Global Offering Details

• Company: Dahon Technology Co., Ltd. (大行科技有限公司)

• Stock Code: 2543 (Main Board, HKEX)

• Offer Shares: 62,240,000 H Shares

  • Hong Kong Public Offering: 6,224,000 H Shares

  • International Offering: 56,016,000 H Shares

• Offer Price: HK$11.20 per H Share

• Nominal Value: RMB 1.00 per H Share

• Listing Date: Expected September 17, 2025

• Application Method: White Form eIPO / CCASS EIPO / CCASS Investor Participant

• Board Lot: 500 H Shares (minimum subscription HK$5,656.50 including fees)

Timetable

• Public Offering Opens: Sept 8, 2025, 9:00 a.m.

• Application Deadline: Sept 11, 2025, 11:30 a.m.

• Application Lists Close: Sept 11, 2025, 12:00 noon

• Results of Allotment Announced: Sept 16, 2025

• Refunds Dispatched: Sept 16, 2025

• Dealings Commence: Sept 17, 2025, 9:00 a.m.

Company Overview

• Founded: 1982, headquartered in Shenzhen, China

• Core Business: R&D, manufacturing, and sales of folding bicycles, e-bikes, and mobility solutions

• Brand: “DAHON” — globally recognized leader in folding bicycles

• Sales Footprint: Over 40 countries across North America, Europe, and Asia

• Market Position:

  • #1 in folding bicycle sales globally (2024, Frost & Sullivan)

  • 18% market share in folding bicycles worldwide (2024)

  • 25% market share in China (2024)

Products

• Folding Bicycles: Flagship category — compact, lightweight, urban-focused

• E-bikes (electric): Expanding product line with rapid growth in China and Europe

• Components & Accessories: Patented hinge systems, frames, and branded parts

• IP Portfolio: Over 500 patents globally (structural folding designs, e-mobility tech)

Financial Highlights

• Revenue:

  • 2022: RMB 1,056.2m

  • 2023: RMB 1,329.5m (+25.9%)

  • 2024: RMB 1,602.7m (+20.5%)

• Gross Profit Margin:

  • 2022: 32.4%

  • 2023: 34.8%

  • 2024: 36.5%

• Net Profit:

  • 2022: RMB 87.3m

  • 2023: RMB 118.6m

  • 2024: RMB 159.2m

• Net Margin: Improved from 8.3% (2022) to 9.9% (2024)

• Cash & Equivalents (end-2024): RMB 452.6m

• Total Assets (end-2024): RMB 1,984.3m

• Total Liabilities (end-2024): RMB 876.1m

• NAV per Share: HK$4.72 (pro forma post-IPO)

Use of Proceeds

• ~35%: Expand manufacturing facilities in Shenzhen & Vietnam

• ~25%: R&D for new e-bike technologies and lightweight frames

• ~20%: Sales channel expansion (Europe & North America)

• ~10%: Marketing & branding

• ~10%: Working capital and general corporate purposes

Market Outlook

• Global Folding Bike Market:

  • 2024 size: US$2.3B → expected US$4.5B by 2030

  • CAGR: 11.6%

• China Folding Bike Market:

  • 2024 size: RMB 5.6B → expected RMB 11.2B by 2030

  • CAGR: 12.0%

• E-bike Market Growth:

  • Global CAGR: 10.8% (2024–2030)

  • China CAGR: 14.3% (2024–2030)

Risks

• Heavy reliance on brand reputation and patent protection

• Increasing global competition from European and Japanese e-bike makers

• Raw material cost volatility (aluminum, lithium batteries)

• Exposure to international trade tariffs and shipping costs

• • rrency fluctuations given large overseas sales share

    Peer Comparison — valuation & operating metrics (exact-value template)

    Fill the bold blanks using Dahon’s latest audited/TTM numbers (prospectus “Financial Information” section) and HKEX quote at IPO price.

    Company	Ticker	Exchange	P/E (ttm)	P/B (mrq)	Price/Sales (ttm)	Revenue YoY	Gross Margin	Operating Margin	Net Margin	ROE (ttm)	Net Cash / (Debt)	Market Cap at IPO
    Dahon Technology (IPO)	2543	HKEX	[exact]×	[exact]×	[exact]×	[exact]%	[exact]%	[exact]%	[exact]%	[exact]%	[exact]	HK$[exact] m/bn
    Giant Mfg	9921 TT	TWSE	[exact]×	[exact]×	[exact]×	[exact]%	[exact]%	[exact]%	[exact]%	[exact]%	[exact]	[exact]
    Merida	9914 TT	TWSE	[exact]×	[exact]×	[exact]×	[exact]%	[exact]%	[exact]%	[exact]%	[exact]%	[exact]	[exact]
    Yadea (e-bikes)	1585 HK	HKEX	[exact]×	[exact]×	[exact]×	[exact]%	[exact]%	[exact]%	[exact]%	[exact]%	[exact]	[exact]
    Phoenix Bicycle	600679 SH	SSE	[exact]×	[exact]×	[exact]×	[exact]%	[exact]%	[exact]%	[exact]%	[exact]%	[exact]	[exact]

    How to compute the cells (use IPO price and latest financials):

    • P/E (ttm) = IPO price ÷ EPS(ttm).

    • P/B = IPO price ÷ BVPS (book value per share, latest).

    • P/S = Market cap at IPO ÷ Revenue (ttm).

    • ROE = Net income (ttm) ÷ Average equity (ttm).

    • Net cash/(debt) = Cash & equivalents − total debt (latest).

    • Use prospectus tables for Dahon; use latest annual/ttm reports for peers.

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    IPOs in the same period (Hong Kong, mid-September 2025)

    • Hesai Group (2525) — dual-list LiDAR supplier; debut mid-Sept.

    • GenFleet Therapeutics-B (2595) — biotech; debut that same week.

    • Dahon Technology (2543) — this IPO; scheduled mid-Sept.

    Read-through: A busy calendar with recognisable brands can help day-one attention if overall risk sentiment is steady. Consumer/tech names clustering the same week tends to be supportive.

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  Thank you