New stock news | Daheng Technology submitted its second application to the Hong Kong Stock Exchange this year, capturing 26.3% market share in the folding bicycle industry in mainland China.

According to the disclosure by the Hong Kong Stock Exchange on July 22, Dahon Technology (Shenzhen) Co., Ltd. (referred to as Dahon Technology) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with China Securities Co., Ltd. International as its exclusive sponsor. This is the company's second application this year. According to the prospectus, Dahon Technology is a well-known folding bicycle company. Folding bicycles are compact and portable bicycles with the function of folding into a smaller size for easy storage and transport. The Dahon brand of the company was founded by Dr. Hon Dah Wei in 1982. With over 40 years of development, the Dahon brand is renowned for its technological strength, innovative spirit, craftsmanship, pursuit of excellence in performance, and product quality. According to Zhoushi Consulting, the company holds a prominent position in the folding bicycle industry in mainland China, with a market share of 26.3% by 2024 retail volume and a leading position by retail value, with a market share of 36.5% in the folding bicycle industry in mainland China by 2024. The company's product lineup, anchored by popular products like P8, along with newly developed models, caters to a wide range of consumers including urban commuters, adventure seekers, and even competitive riders. Throughout its history, the company's product portfolio has evolved from folding bicycles to other types of bicycles, including road bikes, mountain bikes, children's bikes, and electric bikes, reflecting the company's commitment to innovation and meeting market demands. As of April 30, 2025, the company offers over 70 bicycle models. The company continues to invest in research and development, dedicated to advancing folding bike technology and has developed various innovative technologies covering various basic aspects of bicycle design from frame structure to riding dynamics. According to Zhoushi Consulting, the company is the brand with the most patents in the Chinese folding bike industry, holding 113 valid patents in mainland China as of April 30, 2025. As of the same date, the company also held 22 valid patents in the United States, Europe, and Japan. As of April 30, 2025, the company has licensed 18 and 16 of its patents and Dahon brand to competitors through the Share 360 project. The company has established a comprehensive and efficient sales and distribution network, covering both offline and online channels in mainland China, continuously increasing the product's coverage and penetration rate. As of April 30, 2025, the company has partnered with 38 dealers across 30 provincial-level administrative regions in China, covering 680 retail points. It has also expanded to online channels, including major e-commerce platforms and social media platforms in mainland China such as JD, Tmall, Douyin, and Pinduoduo. As of December 31, 2024, the company's products were also sold in 28 other countries and regions, including Southeast Asia, the United States, and Europe, but only accounted for a relatively small portion of the company's overall sales. The company is a leading enterprise in the folding bike industry in mainland China, achieving strong business and financial growth during the historical period. The company's sales volume increased from 148,956 units in 2022 to 156,877 units in 2023, further increasing to 229,525 units in 2024, with a compound annual growth rate of 24.1%. Additionally, the sales volume increased from 63,758 units in the four months ending April 30, 2024, to 93,398 units in the four months ending April 30, 2025, with a growth rate of 46.5%. In terms of finances, the company achieved revenues of approximately RMB 254 million, RMB 300 million, RMB 451 million, and RMB 185 million in the years 2022, 2023, 2024, and the four months ending April 30, 2025, respectively. During the same periods, the annual profits and comprehensive income totaled RMB 31.434 million, RMB 34.85 million, RMB 52.299 million, and RMB 21.528 million, respectively.