Core Viewpoint - Daheng Technology (Shenzhen) Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 392 million through the issuance of H-shares at a price of HKD 49.5 per share [1][3]. Company Overview - Daheng Technology, formerly known as Shenzhen Meidaheng Technology Co., Ltd., was established in December 2016 and renamed in August 2023 [3]. - The company specializes in folding bicycles under the brand Dahon and holds the leading market share of 26.3% in the folding bicycle industry in mainland China as of 2024 [4]. Financial Performance - The revenue for Daheng Technology for the years 2022, 2023, and 2024 is projected to be approximately RMB 254 million, RMB 300 million, and RMB 451 million, respectively [5][6]. - Gross profit for the same years is expected to be around RMB 77.93 million, RMB 101.49 million, and RMB 148.75 million, with net profits of RMB 31.43 million, RMB 34.85 million, and RMB 52.30 million [5][6]. - In the first four months of 2025, the company reported revenue of approximately RMB 185 million, compared to RMB 126 million in the same period of 2024 [5][6]. Market Activity - On its first trading day, Daheng Technology's stock opened at HKD 67.5 per share, reflecting a 36.36% increase from the IPO price, and closed at HKD 56.9, a 14.95% rise [3]. - The company has secured cornerstone investment agreements with several investors, allowing for the subscription of 201.38 million shares, totaling approximately USD 12.76 million [3].

Group 1: Financial Performance - The company's revenue for the first half of 2025 increased by 39.22% year-on-year, while profit grew by 55.42% [1] - The cash dividend plan for 2025 proposes a distribution of 4.00 CNY (including tax) for every 10 shares, totaling 93,235,200 CNY (including tax) [2] Group 2: Market Dynamics - Major sales regions include Europe (over 20% of total sales) and the Americas (over 50% of total sales) [2] - The Oceania region has shown rapid sales growth, contributing to new sales increments [2] Group 3: Strategic Initiatives - The company is enhancing product design, research and development, and sales channels to improve product competitiveness [1] - Future considerations for overseas production capacity will depend on actual market conditions [1] - Measures to achieve revenue and profit growth include expanding product lines, entering new overseas markets, and increasing brand promotion [2]

Core Viewpoint - Daheng Technology (Shenzhen) Co., Ltd. is preparing for its IPO on September 9, 2025, with a share price of HKD 49.5 and a total fundraising amount of HKD 392 million [3]. Financial Performance - Daheng Technology reported revenues of RMB 254.19 million, RMB 300.16 million, and RMB 450.72 million for the years 2022, 2023, and 2024 respectively, with corresponding gross profits of RMB 77.93 million, RMB 101.49 million, and RMB 148.75 million [10][11]. - For the first four months of 2025, the company achieved revenues of RMB 184.74 million, up from RMB 125.75 million in the same period of 2024, with a profit of RMB 21.53 million compared to RMB 12.73 million in the previous year [11][12]. Shareholder Structure - Prior to the IPO, Dr. Han Dewei controlled 90.16% of the shares, while post-IPO, his ownership will decrease to 67.61% [15][23]. - Key cornerstone investors include Allianz Global Investors Asia Pacific, Greater Bay Area Fund Management, Harvest, and Weico Hong Kong, with a total subscription amount of USD 12.76 million [4][5]. Product and Market Strategy - Daheng Technology specializes in folding bicycles and has expanded its product range to include road bikes, mountain bikes, children's bikes, and electric assist bikes [6][10]. - The company’s online sales reached RMB 100.16 million in 2024, accounting for 22.2% of total revenue, indicating a strong digital sales strategy [12][13]. Management Team - The executive directors include Dr. Han Dewei, Ms. Li Guiyu, Ms. Liu Guocun, and Ms. Li Xiufen, with independent non-executive directors including Dr. Li Lisheng, Mr. Liu Xuequan, and Mr. Zhao Gensheng [17][18].

