Lemo Technology (02539) plans to globally issue 5.56 million shares and is expected to be listed on December 3rd.

Happy Technology (02539) will be listed from November 25, 2025, to November 28, 2025, with plans to globally issue 5.556 million shares. The Hong Kong public offering accounts for 10%, while the international offering accounts for 90%. The price range for each share is HK$27-40, with 100 shares per lot. It is expected that the H shares will begin trading on the Hong Kong Stock Exchange on December 3, 2025, at 9:00 am. Assuming the offer price is HK$33.50 per share, the net proceeds from the global offering are approximately HK$147 million. Approximately 60.00% will be used to expand the company's service network coverage and penetration rate; approximately 20.00% will be used for continuous improvement and iteration of technology; approximately 10.00% will be used to enhance the brand; and approximately 10.00% will be used to support operational funds and other general corporate purposes. The company provides massage services through massage devices located in public places with high foot traffic in various cities in China. According to Frost & Sullivan, in the three consecutive years from 2022 to 2024, the company ranked first in China among all machine massage service providers in terms of transaction volume, with market shares of 33.9%, 37.3%, and 42.9% in the respective years. In terms of revenue, the company also ranked first in the Chinese machine massage market in 2024, with a market share of over 50%. As of December 31, 2024, there were more than 10,000 massage service providers in China, with over 50 of them being machine massage service providers. According to Frost & Sullivan, in 2024, the transaction volume of the Chinese machine massage service market (approximately RMB 2.7 billion) accounted for about 0.5% of the overall Chinese massage market (approximately RMB 536.2 billion) in 2024. In terms of transaction volume and revenue, the group had a market share of approximately 0.2% in the overall massage market in 2024. The company launched the "Happy Massage Bar" brand in 2016, dedicated to providing machine massage services for consumers in commercial complexes, cinemas, transportation hubs (including airports, high-speed rail stations, etc.), and other consumer scenes. As of the most recent practicable date, the company has established over 48,000 service points for machine massage services, deployed over 533,000 machine massage devices, covering 31 provincial-level administrative regions and 337 cities in China. The company's service points have increased from 21,727 as of December 31, 2022, to 45,993 as of December 31, 2024, with a CAGR of around 45.49%. In terms of consumer coverage, the company has a strong market position, with a cumulative total of over 174 million identifiable service consumers and over 40 million registered members as of the most recent practicable date. Financially, the total revenue for the years ended December 31, 2022, 2023, and 2024, as well as the eight months ended August 31, 2024, reached approximately RMB 330 million, RMB 587 million, RMB 798 million, RMB 554 million, and RMB 631 million, with year-on-year/growth rates of 77.75%, 35.98%, and 13.80%, respectively. The net profits for the years were RMB 6.481 million, RMB 87.34 million, RMB 85.807 million, RMB 93.881 million, and RMB 88.55 million.