Core Viewpoint - LeMo Technology Service Co., Ltd. (乐摩科技) has successfully listed on the Hong Kong Stock Exchange, with its shares closing at 54.5 HKD, a 36.25% increase from the opening price of 64.8 HKD [1]. Summary by Relevant Sections Share Issuance and Capital Structure - The total number of shares issued by LeMo Technology is 5,555,600, with 555,600 shares allocated for public offering and 5,000,000 shares for international offering [2]. - After the listing, the total number of issued shares is 55,555,600 [2]. Pricing and Fundraising - The final offering price was set at 40.00 HKD, resulting in total proceeds of 222.22 million HKD. After deducting estimated listing expenses of 40.06 million HKD, the net proceeds amount to 182.16 million HKD [5][6]. Business Model and Revenue Growth - LeMo Technology provides massage services through machine-operated devices located in high-traffic public areas across China [6]. - The company plans to use the raised funds to expand its service network, enhance technology, increase brand awareness, and for general operational purposes [7]. - Revenue figures for the years 2022 to 2025 show a growth trajectory: 330.15 million RMB in 2022, 586.84 million RMB in 2023, 797.99 million RMB in 2024, and projected 630.73 million RMB in 2025 [8]. Financial Performance - The company reported profits of 6.48 million RMB in 2022, 87.34 million RMB in 2023, and projected profits of 88.55 million RMB in 2025 [9]. - Operating cash flows from 2022 to 2025 indicate a positive trend, with net cash from operating activities increasing from 83.31 million RMB in 2022 to a projected 190.45 million RMB in 2025 [9]. Market Challenges - The machine massage service market in China is projected to be only 2.7 billion RMB in 2024, representing a small fraction (approximately 0.5%) of the overall massage market, which is expected to reach 676.9 billion RMB by 2029 [10]. - The demand for machine massage services is characterized as non-essential, leading to challenges in sustaining growth, especially as consumer preferences lean towards traditional massage services that offer more personalized experiences [11].
乐摩科技港股募资2亿港元首日涨36% 行业天花板隐现