New Stock News | Pinecone Wisdom Inc. filed to list on the Hong Kong Stock Exchange as a supplier of shared electric bicycle services in China.

According to the disclosure of Hong Kong Stock Exchange on January 2nd, Pinecone Wisdom Inc. submitted an application to the main board of the Hong Kong Stock Exchange, with Huatai International as the exclusive sponsor. Company Overview According to the prospectus, Pinecone Wisdom Inc. is a leading provider of shared electric bicycle services in China. Based on the Zhoushi Consulting report, by 2024 transaction volume and the number of electric bicycles deployed as of December 31, 2024, Pinecone Wisdom Inc. is the largest shared electric bicycle service operator in China's peripheral development regions, ranking fourth in the overall Chinese market. As of September 30, 2025, Pinecone Wisdom Inc.'s shared electric bicycle services have been widely recognized by users of all ages, with 454,627 shared electric bicycles deployed in 422 cities and counties nationwide. The company's registered user base has increased from 99 million as of December 31, 2023 to 1.131 billion as of December 31, 2024, and further to 1.283 billion as of September 30, 2025. Shared electric bicycle services are at the core of Pinecone Wisdom Inc.'s business model. In support of Pinecone Wisdom Inc.'s business ecosystem, the company also (i) provides platform services to support its operational partners, including specific IT infrastructure support and artificial intelligence operational management systems, (ii) provides advertising services through the Pinecone Travel app, and (iii) sells electric bicycles and spare parts to its operational partners and customers. Financial Information Revenue For the fiscal years 2023, 2024, and the nine months ended September 30, 2025, the company's revenues were approximately RMB 953 million, RMB 963 million, and RMB 746 million, respectively. Net Loss For the fiscal years 2023, 2024, and the nine months ended September 30, 2025, the company recorded net losses of approximately RMB 192 million, RMB 151 million, and RMB 59.987 million, respectively. Gross Profit For the fiscal years 2023, 2024, and the nine months ended September 30, 2025, the company recorded gross profits of RMB 151 million, RMB 182 million, and RMB 181 million, respectively. Industry Overview Due to the continuous refinement of operations by shared electric bicycle brands, and the use of technologies such as intelligent dispatching to increase vehicle turnover and daily average order volume, the transaction value generated per shared electric bicycle per day has been steadily increasing. As a result, the scale of industry transactions is continuously expanding at a rate higher than the growth rate of deployed electric bicycles. In terms of transaction value, the market size of China's shared electric bicycle industry has grown from RMB22 billion in 2019 to RMB166 billion in 2024, with a compound annual growth rate of 49.7%, and is expected to grow further at a compound annual growth rate of 26.4% to RMB1,083 billion by 2032. The overall population density in peripheral development regions is relatively low, but due to the limited coverage and frequency of public transportation networks, residents' high-frequency, dispersed, and real-time short-distance travel needs rely more on cost-effective and flexible shared electric bicycles, forming vigorous and relatively stable structural demand. The transaction value of shared electric bicycles in peripheral development regions increased from RMB10 billion in 2019 to RMB44 billion in 2024, with a compound annual growth rate of 33.6%, and is expected to further increase to around RMB332 billion by 2032, with a compound annual growth rate of 28.7% between 2024 and 2032. In densely populated urban areas, shared electric bicycles have become increasingly important as a supplementary means of improving short- and medium-distance connectivity and travel experience in the comprehensive urban transportation system. The transaction value of shared electric bicycles in urban areas has rapidly increased from RMB12 billion in 2019 to RMB122 billion in 2024, with a compound annual growth rate of 59.8%. It is expected that with the further expansion of shared electric bicycle coverage in urban areas, and the refinement of operations and quality of service providers, the transaction value of shared electric bicycles in urban areas is expected to reach around RMB751 billion by 2032, with a compound annual growth rate of 25.5% between 2024 and 2032. Board of Directors Information The board of directors of Pinecone Wisdom Inc. will consist of five directors, including two executive directors and three independent non-executive directors. Equity Structure According to the Joint Action Agreement, Mr. Zhai Guanglong, Mr. Zhu Lantian, Humble Voyage, and Broadband Route have taken joint actions consistently since the establishment of the company until the signing date of the Joint Action Agreement on December 11, 2025. Furthermore, under the Joint Action Agreement, the Joint Actors, namely Mr. Zhai, Mr. Zhu, Humble Voyage, New Glory (became a shareholder after transferring shares in 2025), and Broadband Route, further agree to continue to take joint actions indefinitely based on Mr. Zhai's instructions from the date of the Joint Action Agreement until all Joint Actors agree to terminate in writing. Therefore, the Joint Actors (Mr. Zhai, Mr. Zhu, New Glory, Humble Voyage, and Broadband Route) are considered a shareholder group taking joint action. As of the latest practicable date, Mr. Zhai, Mr. Zhu, New Glory, Humble Voyage, and Broadband Route are considered the controlling shareholder group of the company, collectively holding approximately 31.30% of the total issued shares of the company, including (a) New Glory (owned wholly by Humble Voyage, then wholly owned by Mr. Zhai) holding 26.08% of the total issued shares of the company; and (b) Broadband Route (wholly owned by Mr. Zhu) holding 5.22% of the total issued shares of the company. Intermediary Team Exclusive Sponsor: Huatai Financial Holdings (Hong Kong) Limited Company Legal Counsel: Hankun Law Firm, Hankun Law Firm Limited Liability Partnership, Mapda Law Firm (Hong Kong) Limited Liability Partnership Exclusive Sponsor Legal Counsel: Jingtian Gongcheng Law Firm, Jingtian Gongcheng Law Firm Limited Liability Partnership Auditors and Reporting Accountants: KPMG Certified Public Accountants Industry Consultant: Zhoushi Industry Consulting Co., Ltd. Compliance Consultant: Howden Financing Limited