Core Viewpoint - LeMo Technology Service Co., Ltd. (乐摩科技) has successfully listed on the Hong Kong Stock Exchange, with its shares closing at 54.5 HKD, a 36.25% increase from the opening price of 64.8 HKD [1]. Summary by Relevant Sections Share Issuance and Capital Structure - The total number of shares issued by LeMo Technology is 5,555,600, with 555,600 shares allocated for public offering and 5,000,000 shares for international offering [2]. - After the listing, the total number of issued shares is 55,555,600 [2]. Pricing and Fundraising - The final offering price was set at 40.00 HKD, resulting in total proceeds of 222.22 million HKD. After deducting estimated listing expenses of 40.06 million HKD, the net proceeds amount to 182.16 million HKD [5][6]. Business Model and Revenue Growth - LeMo Technology provides massage services through machine-operated devices located in high-traffic public areas across China [6]. - The company plans to use the raised funds to expand its service network, enhance technology, increase brand awareness, and for general operational purposes [7]. - Revenue figures for the years 2022 to 2025 show a growth trajectory: 330.15 million RMB in 2022, 586.84 million RMB in 2023, 797.99 million RMB in 2024, and projected 630.73 million RMB in 2025 [8]. Financial Performance - The company reported profits of 6.48 million RMB in 2022, 87.34 million RMB in 2023, and projected profits of 88.55 million RMB in 2025 [9]. - Operating cash flows from 2022 to 2025 indicate a positive trend, with net cash from operating activities increasing from 83.31 million RMB in 2022 to a projected 190.45 million RMB in 2025 [9]. Market Challenges - The machine massage service market in China is projected to be only 2.7 billion RMB in 2024, representing a small fraction (approximately 0.5%) of the overall massage market, which is expected to reach 676.9 billion RMB by 2029 [10]. - The demand for machine massage services is characterized as non-essential, leading to challenges in sustaining growth, especially as consumer preferences lean towards traditional massage services that offer more personalized experiences [11].

Core Viewpoint - LeMo Technology (02539) has successfully listed its shares at a price of HKD 40 each, raising approximately HKD 182 million, with a significant initial trading increase of 62% to HKD 64.8 [1] Company Overview - LeMo Technology provides massage services through machine-operated devices located in high-traffic public areas across China [1] - The company launched the "LeMo Bar" brand in 2016, focusing on providing machine massage services in commercial complexes, cinemas, and transportation hubs such as airports and high-speed rail stations [1] Market Position - According to Frost & Sullivan, LeMo Technology ranked first in the Chinese machine massage service market by transaction value for three consecutive years from 2022 to 2024 [1] - By revenue, LeMo Technology is projected to hold over 50% market share in the domestic market by 2024, significantly surpassing other competitors [1] Expansion and Coverage - As of November 15, 2025, LeMo Technology has established over 48,000 service points and deployed more than 533,000 machine massage devices across 31 provincial-level administrative regions and 337 cities in China [1]

Core Viewpoint - LeMo Technology officially listed on the Hong Kong Stock Exchange, showing strong performance on its first day with a significant opening price increase of 62% from the final pricing [1][2] Group 1: Stock Performance - The stock opened at HKD 64.8, compared to the final pricing of HKD 40, resulting in a profit of HKD 2,480 per lot of 100 shares [1] - In pre-market trading, the stock opened 39% higher and closed at HKD 80.5, achieving a total increase of 101.25%, with a profit of HKD 4,050 per lot [2] Group 2: Company Overview - LeMo Technology is a leading provider of IoT technology and machine massage services in China, launching the "LeMo Bar" brand in 2016 [3] - The company ranks first among machine massage service providers in China by transaction volume for three consecutive years from 2022 to 2024, with a market share exceeding 50% by revenue in 2024 [3] Group 3: Financial Performance - The company has shown continuous revenue growth, with total revenue increasing from RMB 330 million in 2022 to RMB 798 million in 2024, although the growth rate has slowed [3] - Approximately 60% of the funds raised from the IPO will be used to expand the coverage and penetration of service points [3] Group 4: Subscription Demand - The public offering phase saw an oversubscription of approximately 7,324.29 times, making it one of the most sought-after new stocks in the recent Hong Kong market [3] - The final number of shares for the public offering was set at 555,600 due to the extremely high subscription rate [3]

