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]
“内地折叠自行车第一股” 大行科工成港股“超购王”