Group 1 - The core point of the article is the record-breaking oversubscription of Dahang Kegong's IPO, which reached 6688 times, making it the new "super subscription king" in the Hong Kong stock market [1][2] - Dahang Kegong is the largest folding bicycle company in mainland China, founded by Dr. Han Dewei in 1982, with a diverse product line including folding bikes, road bikes, mountain bikes, and electric assist bikes [2][4] - The company holds a significant market position, with a retail volume share of 26.3% and a retail value share of 36.5% in the Chinese folding bicycle market, and a global retail volume share of 6.2% [4] Group 2 - The IPO price for Dahang Kegong is set at HKD 49.5 per share, with a total market capitalization of HKD 1.568 billion and a fundraising target of HKD 392 million [5] - The strong demand for the IPO is attributed to the company's leading position in a niche market, high growth performance, and reasonable valuation, supported by cornerstone investors who subscribed for approximately USD 12.76 million, accounting for about 25% of the total fundraising [7] - Historical analysis shows that while high oversubscription rates indicate short-term market enthusiasm, they do not necessarily reflect long-term investment value, as many past "super subscription kings" have experienced significant declines post-IPO [8][14]

Group 1 - The company, Daxing Kegong, has successfully completed its IPO subscription with a total subscription amount of approximately HKD 262.19 billion, significantly exceeding the initial fundraising target of HKD 39.2 million, resulting in an oversubscription of over 6,688 times, making it the "super subscription king" in new stock history [1] - Daxing Kegong plans to issue 7.92 million H-shares, with 10% allocated for public offering, at a price of HKD 49.5 per share, aiming to raise approximately HKD 390 million [1] - The company has secured cornerstone investors including Allianz Global Investors Asia Pacific, Greater Bay Area Fund Management, and others, collectively subscribing for approximately USD 12.76 million [1] Group 2 - Daxing Kegong is the largest folding bicycle manufacturer in mainland China, holding the top position in both retail volume and retail value in the folding bicycle market, with a market share of 26.3% by volume and 36.5% by value for 2024 [2] - The company holds the most patents in the Chinese folding bicycle industry, with 113 valid patents in mainland China and 22 valid patents in the US, Europe, and Japan as of April 30, 2025 [2] - Daxing Kegong has established a comprehensive and efficient sales and distribution network, collaborating with 38 distributors across 30 provincial-level administrative regions in China, covering 680 retail points, and has expanded its online presence on major e-commerce and social media platforms [2]

Group 1 - The company, Daxing Kegong, has successfully completed its IPO subscription with a total subscription amount of approximately HKD 262.19 billion, achieving an oversubscription rate of over 6,688 times, making it the "super subscription king" in new stock history [1] - The company plans to issue 7.92 million H-shares at a price of HKD 49.5 per share, aiming to raise approximately HKD 390 million [1] - The company has introduced cornerstone investors including Allianz Global Investors Asia Pacific and others, collectively subscribing approximately USD 12.76 million [1] Group 2 - Daxing Kegong is the largest folding bicycle manufacturer in mainland China, holding a market share of 26.3% in retail volume and 36.5% in retail value as of 2024 [2] - The company holds the most patents in the folding bicycle industry in China, with 113 valid patents in mainland China and 22 valid patents in the US, Europe, and Japan as of April 30, 2025 [2] - The company has established a comprehensive sales and distribution network, collaborating with 38 distributors across 30 provincial administrative regions in China, covering 680 retail points and expanding into major e-commerce and social media platforms [2]

