由潮汕籍3兄弟创办，诞生于深圳！港交所披露：这家公司正式递交上市申请

Core Viewpoint - Tailing Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the third electric two-wheeler giant listed in the capital market after Yadea and Aima [1][3]. Group 1: Company Overview - Tailing Technology, founded in 2003 and headquartered in Wuxi, Jiangsu, specializes in electric light transportation tools, covering electric bicycles, motorcycles, and tricycles, along with related services such as shared mobility and charging [4]. - The company operates seven production bases globally, with six in China and one in Vietnam, and has a sales network that includes 5,597 dealers and over 27,000 retail stores in mainland China [4]. Group 2: Financial Performance - In 2024, Tailing Technology's revenue reached 13.6 billion RMB, a 14.5% increase from 2023, with a net profit of 4.72 billion RMB, up 64.9% year-on-year [4][5]. - For the first three quarters of 2025, the company reported revenue of 14.8 billion RMB, a 38.6% increase year-on-year, and a net profit of 8.23 billion RMB, reflecting a 122.4% growth [4][5]. Group 3: Market Position and Competition - Tailing Technology ranks third in the Chinese electric two-wheeler market with a market share of 12.7%, but its market share has declined by 2.4 percentage points year-on-year [3][6]. - The company faces increasing competition from new entrants like Ninebot, which reported electric bicycle revenue of 11.276 billion RMB, nearly matching Tailing's combined revenue from electric bicycles and motorcycles [8]. Group 4: Research and Development - Tailing Technology's R&D spending is significantly lower than that of leading competitors like Yadea and Aima, which may hinder its ability to innovate and meet new industry standards [9][12]. - The company’s R&D expenses for 2023 were 2.55 billion RMB, accounting for only 2.1% of its revenue, compared to Yadea's 3.55% and Aima's 2.80% [9]. Group 5: Marketing and Sales Strategy - Tailing Technology's marketing expenses have been increasing, with 2023 expenditures reaching 564 million RMB, driven by expanded marketing activities [10]. - The company’s revenue is heavily concentrated in the domestic market, with only 2.4% of its revenue coming from overseas markets in 2024 [10][11].