Core Viewpoint - LeMo Technology, a leading provider of shared massage chairs, is preparing for its IPO, with annual revenue nearing 800 million RMB, driven by its extensive network of massage services in high-traffic public areas [1][3]. Group 1: IPO Information - Company Name: LeMo Technology (02539.HK) [2] - Industry: Massage Machine Services [2] - IPO Dates: November 25 to November 28 [2] - Total Shares Offered: 5.5556 million shares, with 10% for public sale and 90% for international placement [2] - Price Range: 27 to 40 HKD per share [2] - Market Capitalization: 1.5 billion to 2.222 billion HKD [2] - Earnings Ratio: 20 times [2] - Minimum Subscription Amount: 4040 HKD [2] - Expected Listing Date: December 3 [2] - Underwriters: CITIC and Shenwan Hongyuan [2] Group 2: Company Overview - Established in 2014, LeMo Technology launched the "LeMo Bar" brand in 2016, providing massage services through machines in densely populated public areas across China [2]. - As of now, the company has over 48,000 service points and more than 535,000 massage machines deployed, covering 31 provincial-level administrative regions and 337 cities in mainland China [5]. Group 3: Market Position and Financial Performance - From 2022 to 2024, LeMo Technology ranked first in the Chinese machine massage service market by transaction volume, with market share increasing from 33.9% to 42.9% [3]. - Revenue is projected to grow from 330.154 million RMB in 2022 to 797.991 million RMB in 2024, more than doubling [6]. - For the first eight months of 2025, the company achieved revenue of 631 million RMB, surpassing the same period last year [6]. - Net profit increased significantly from 6.481 million RMB in 2022 to 87.34 million RMB in 2023, with a slight decrease expected in 2024 [7]. Group 4: Business Model - The company's primary revenue source is the direct operation model, contributing over 83% of total revenue, while the partner model accounts for approximately 14% [8][9]. - The average massage fee per transaction has risen from 12.28 RMB in 2022 to 14.69 RMB in 2024, indicating a growing consumer willingness to pay for services [10]. Group 5: Industry Outlook - The Chinese machine massage service market is expected to grow from 3.102 billion RMB in 2025 to 5.606 billion RMB in 2029, with a compound annual growth rate of 15.9% [11]. - The overall market growth is driven by increased public health awareness and the demand for relaxation among consumers [11]. - The competitive landscape is intensifying, with smaller players exiting the market due to rising costs and declining profitability [12].