Core Viewpoint - The listing of Dahang Kegong, a leading manufacturer of folding bicycles, on the Hong Kong Stock Exchange was marked by a record oversubscription of 7558 times, but the company faces significant challenges including reliance on OEM production, shrinking overseas markets, and an aging management team [1][2]. Group 1: Company Performance - Dahang Kegong achieved a revenue of 451 million RMB in 2024, with a profit of 52.3 million RMB, showing stable growth in both revenue and profit [2]. - The sales volume of bicycles has been increasing, with notable growth rates, including a 46.5% increase in sales volume in the first four months of 2024 compared to the same period in 2023 [2]. Group 2: Product Diversification - The company is diversifying its product offerings beyond folding bicycles to include road bikes, mountain bikes, children's bikes, and electric assist bicycles, with the latter combining folding features and electric assistance [3]. - Despite diversification efforts, folding bicycles still accounted for 96.6%, 97.7%, and 97.4% of the company's sales revenue from 2022 to 2024 [3]. Group 3: Market Share and Distribution - According to data from Zhi Shi Consulting, Dahang Kegong holds a 26.3% market share in terms of retail volume and a 36.5% market share in terms of retail value in the folding bicycle market in mainland China [5]. - The company has established a comprehensive sales network, with 69.5% of revenue coming from distribution channels, and plans to open 50 direct stores, 80 shop-in-shops, and 70 dealerships by 2025 [5]. Group 4: Production and Capacity Issues - Dahang Kegong's production capacity is under scrutiny, with its Huizhou factory showing high utilization rates, reaching 114.1% in the first four months of 2025 [6]. - The proportion of bicycles produced by OEM suppliers has been increasing, with over 60% of products coming from OEM production in the first four months of 2025 [7][8]. Group 5: Management Concerns - The management team is aging, with the chairman and CEO being 83 years old, raising concerns about the company's strategic continuity and innovation capabilities [8].

记者当日从中国自行车协会了解到， 目前我国自行车社会保有量超过2亿辆，电动自行车 社会保有量约3 . 8亿辆 。 9月17日是世界骑行日。 全国每日因"两轮出行"而减少的碳排放量约1万吨，以百公里油耗8升计算，相当于节省 汽油约660万升。 全国城镇居民每100次出行中，约有30次由"两轮出行"完成 。 自行车凭借其灵活性和高效性，成为更适合城市短途通勤的交通工具；凭借其低碳出行的 方式，对降低能源消耗和空气质量改善作出重要贡献。 同时，骑行成为社交新热点，全国骑行爱好者人数超1800万人，超1亿人次经常性骑行。 在此趋势下，电助力自行车作为传统自行车的智能升级之选，凭借更省力、续航远、更智 能的优势，正引领全球骑行市场新浪潮，已成为多国慢行交通重要组成部分。 我国自行车和电动自行车社会保有量约5.8亿辆。 来源：新华社 End 欢迎分享给你的朋友！ 出品 | 中国能源报（c n e n e rg y） 责编丨李慧颖 随着基础设施不断完善和人们环保意识进一步加强，骑行已从单纯的交通出行方式发展为 更健康、更绿色、更低碳的生活方式。 ...

新华社权威快报 9月17日是世界骑行日 我国自行车社会保有量 电动自行车社会保有量 ----- 超过乙亿辆 约日,8亿辆 全国城镇居民每100次出行中 约有30次为"两轮出行" 新华社国内部出品 *图片由Al辅助生成 9月17日是世界骑行日。 【纠错】 【责任编辑:薛涛】 随着基础设施不断完善和人们环保意识进一步加强，骑行已从单纯的交通出行方式发展为更健康、 更绿色、更低碳的生活方式。 记者：叶昊鸣 海报制作：贾稀荃 新华社国内部出品 全国每日因"两轮出行"而减少的碳排放量约1万吨，以百公里油耗8升计算，相当于节省汽油约660 万升。全国城镇居民每100次出行中，约有30次由"两轮出行"完成。 自行车凭借其灵活性和高效性，成为更适合城市短途通勤的交通工具；凭借其低碳出行的方式，对 降低能源消耗和空气质量改善作出重要贡献。 同时，骑行成为社交新热点，全国骑行爱好者人数超1800万人，超1亿人次经常性骑行。 在此趋势下，电助力自行车作为传统自行车的智能升级之选，凭借更省力、续航远、更智能的优 势，正引领全球骑行市场新浪潮，已成为多国慢行交通重要组成部分。 记者当日从中国自行车协会了解到，目前我国自行车社会保有量超 ...

