FORSTAR's application for listing on the Shanghai Stock Exchange Main Board has been accepted. The company's main business is the production of bicycles and their components.

On December 24, the IPO of Tianjin FORSTAR Bicycle Industry Co., Ltd. (referred to as FORSTAR) on the Shanghai Stock Exchange has been accepted. Zhongtai is the sponsor institution, with plans to raise 773 million yuan. The prospectus shows that FORSTAR mainly engages in the research, design, production, and sales of bicycles, electric-assisted bicycles, shared bicycles, and their key components, with products sold in nearly a hundred countries and regions worldwide. As of the end of June 2025, the company's total annual production capacity of complete vehicles is approximately 7 million units, with main production bases in Tianjin, Jiangsu, Vietnam, and Cambodia. According to the China Bicycle Association, from 2022 to 2024, the company's bicycle sales amount ranked in the top three in the mainland China bicycle industry. The company's product sales are primarily through direct sales, supplemented by trading company models. During the reporting period, the proportion of income from direct sales to total operating income was 93.10%, 92.56%, 91.99%, and 91.97%, respectively. In terms of customers, the company mainly serves global renowned bicycle brands operators such as Specialized, Lectric, Pon, Decathlon, Samchuly, MFC, Scott, Cycleurope, and Panasonic, as well as domestic shared bicycle operators like Hello Bike, Qingju, Meituan, providing complete vehicle and key components manufacturing services. The net proceeds from this fundraising, after deducting issuance expenses, will be invested in projects based on their urgency. Financially, in the fiscal years 2022, 2023, 2024, and January-June 2025, FORSTAR achieved operating revenues of approximately 4.371 billion, 3.621 billion, 4.8 billion, and 2.592 billion yuan, respectively. During the same period, net profits were 345 million, 281 million, 418 million, and 199 million yuan, respectively.