Core Viewpoint - LeMo Technology (02539.HK), a machine massage service provider from Fuzhou, Fujian, is launching its IPO from November 25 to November 28, 2025, with plans to list on the Hong Kong Stock Exchange on December 3, 2025 [3][4]. Group 1: IPO Details - The total number of shares offered globally is 5,555,600 H-shares, with 555,600 shares available for public sale in Hong Kong and 5,000,000 shares for international sale [1][4]. - The expected price range for the shares is between HKD 27.00 and HKD 40.00, with a maximum fundraising target of approximately HKD 2.22 billion [4][5]. - The initial allocation for public sale is set at 10%, with no over-allotment option available [5]. Group 2: Financial Projections and Use of Proceeds - Assuming a median offer price of HKD 33.50, the net proceeds from the IPO are estimated to be around HKD 147 million, with approximately 60% allocated for expanding service coverage, 20% for technology enhancement, 10% for brand promotion, and 10% for working capital and general corporate purposes [5]. - The total estimated listing expenses are around HKD 38.8 million, which includes underwriting commissions and various fees [5]. Group 3: Company Background and Market Position - Established in 2014, LeMo Technology launched the "LeMo Bar" brand in 2016, providing machine massage services in high-traffic public areas across China [6]. - According to Frost & Sullivan, LeMo Technology ranked first among machine massage service providers in mainland China by transaction volume, with market shares of 33.9%, 37.3%, and 42.9% for the years 2022 to 2024 [6]. - The company has established over 48,000 service points and deployed more than 535,000 massage machines, covering all 31 provincial-level administrative regions and 337 cities in mainland China, with over 174 million identifiable service users and more than 40 million registered members [6].

Core Viewpoint - LeMo Technology (02539.HK) plans to globally offer 5.5556 million H-shares, with a price range of HKD 27.00 to 40.00 per share, aiming for a listing on December 3, 2025 [4][11] Company Overview - LeMo Technology provides massage services through machine massage equipment located in high-traffic public areas across China [4] - The company has established over 48,000 service points and deployed more than 533,000 massage machines, covering all 31 provincial-level administrative regions and 337 cities in China [5][7] Market Position - According to Frost & Sullivan, LeMo Technology ranks first among machine massage service providers in China by transaction value, with market shares of 33.9%, 37.3%, and 42.9% for the years 2022 to 2024 [11] - The company holds over 50% market share in the Chinese machine massage market by revenue in 2024 [4] Financial Performance - LeMo Technology's total revenue for the years ending December 31 for 2022, 2023, and 2024 was RMB 330 million, RMB 587 million, and RMB 798 million, respectively, with year-on-year growth rates of 77.75%, 35.98%, and 13.80% [9] - The company's gross profit for the same periods was RMB 85.34 million, RMB 245 million, and RMB 288 million [10] Consumer Base - The company has a cumulative identifiable consumer base of over 174 million, with more than 40 million registered members [5] - The average daily transaction volume per massage machine decreased from 2.95 in 2023 to 2.04 in 2024 due to a significant increase in the number of machines [10] Future Plans - To enhance the average daily transaction volume per machine, LeMo Technology plans to strengthen online marketing activities across various social media platforms [10] - The estimated net proceeds from the global offering will be approximately HKD 147 million, with allocations for expanding service points, technology enhancement, brand improvement, and general corporate purposes [11]