Core Viewpoint - The folding bicycle company, Daxing Kegong, has achieved a record 6688 times oversubscription in its IPO, becoming the new "super subscription king" in the Hong Kong stock market, amidst rising outdoor sports trends and significant market share in the folding bicycle sector [2][3]. Financial Performance - Daxing Kegong's revenue is projected to grow from 254 million RMB in 2022 to 451 million RMB in 2024, with a compound annual growth rate (CAGR) of 33.1%. Net profit is expected to increase from 31 million RMB to 52 million RMB during the same period [3]. - The company plans to allocate approximately 30% of its IPO proceeds (around 103 million HKD) for modernizing production systems and expanding operational scale, including a new production facility in Huizhou with an initial capacity of 200,000 units per year [3][4]. Dividend Strategy - Prior to the IPO, Daxing Kegong distributed significant dividends, totaling around 60 million RMB from 2022 to the first four months of 2025, raising questions about the rationale behind its IPO fundraising strategy [4]. - The founder, Han Dewei, holds a concentrated ownership of 90.16%, making him the primary beneficiary of these dividends, which has led to market skepticism regarding the company's intentions [4]. Market Position and Competition - Daxing Kegong holds a 26.3% market share in terms of retail volume and a 36.5% share in retail value within the Chinese folding bicycle market [6]. - The global bicycle market is projected to grow from 165 million units in 2019 to 179 million units by 2024, with the folding bicycle segment representing a small niche, accounting for only 5.3% of the market by retail value [6]. Growth Challenges - The folding bicycle market is characterized by limited growth potential, increased competition, and changing consumer preferences, which may restrict Daxing Kegong's expansion opportunities [7]. - The company is encouraged to enhance product differentiation, explore international markets, and develop related products such as electric folding bicycles to capture emerging trends [7].

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].

Company Overview - Dahon, a leading manufacturer of folding bicycles, is preparing for a listing on the Hong Kong Stock Exchange with CITIC Securities International as the sole sponsor [1] - Founded in 1982 by Taiwanese entrepreneur Han Dewei, Dahon holds the largest market share in the mainland folding bicycle market, with 26.3% in retail volume and 36.5% in retail value for 2024 [1] Market Position - Dahon is projected to have the fastest sales and revenue growth among the top five folding bicycle companies in mainland China from 2023 to 2024 [1] - The company offers a diverse product line that includes urban commuting, fashion, outdoor exploration, high-performance racing, and practical models, with over 70 models expected by April 2025 [1] Financial Performance - In the first four months of this year, Dahon reported revenue of 184 million yuan, representing a year-on-year increase of 46.9% [1] - The company's profit for the same period was 21.528 million yuan, up 69.1% compared to the previous year [1] - The classic model P8 has sold over 150,000 units, priced around 3,500 yuan, with prices in Hong Kong ranging from 3,680 to 4,500 HKD depending on the configuration [1] Ownership Structure - Han Dewei holds approximately 88.6% of Dahon's shares, with the remainder owned by an employee stock ownership plan and other shareholders [1]

Core Viewpoint - 大行科工 is the largest folding bicycle company in mainland China, with significant market shares in both retail volume and revenue for 2024 [3]. Company Overview - 大行科工 ranks first in the folding bicycle industry in mainland China, holding a market share of 26.3% in retail volume and 36.5% in retail revenue for 2024 [3]. - The company offers a diverse range of bicycle models, including folding bicycles, road bikes, mountain bikes, children's bikes, and electric assist bikes, with over 70 models available as of April 30, 2025 [3]. Sales and Distribution Network - 大行科工 has established a comprehensive sales and distribution network, collaborating with 38 distributors across 30 provincial-level administrative regions in China, covering 680 retail points [4]. - The company has expanded its online sales channels, achieving a significant increase in online direct sales revenue from 14.1 million RMB in 2022 to approximately 100 million RMB in 2024, representing a compound annual growth rate of 166.1% [4]. Business Growth - The company's sales volume increased from 148,956 units in 2022 to 156,877 units in 2023, and further to 229,525 units in 2024, with a compound annual growth rate of 24.1% [4]. - For the four months ending April 30, 2025, sales volume surged by 46.5% compared to the same period in the previous year [4]. Financial Performance - 大行科工's revenue for the fiscal years 2022, 2023, and 2024 was approximately 254.2 million RMB, 300.2 million RMB, and 451 million RMB, respectively [5]. - The company's profit and total comprehensive income for the same periods were 31.4 million RMB, 34.9 million RMB, and 52.3 million RMB, respectively [5].