Core Viewpoint - LeMo Technology (02539) has successfully listed its shares at a price of HKD 40 each, raising approximately HKD 182 million, with a significant initial trading increase of 62% to HKD 64.8 [1] Company Overview - LeMo Technology provides massage services through machine-operated devices located in high-traffic public areas across China [1] - 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 [1] Market Position - According to Frost & Sullivan, LeMo Technology ranks first in the Chinese machine massage service market by transaction value for three consecutive years from 2022 to 2024 [1] - By revenue, LeMo Technology is projected to hold over 50% market share in 2024, significantly surpassing other competitors in the market [1]

Core Viewpoint - LeMo Technology, known for its shared electric massage chairs, is set to go public on the Hong Kong Stock Exchange, aiming to raise approximately HKD 222 million through the issuance of 5.56 million shares at HKD 40 each, with the listing expected on December 3 [1] Company Overview - LeMo Technology is recognized as the leading provider in the machine massage service market in China, holding a market share of 33.9%, 37.3%, and 42.9% from 2022 to 2024 based on transaction volume, and over 50% based on revenue [1] - The company operates under the brand "LeMo Bar," providing services in various public locations such as shopping malls, cinemas, high-speed rail stations, and airports [1] Growth and Expansion - From 2022 to 2024, LeMo Technology is in a rapid growth phase, expanding its service points from 21,727 at the end of 2022 to 45,993 by the end of 2024, with over 53,300 massage machines deployed across 337 cities [2] - Revenue projections for the company are expected to grow from CNY 330 million in 2022 to CNY 798 million in 2024, representing an increase of approximately 150% over three years [2] Financial Performance - In the first eight months of 2023, LeMo Technology reported revenue of CNY 631 million, a year-on-year increase of 13.8% from CNY 554 million in the same period last year, indicating a slowdown compared to previous growth rates [2][3] - Profit figures show a significant increase from CNY 6.48 million in 2022 to CNY 87.34 million in 2023, but a slight decline is projected for 2024, with profits expected to decrease by 1.76% to CNY 85.81 million [3] Profitability and Margins - The gross profit margin for machine massage services was 24.66% in 2022 and increased to 41.47% in 2023, but is projected to decline to 36.16% in 2024, reflecting a drop of over 5 percentage points [3] - Despite a slight recovery in gross margin to 36.61% in the first eight months of 2023, it remains below the 41.32% recorded in the same period last year, indicating challenges in maintaining profitability [3] Market Challenges and Future Outlook - LeMo Technology acknowledges challenges in expanding its market share and penetration, including increased service point usage fees, rising equipment costs, and higher operational expenses associated with a direct sales model [4] - The overall market for machine massage services in China is projected to reach CNY 2.7 billion by the end of 2024, with expectations of growth to CNY 5.6 billion by 2029, suggesting that even as a market leader, LeMo Technology may face limitations in scaling [4] - The company plans to accelerate its overseas market expansion by increasing the number of massage machines sold to international partners, but faces challenges such as differing consumer preferences, higher labor costs, and difficulties in securing ideal service locations [4]

Core Viewpoint - The article discusses the growth and market position of "Lemo Bar," a company specializing in shared massage chair services in China, highlighting its upcoming IPO and significant market presence. Company Overview - Lemo Bar's parent company, Fujian Lemo IoT Technology Co., Ltd., has submitted an IPO application to the Hong Kong Stock Exchange, with a focus on expanding its massage chair services across China [6]. - Established in May 2014, Lemo Bar operates in high-traffic public areas, providing self-service massage through mobile payment options [6][10]. Market Position - Lemo Bar has over 48,000 service points and 535,000 massage machines across 339 cities in China, achieving profitability with a net profit exceeding 80 million yuan [6][8]. - The company holds a market share of over 50% in the machine massage service sector, ranking first in transaction volume among its competitors from 2022 to 2024 [8]. Financial Performance - Revenue from machine massage services accounted for over 95% of total income, with reported revenues of 330 million yuan, 587 million yuan, and 798 million yuan for 2022, 2023, and 2024 respectively, showing significant year-on-year growth [10][11]. - The company’s net profit saw a dramatic increase, with a year-on-year growth of 1,248% in 2023 [11]. Expansion Strategy - Lemo Bar plans to use the funds raised from the IPO to expand its service network, enhance technology, and improve brand recognition [11]. - The company aims to increase its service points from 21,727 in December 2022 to 45,993 by December 2024, representing a compound annual growth rate (CAGR) of approximately 45.49% [7].

