腾讯投一辆自行车，要IPO了

Core Viewpoint - TENWAYS, a Shenzhen-based electric bike company, is preparing for an IPO on the Hong Kong Stock Exchange, aiming to become the first publicly listed E-Bike company in Hong Kong, reflecting the broader trend of Chinese companies expanding globally [2][6]. Company Overview - TENWAYS was founded in 2021 by Liang Xiaoling, who has a background in electronic science and technology and experience in the bicycle industry through his previous role at a family-owned company, Trinx [3]. - The company has quickly established itself in the European market, becoming one of the fastest-growing brands in the electric bike sector [6]. Product Range - TENWAYS offers a comprehensive range of electric bikes, including urban, hybrid, and cargo models, with prices ranging from €1,799 to €4,999, approximately ¥14,500 to ¥40,000 [4]. Sales Performance - TENWAYS has seen rapid growth, particularly in the Benelux region, with its CGO800S model selling over 50,000 units within four years and ranking among the top five in the urban commuting segment by 2024 [6]. - The company reported revenues of €48 million and €60.6 million for 2023 and 2024 respectively, with a year-on-year growth of 26.2% [9]. Financial Metrics - TENWAYS' gross margin improved from 25.8% in 2023 to 30.4% in 2024, reaching 31.8% in the first three quarters of 2025 [9]. - Despite increasing losses due to strategic expansion, the company achieved adjusted net profits of €124,000 in the first three quarters of 2025, indicating a net profit margin of 2.3% [10]. Investment and Funding - TENWAYS has attracted significant investment from notable firms such as Hillhouse Capital and Tencent, with a post-IPO valuation of approximately ¥1.7 billion [7]. - The company has completed five rounds of financing since its inception, with the latest round occurring in January 2024 before its IPO [7]. Market Strategy - The company primarily generates revenue from Europe, with 97.7% of its income coming from this region, and has expanded its retail presence to over 1,400 stores across 29 European countries [9]. - TENWAYS employs a hybrid sales model combining online and offline channels, with urban models contributing over 70% of its revenue [9]. Industry Context - The success of TENWAYS is part of a larger trend of Chinese companies successfully entering international markets, with several other firms also preparing for IPOs or expanding their global footprint [11][12][13].