Core Viewpoint - Dahang Kegong (Shenzhen) Co., Ltd. is set to go public on the Hong Kong Stock Exchange, having successfully passed the listing hearing, with CITIC Securities International as its sole sponsor [1] Company Overview - Dahang Kegong is a leading player in the folding bicycle market in mainland China, holding a market share of 26.3% in retail volume and 36.5% in retail value as of 2024 [1] - The company offers a diverse product lineup, including classic models like the P8, and has expanded into road bikes, mountain bikes, children's bikes, and electric assist bikes [1] Sales and Distribution - The company has established a comprehensive sales network, collaborating with 38 distributors across 30 provincial-level regions in China, covering 680 retail points [3] - Online sales have surged, with revenue increasing from 14.1 million RMB in 2022 to approximately 100 million RMB in 2024, reflecting a compound annual growth rate of 166.1% [3] - Dahang Kegong's products are exported to 28 countries and regions, including Southeast Asia, the United States, and Europe, showcasing its international influence [3] Business Growth - The company's sales volume grew from 148,956 units in 2022 to 156,877 units in 2023, and is projected to reach 229,525 units in 2024, with a compound annual growth rate of 24.1% [3] - In the first four months of 2024, sales volume increased significantly from 63,758 units to 93,398 units, marking a growth rate of 46.5% [3] Financial Performance - Dahang Kegong's revenue has shown steady growth, achieving approximately 254.2 million RMB in 2022, 300.2 million RMB in 2023, and 450.7 million RMB in 2024 [4][5] - The company's annual profit and total comprehensive income also increased, reaching 31.4 million RMB in 2022, 34.9 million RMB in 2023, and 52.3 million RMB in 2024 [4][5]

Core Viewpoint - Dahang Technology (Shenzhen) Co., Ltd. is preparing for an IPO in Hong Kong, with CICC serving as the sole sponsor [1][2]. Group 1: IPO Details - The funds raised from the IPO will be allocated for several purposes, including modernizing production systems and expanding operational scale to enhance manufacturing capacity [1]. - Additional funds will be used to strengthen the distribution network and strategic brand development to solidify market position and accelerate global expansion [1]. - The company aims to enhance its research and development capabilities to improve technology and will also allocate funds for working capital and other general corporate purposes [1]. Group 2: Company Overview - Dahang Technology was founded by Dr. Han Dewei in 1982 and has built a strong reputation over more than 40 years for its technical strength, innovative spirit, craftsmanship, and commitment to product quality [2]. - The company offers a comprehensive range of bicycles, including road bikes, mountain bikes, children's bikes, and electric assist bikes, with popular models like the P8 [2]. - Dahang Technology continues to invest in research and development, particularly in the advancement of folding bicycle technology, and holds numerous patents [2]. - The company has established an efficient sales and distribution network, covering both online and offline channels in mainland China, and exports products overseas [2].

Group 1 - The company has passed the Hong Kong Stock Exchange listing hearing, with CITIC Securities International as its sole sponsor [1] - As of 2024, the company ranks first in the folding bicycle industry in mainland China, holding a market share of 26.3% in retail volume and 36.5% in retail value [1] - The company's product line has expanded from folding bicycles to include road bikes, mountain bikes, children's bikes, and electric assist bikes, offering over 70 models by April 30, 2025 [1] Group 2 - The company has established a broad online and offline sales network, collaborating with 38 distributors and covering 680 retail points as of April 30, 2025 [1] - Online direct sales revenue increased from 14.1 million RMB in 2022 to approximately 100 million RMB in 2024, with a compound annual growth rate of 166.1% [1] - From 2022 to 2024, the company's sales volume experienced a compound annual growth rate of 24.1%, making it the fastest-growing in sales volume and revenue among the top five folding bicycle companies in mainland China during the same period [1]