Shenzhen e-bike brand files for Hong Kong IPO

Radvance Cayman Limited, the holding company of Shenzhen-based e-bike brand TENWAYS, filed its prospectus with the Hong Kong stock exchange on Feb. 27, seeking a main board listing. GF Securities (Hong Kong) is acting as the sole sponsor.

Founded in Shenzhen in 2021, TENWAYS focuses on the European market. Its product portfolio spans city, hybrid and cargo e-bikes, as well as accessories and related services. The company is among a small group of brands in Europe that offer a full-line e-bike product range.

Financially, TENWAYS reported revenue of 48 million euros in 2023 and 61 million euros in 2024, representing year-on-year growth of 26.2%. Revenue for the first three quarters of 2025 reached 54 million euros, up 3.1% year on year. The company turned profitable over the period, posting an adjusted net profit of 1.24 million euros, with an adjusted net margin of 2.3%.

Since its founding, TENWAYS has attracted investment from a roster of well-known institutions, including Hillhouse Investment, Tencent, L Catterton, Eastern Bell Capital, Meridian Capital, Alibaba, BA Capital, Luxshare Precision, and Cygnus Capital. 

Following its final pre-IPO financing round in January 2024, the company was valued at 1.7 billion yuan.