New stock news | Radvance submitted to the Hong Kong Stock Exchange to capture about 5.9% of the European electric bicycle market.

According to the disclosure by the Hong Kong Stock Exchange on February 27th, Radvance Cayman Limited (referred to as Radvance) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with GF SEC as its exclusive sponsor. Company Overview The prospectus shows that Radvance is an innovative electric mobility company centered in Europe, focusing on providing electric-assist bicycles. The company is one of the first brands in Europe to integrate torque sensors, hub motors, and belt drives in electric-assist bicycles. The company's product range includes a comprehensive series of electric-assist bicycles, including city, hybrid, and cargo models, along with accessories and services. This diverse product portfolio caters to various applications across Europe, including urban commuting, off-road adventures, family transportation, and cargo transport. During the historical periods, the company's revenue mainly came from the sale of electric-assist bicycle products, followed by sales of accessories, apparel, and other related products and services. In terms of brand building, the company promotes its electric-assist bicycle products under the singular brand name TENWAYS, integrating online advertising, social media, influencer collaborations, sponsorship activities, as well as industry exhibitions, and city-wide promotional events. According to Frost & Sullivan data, between 2022 and 2024, the company became the fastest-growing brand in electric-assist bicycle sales in the Benelux region. In terms of sales volume, the company also ranked among the top five electric-assist bicycle brands in urban commuting in the Benelux region in 2024. The European electric-assist bicycle market exhibits a moderately fragmented trend, with the top five companies holding approximately 33.9% of total sales in 2024. In the Benelux region, the company's brand ranked fifth in terms of sales volume among urban electric-assist bicycle brands, with an estimated market share of approximately 5.9%. The company's suppliers primarily include OEM partners as well as parts and accessory suppliers. In 2023, 2024, and the nine months ended September 30, 2025, purchases from the largest supplier accounted for 65.5%, 41.1%, and 30.9% of the company's total purchases, respectively. During the historical periods, purchases from the top five suppliers accounted for 88.2%, 68.7%, and 57.2% of the company's total purchases in each respective period. Financial Information Revenue In 2023, 2024, and the nine months ended September 30, 2025, the company achieved revenues of approximately 48.028 million euros, 60.635 million euros, and 54.19 million euros, respectively. Profit In 2023, 2024, and the nine months ended September 30, 2025, the company incurred annual/period losses of 4.653 million euros, 34.467 million euros, and 30.003 million euros, respectively. Gross Margin In 2023, 2024, and the nine months ended September 30, 2025, the company's gross margins were 25.8%, 30.4%, and 31.8%, respectively. Industry Overview Global Electric-Assist Bicycle Market Size The global electric-assist bicycle market's sales increased from approximately 11.9 billion euros in 2020 to around 17.9 billion euros in 2024, with a compound annual growth rate of 10.7%. Looking ahead, the global electric-assist bicycle market is expected to reach around 26 billion euros by 2029, with a compound annual growth rate of 7.8% from 2024 to 2029. European Electric-Assist Bicycle Market Size The European electric-assist bicycle market's sales grew from approximately 10.6 billion euros in 2020 to around 15 billion euros in 2024, with a compound annual growth rate of 9.1%. Looking ahead, the European electric-assist bicycle market is expected to evolve towards high-end, multi-purpose applications, and deep integration of smart features. Sales are projected to reach around 21.2 billion euros by 2029, with a compound annual growth rate of 7.2% from 2024 to 2029. In terms of sales volume, the European electric-assist bicycle market shows a steady expansion, with total sales increasing from around 4.537 million units in 2020 to around 5.6 million units in 2024, with a compound annual growth rate of 5.4%. This growth is driven by continued demand for short-distance commuting solutions, widespread use of electric-assist bicycles in daily urban travel, and the expansion of applications in off-road cycling, sports, and leisure activities. Looking ahead, supported by ongoing infrastructure improvements and the demand for high-performance models, the European electric-assist bicycle market is expected to maintain stable growth, with sales projected to reach around 8.1 million units by 2029, with a compound annual growth rate of 7.7% from 2024 to 2029. Regarding the sales volume of the German and Benelux electric-assist bicycle markets, the German market shows robust but resilient growth in sales. Total sales increased from around 1.95 million units in 2020 to around 2.1 million units in 2024, with a compound annual growth rate of 1.9%. Looking ahead, supported by replacement demand and broader practical applications, the total sales volume in the German market is expected to reach around 2.538 million units by 2029, with a compound annual growth rate of approximately 3.9% from 2024 to 2029. During the period from 2020 to 2024, the Benelux electric-assist bicycle market experienced a period of adjustment, followed by gradual stabilization and recovery. Looking ahead, supported by the recovery of replacement demand and the continued expansion of practical applications, the total sales volume in the Benelux region is expected to increase to around 914,000 units by 2029, with a compound annual growth rate of about 4.7% from 2024 to 2029. Anticipated growth will increasingly come from Belgium and Luxembourg, while the Dutch market will gradually stabilize. In 2024, the top five electric-assist bicycle companies in Europe accounted for approximately 33.9% of total sales, reflecting a moderately fragmented market structure. In 2025, the company achieved sales of over 50,000 electric-assist bicycles in Europe, becoming the fastest-growing electric-assist bicycle company in Europe to reach a scale status within five years. Board Information The board of directors will consist of 8 directors, including 5 executive directors and 3 independent non-executive directors. Equity Structure As of February 20, 2026, Mr. Leung owns [27,150,000] shares through Apex Innovate Limited, [19,484,705] shares through voting rights proxy under management shareholder agreements, and [21,635,245] shares through a concerted action arrangement, exercising 42.38% of the company's voting rights, and will continue to be the company's single largest shareholder. Neilever Holding Limited, Velospace Holding Limited, Best Ecycles Holding Limited, Interpillars Holding Limited, and Mr. Amir Fazeli have entrusted Mr. Leung to exercise the voting rights attached to their shares. Intermediary Team Exclusive Sponsor: GF Securities (Hong Kong) Co., Limited Company Legal Advisors: For Hong Kong and US law: Rui Sheng International Law Firm; for Chinese law: Beijing Shihui Law Firm; for Cayman Islands law: Carey Olsen Law Firm; for Dutch law: Taylor Wessing N.V. Legal Advisors of the Exclusive Sponsor: For Hong Kong law: King & Wood Mallesons; for Chinese law: King & Wood Mallesons Independent Auditors and Reporting Accountants: Ernst & Young Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Advisor: Howard Finance Co., Limited