New stock news | Daheing Mechanical Industry submits application to Hong Kong Stock Exchange, ranking first in the foldable bicycle industry in Mainland China and globally in 2023.

According to the disclosure by the Hong Kong Stock Exchange on January 20th, Dahon Technology (Shenzhen) Co., Ltd. (referred to as "Dahon Technology") has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with China Securities Co., Ltd. International as the exclusive sponsor. The prospectus shows that Dahon Technology is a globally leading and rapidly expanding folding bicycle company. The Dahon brand is one of the most representative brands in the folding bicycle industry, founded by Dr. David T. Hon in 1982 with the aim of creating sustainable urban mobility solutions through innovative engineering technology. With over 40 years of development, the Dahon brand is renowned for its superb technology, groundbreaking innovation, precision craftsmanship, pursuit of excellent performance, and meticulous product quality. According to data from Zou Shi Consultancy, based on retail sales volume in 2023, the company ranks first in both the mainland China and global folding bicycle industry, with market shares of 21.1% and 5.6% respectively. With popular products like the award-winning P8 model as its cornerstone, the company has developed a comprehensive lineup of bicycle products, including newly developed models, to meet the various needs of different types of consumers such as urban commuters, adventure seekers, and competitive riders. Throughout the company's history, its product portfolio has evolved from folding bicycles to other types of bicycles, including road bikes, mountain bikes, children's bikes, and electric assist bikes, reflecting the company's commitment to innovation and response to market demands. As of September 30, 2024, the company offers over 70 bicycle models. The company has established a comprehensive and efficient sales and distribution network, spanning offline and online channels, continuously increasing product coverage and penetration rate, covering mainland China as well as 25 other countries and regions including Southeast Asia, the United States, and Europe. In China, as of September 30, 2024, the company has collaborated with 38 distributors across more than 30 provincial-level administrative regions, covering over 650 retail stores. The company has also expanded to online channels, including major e-commerce platforms and social media platforms in mainland China such as JD, Tmall, and Douyin. During the past performance period, the company's online direct sales revenue increased significantly from 14.1 million RMB in 2022 to 58.1 million RMB in 2023, with a growth rate of 312.1%. On the financial front, in the fiscal years 2022, 2023, and the 9 months ending on September 30, 2024, Dahon Technology achieved revenues of approximately 254 million RMB, 300 million RMB, 222 million RMB, and 352 million RMB respectively. During the same period, the net profit and comprehensive income totaled 31.434 million RMB, 34.85 million RMB, 26.308 million RMB, and 45.838 million RMB respectively.