阶段性盘整，而非趋势逆 转。本轮牛市行情中，虽然先锋选手港股暂时跑输，但牛市基础仍在。 据券商中国，华商基金基金经理余懿指出，港股市场汇聚了一批特色板块和优质企业，比如人工智能芯 片、大模型、创新药、创新器械、内房股以及一些业务布局全球的国际化公司，港股当前可能存在系统 性折价修复机遇。 本文转载自"腾讯自选股"，智通财经编辑：徐文强。 中金公司研究部强调，如果选择继续参与流动性驱动的行情，那仍应在A股，适合偏激进和交易型投资 者。此类行情依赖增量资金不断入场与市场之间形成正反馈作为前提，如果投资者依然对此深信不疑， 那显然在A股参与最为直接，而不应选择影响更间接且还受做空和配售约束的港股；如果投资者担心流 动性逻辑的持续性或者担心行情的透支，港股尤其是其有优势的景气结构就是更稳妥的选择，适合稳健 和持有型的投资者。 具体方向来看，广发基金指数投资部基金经理看好以下方向：政策支持与流动性回暖共振，港 ...