BRIEF: Dahon Tech to raise $50 million in Hong Kong IPO
Folding-bicycle maker Dahon Tech (Shenzhen) Co. Ltd. (2543.HK) kicked off its Hong Kong IPO on Monday, aiming to sell 7.92 million shares at HK$49.50 apiece to raise HK$392 million ($50 million). Orders for shares will close on Sept. 4, with a trading debut set for Sept. 8.
The company’s bike sales jumped from 148,956 units in 2022 to 229,525 last year, representing 24.1% average annual growth. It sold 93,398 in the first four months of this year, up 46.5% year-over-year.
The company’s revenue rose from 254 million yuan in 2022 to 450 million yuan last year, averaging 33% annual growth, while its net profit over that time climbed from 31.4 million yuan to 52.3 million yuan, representing 29.1% annual growth. In the first four months of this year, Dahon’s revenue rose 46.8% year-on-year to 185 million yuan, with its profit up 69.3% to 21.5 million yuan.
The company will use 30% of the IPO proceeds to modernize its production systems and expand its operational capacity, with another 30% earmarked for strengthening its distribution networks and strategic brand development. Another 30% will go to R&D, with the remaining 10% allocated for general working capital.
By Lau Chi Hang
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