TENWAYS Rushes to Become First E-Bike IPO, Industry Valuation Expectations Show Divergence

On February 27, 2026, the Greater Bay Area electric bicycle brand TENWAYS’ operating entity, Radvance Cayman Limited, officially submitted its prospectus to the Hong Kong Stock Exchange, planning to list on the Main Board. GF Securities is the sole sponsor, and it is expected to become the “First E-Bike Stock in Hong Kong.”

Backed by top capital firms such as Hillhouse, Tencent, and Alibaba, the company’s European market revenue has steadily grown. However, it heavily relies on a single region, continues to incur losses, and faces trade policy risks, adding uncertainty to its IPO journey. As of press time, the company has not responded to Nan Du·Wan Cai She regarding these core issues.

Capital Support for European Breakthroughs, Weak Profitability Still Needs Improvement

Founded in Shenzhen in 2021, TENWAYS adopted a “Globalization from Day One” strategy, establishing design and sales centers in Europe and anchoring its supply chain in Asia. In 2022, it set up its global headquarters in the Netherlands, with products available in over 1,400 offline stores across 29 European countries. Leveraging the Greater Bay Area’s supply chain advantages, the company’s revenue continued to rise: €48.03 million in 2023, increasing to €60.64 million in 2024, and €54.19 million in the first three quarters of 2025. Gross margin also improved from 25.8% in 2023 to 31.8% in the first three quarters of 2025.

On the capital side, the company completed five rounds of financing over five years, with a post-money valuation of ¥1.74 billion in 2024’s B+ round. Before the IPO, founder Liang Xiaoling held 42.38% of voting rights, Hillhouse was the largest external investor with 21.17%, and Tencent, Alibaba, and Luyou KAITENG are also shareholders. Performance-wise, the company reported a cumulative net loss of over €69 million during the period, with an adjusted net profit of only €1.24 million in the first three quarters of 2025, indicating weak profitability.

Ninety Percent of Revenue Concentrated in Europe, Industry Valuation Expectations Diverge

The prospectus shows that 97.7% of TENWAYS’ revenue comes from Europe, with the Benelux region contributing over half of the income, highlighting a significant reliance on a single market. Geopolitical fluctuations in Europe, EU trade policy adjustments, anti-dumping tariffs, and exchange rate volatility could directly impact the company’s operations. Although the company has established a joint venture factory in Portugal to avoid tariffs, stricter EU regulatory standards still pose challenges to production and supply chain stability.

A senior industry insider who has closely followed the e-bike sector told reporters that the industry is highly focused on TENWAYS as the “First E-Bike Stock in Hong Kong.” The valuation performance and revenue figures of this IPO will directly influence subsequent financing environments for overseas expansion. If the listing’s valuation underperforms or revenue growth falls short of expectations, it could undermine industry confidence and significantly increase the difficulty and valuation pressure for future primary market financing. The insider also noted that, from a capital operation perspective, this IPO is seen as an important exit channel for shareholders, involving multiple rounds of investor liquidity needs.

Expansion Investment Suppresses Profitability; IPO Fundraising and Growth Plans Need Clarification

To capture market share, TENWAYS has continuously invested heavily in channel expansion, R&D innovation, and building overseas teams. High sales expense ratios, combined with fair value losses on preferred shares, have resulted in long-term losses and increasing net debt, which reached €67.35 million by the third quarter of 2025. The profit pressure from globalization investments and the potential for cost optimization have become focal points for the market.

The funds raised from this IPO are intended for product innovation and AI system upgrades. The company needs to clarify its R&D investment ratio, the direction of intelligentization, and its diversification strategy for market expansion. Addressing key market concerns—such as how to manage dependence on the European market and trade risks, the timeline for profitability improvement under high investment, and how IPO funds will balance risk management with growth—remains unresolved as of press time.

As a flagship of Greater Bay Area manufacturing going global, if TENWAYS successfully lists, it will leverage the capital market to accelerate its global expansion. However, solving the issues of market dependence and achieving stable profitability remain core challenges after its Hong Kong listing. The market performance of this IPO will also serve as an important indicator of the capitalization process for Chinese e-bike companies venturing overseas.

Report by: Nan Du·Wan Cai She Journalist Chen Ying Shan