Core Viewpoint - Dahon Technology, a leading manufacturer of folding bicycles, is conducting an IPO from September 1 to September 4, aiming to raise approximately HKD 390 million with a share price of HKD 49.5 per share [1][3]. Company Overview - Dahon Technology is the largest folding bicycle company in China, with a market share of 26.3% in retail volume and 36.5% in retail value as of 2024 [4]. - The company offers over 70 bicycle models, targeting different market segments: high-end (above RMB 5,000), mid-range (RMB 2,500 to 5,000), and budget (below RMB 2,500) [4]. Financial Performance - In the previous year, Dahon Technology reported revenue of RMB 450 million, representing a year-on-year growth of 50.2% [5]. - The total profit and comprehensive income amounted to RMB 52.3 million, also reflecting a growth of 50.1% year-on-year [5]. Investment and Subscription Details - As of September 2, Dahon Technology has received at least HKD 61.1 billion in margin subscriptions, with the public offering being oversubscribed by 1,557.7 times [3]. - The company has secured cornerstone investors, including Allianz Global Investors Asia Pacific and others, with a total investment of USD 12.76 million [6]. Use of Proceeds - The net proceeds from the IPO will be allocated as follows: approximately 30% for modernizing production systems and expanding operations, 30% for enhancing the distribution network and brand development, 30% for increasing R&D capabilities, and 10% for working capital and other general corporate purposes [7].

Group 1 - The core viewpoint of the article highlights that the Chinese folding bicycle company, Daxing Technology (2543.HK), has commenced its public offering with significant interest from investors [1] - As of now, brokers have lent a total of HKD 20.223 billion in margin financing, indicating strong demand for the shares [1] - The public offering has raised HKD 39.2 million, which corresponds to an oversubscription rate of nearly 515 times [1] Group 2 - The subscription period for Daxing Technology will close on September 4, with the company expected to list on September 9 [1] - CITIC Securities International is serving as the sole sponsor for this public offering [1]

Group 1 - The company, Daxing Technology, has commenced its public offering with a significant oversubscription rate of nearly 515 times the amount raised [1] - The total amount of margin financing provided by brokers for the offering is approximately HKD 20.223 billion [1] - The public offering aims to raise a total of HKD 39.2 million, with the listing expected to occur on September 9 [1] Group 2 - The sole sponsor for the offering is CITIC Securities International [1]

Industry Overview - The first Beijing International Bicycle Sports and Equipment Exhibition is being held, focusing on "stimulating consumer vitality and promoting industry development" [1] - The exhibition features nearly a hundred domestic and international bicycle brands, showcasing the entire industry chain including bicycles, components, cycling technology, and sports tourism [1] Technological Advancements - The exhibition highlights ultra-lightweight bicycle frames made from T1100-grade carbon fiber, which is 15% lighter than standard carbon fiber while being significantly stronger than regular steel [3] - Aerospace-grade fiber materials used in the "Tiangong Space Station" are now applied to bicycle spokes, enhancing wheel rigidity and transmission efficiency [3] - Bicycle bodies are coated with aerospace cold-sensing paint that reflects 99% of thermal radiation [3] Market Trends - The number of cycling users in China has surpassed 130 million, indicating a shift from cycling as merely a transportation method to a lifestyle and social activity [5] - Cycling-related apps have accumulated over 300 million users, with more than 50 million active monthly users, facilitating social connections among cycling enthusiasts [11] Regional Insights - In Wuhu, Anhui Province, cyclists often use a "4+2" travel method, combining cars and bicycles for their outings [7] - Popular cycling routes, such as the one in Beijing's Mentougou District, attract over 4,000 cyclists, showcasing the growing interest in diverse cycling experiences [9] Industry Growth and Export - The bicycle industry in Shenzhen is experiencing rapid growth, driven by increased consumer demand and technological innovation [21][23] - A leading bicycle manufacturing company in Shenzhen has an annual production capacity exceeding 10 million units, utilizing advanced carbon fiber manufacturing techniques [25] - Shenzhen's bicycle exports reached 680 million yuan in the first seven months of 2025, marking a 50.8% year-on-year increase, with major markets including ASEAN, Russia, and South Korea [32] Economic Impact - China's bicycle industry is projected to exceed 300 billion yuan in total output value by 2024, with significant growth in sales of sports bicycles and smart electric bicycles [34] - The bicycle industry is becoming a crucial economic driver, with increasing investments in technology research, equipment manufacturing, and sales maintenance [34]