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	Name▼ / Code▼	Industry	Offer Price	Lot Size	Entry Fee	Closing Date	Grey Market Date▼	Listing Date▲
	REFIRE 02570.HK	Electrical Components & Equipment	145-165	20	3,333	2024/12/03	2024/12/05	2024/12/06
	Dmall 02586.HK	Application Software	30.21	100	N/A	2024/12/03	2024/12/05	2024/12/06

Summary

We are an electric two-wheeled vehicle provider in mainland China, focusing on the design, research and development, manufacturing and selling of electric two-wheeled vehicles. According to Frost & Sullivan, mainland China’s electric two-wheeled vehicle market is highly concentrated and competitive, in which we were the fifth largest manufacturer of electric two-wheeled vehicles in mainland China in terms of total revenue in 2022, with a market share of 4.2%. Our Luyuan brand has over 20 years of history in mainland China’s electric two-wheeled vehicle industry and participated in developing industrial standards. We have built an offline sales and distribution network, and embraced informatization and established online retail channels, continuously improving the penetration and coverage of our products. As of April 30, 2023, we had 1,314 distributors covering 319 cities across 30 provincial-level administrative regions in mainland China. During the Track Record Period, the number of retail outlets within our distribution network was over 5,400, 7,800, 9,800 and 11,400, respectively, as of December 31, 2020, 2021 and 2022 and April 30, 2023. We operated self-operated online stores on mainstream e-commerce platforms and cooperate with well-known online retailers to capture opportunities presented by the rapidly developing e-commerce in mainland China. Going forward, we attempt to bring online traffic to our physical retail outlets, which we believe will enhance the visibility of our brand and products and make our products more accessible to potential consumers primarily through the use of online marketing methods. In recent years we have been developing corporate and institutional customers, including shared mobility service providers and on-demand e-commerce companies which allowed us to benefit from the quick growth of e-commerce, food delivery, on-demand delivery, and shared mobility markets which all have strong demand for electric two-wheeled vehicles. In addition, through cooperation with overseas distributors, our products were sold in 37 countries and regions including Thailand, Indonesia and the Philippines during the Track Record Period. During the Track Record Period, revenue generated from overseas distributors accounted for a minimal portion of our total revenue. In 2020, 2021 and 2022 and the four months ended April 30, 2022 and 2023, revenue generated from overseas distributors accounted for 1.7%, 1.9%, 2.4%, 4.0% and 0.5%, respectively, of our revenue from sales of products for the respective periods. We currently operate three production plants located in Zhejiang, Shandong and Guangxi. As of December 31, 2022, our annual production capacity of electric two-wheeled vehicles was approximately 3.3 million units. Through our continuous investment in upgrading our production equipment, we strive to bring products with controllable product quality to consumers to further improve our brand image, while maintaining our scale advantage. We attach great importance to upgrading our products and developing relevant technologies. Our core technologies cover key components of electric two-wheeled vehicles such as motors, controllers, batteries and chargers. Technological developments and progress have significantly improved the service life and safety level of our electric two-wheeled vehicles. In terms of technological research and development, we focused on areas with strong growth potential such as lithium-ion battery safety and electric two-wheeled vehicles with smart functions. As of the Latest Practicable Date, we held a total of 437 patents in mainland China, of which 46 were invention patents, 251 were utility model patents and 140 were design patents. During the Track Record Period, we achieved strong growth. Our revenue increased from RMB2,378.3 million in 2020 to RMB4,783.0 million in 2022, representing a CAGR of 41.8%. Our revenue increased by 42.1% from RMB1,162.0 million for the four months ended April 30, 2022 to RMB1,651.4 million for the same period in 2023. However, the market size of electric two-wheeled vehicles in terms of total sales volume in mainland China is estimated by Frost & Sullivan to increase at a CAGR of 4.6% from 2023 to 2027, contrastingly lower than 17.1% from 2018 to 2022. Given the increasing competition and slower growth in the electric two-wheeled vehicles industry, we may not be successful in maintaining the high historical growth of our business. For a relevant risk factor, see “Risk Factors – Risks Relating to Our Business and Industry – We may not be successful in maintaining the growth and profitability of our business”. Source: Luyuan Group Holding (02451) Prospectus (IPO Date : 2023/09/28)
Listing Market	MAIN
Industry	Automobile Manufacturers
Background	Others
Major Business Area	N/A

Corporate Information

Substantial Shareholders	Ni Jie (67.55%)
Directors	Hu Jihong (Co-Founder and Chief Executive Officer and Executive Director) Ni Jie (Co-Founder and Chairman and Executive Director) Chen Guosheng (Chief Financial Officer and Executive Director) Ni Boyuan (Executive Director) Chan Chi Fung Leo (Independent Non-Executive Director) Liu Bobin (Independent Non-Executive Director) Peng Haitao (Independent Non-Executive Director) Wu Xiaoya (Independent Non-Executive Director)
Company Secretary	Chen Guosheng Chu Cheuk Ting
Principal Bankers	Agricultural Bank of China Limited
Solicitors	Han Kun Law Offices
Auditors	PricewaterhouseCoopers
Registered Office	31st Floor, Tower Two Times Square, 1 Matheson Street, Causeway Bay, Hong Kong
Share Registrars	Tricor Investor Services Ltd. [Tel: (852) 2980-1333]
Share Registrars Tel No	(852) 2980-1333
Internet Address	http://www.luyuan.cn
Email Address	[email protected]
Tel No	(86 400) 8877-505
Fax No

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