Core Viewpoint - The article discusses the growth and market position of "LeMo Bar," a company specializing in shared massage chair services in China, which is preparing for an IPO on the Hong Kong Stock Exchange. Company Overview - LeMo Bar's parent company, Fujian LeMo IoT Technology Co., Ltd., has submitted an IPO application to the Hong Kong Stock Exchange [7] - The company was established in May 2014 and launched the "LeMo Bar" brand in 2016, focusing on providing machine massage services in high-traffic public areas [7][12] - As of July 18, 2025, LeMo Bar has over 48,000 service points and 535,000 massage machines across 31 provincial-level regions and 339 cities in mainland China [8][9] Market Position - LeMo Bar has achieved profitability with a net profit exceeding 80 million yuan, with approximately 60% of its revenue generated from commercial complexes [7][12] - The company holds a market share of over 50% in the machine massage service sector in China, ranking first in transaction volume for three consecutive years [9][10] - The overall market size for machine massage services in China is projected to be 2.7 billion yuan in 2024, with LeMo Bar accounting for about 0.2% of the total massage market [9] Financial Performance - Revenue figures for LeMo Bar during the reporting period are as follows: 330 million yuan in 2022, 587 million yuan in 2023, and 798 million yuan in 2024, with a year-on-year growth of 77.75% in 2023 [11][12] - The company’s profit for the same period increased significantly, with a year-on-year growth of 12.48 times in 2023 [11] Service Model - LeMo Bar operates primarily through a direct sales model, with approximately 71% of service points under this model, while 29% operate under a partner model [11] - The pricing structure for services includes options such as 6 yuan for 6 minutes, 10 yuan for 12 minutes, and 15 yuan for 20 minutes, with discounts available [8][12] Expansion Plans - The company plans to use the funds raised from the IPO to expand its service network, enhance technology, improve brand recognition, and support operational funding [12]

Core Viewpoint - The IPO application of Fujian Lemo IoT Technology Co., Ltd. has become invalid due to not completing the listing process within six months, raising concerns about its business model and future plans [1][4]. Company Overview - Lemo IoT is a leading player in the smart massage service sector in mainland China, with market shares of 29.4%, 33.9%, and 37.3% from 2021 to 2023, respectively [3]. - As of January 21, 2025, Lemo IoT has deployed over 500,000 smart massage devices and established more than 45,000 service points, generating significant revenue [3]. Financial Performance - The company reported revenues of 330 million yuan and 587 million yuan for 2022 and 2023, respectively, with 615 million yuan in revenue achieved in just the first nine months of 2024, surpassing the total revenue of 2023 [3]. - However, the aggressive expansion has led to high equipment and operational costs, with debt ratios of 70% and 63% in 2022 and 2023, respectively, indicating weak solvency [3][4]. Challenges and Risks - Lemo IoT faces controversies regarding equipment quantity fraud, inflated order prices, and related party transaction risks, which could impact its reputation and operations [3]. - The company's heavy reliance on a single profit model and the high capital requirement for its asset-heavy business model limit its risk resilience [4]. Future Outlook - The invalidation of the IPO application raises concerns about the company's ability to secure funding for operational and expansion needs, potentially forcing it to seek debt financing or strategic investments [4]. - Increased financing costs may compress profits, and weakened market expectations could affect future valuations, prompting the company to optimize its profit model or adjust its business strategy [4].