Chinese E-Bike Maker Aima Surges Over 44% in Star Market Debut
Zhang Yushuo
DATE:  Jun 16 2021
/ SOURCE:  Yicai
Chinese E-Bike Maker Aima Surges Over 44% in Star Market Debut Chinese E-Bike Maker Aima Surges Over 44% in Star Market Debut

(Yicai Global) June 16 -- Shares of Aima Technology Group, one of China’s biggest e-bike makers, surged 44 percent in its debut on Shanghai’s Nasdaq-style Star Market.

Aima’s stock price [SHA:603529] closed at CNY40.12 (USD6.30) yesterday, giving the Tianjin-based company a market value of CNY16.2 billion (USD2.5 billion). The initial public offering price was CNY27.86 per share. This morning, the stock opened up 4 percent.

Aima raised CNY1.7 billion (USD265.4 million) in the IPO. The funds will go to its bike and parts processing project in Tianjin, renovating production line technologies, building big data platforms and two research and development centers.

Founded in 1999, Aima mostly designs, makes and sells electric bicycles, mopeds and motorcycles, and as of last year, owned over 2,000 dealers across China and sold almost 7.6 million bikes, trikes and motorbikes. It is 83.36 percent owned by founder Zhang Jian, whose stake is worth CNY11.5 billion (USD1.8 billion) after the IPO.

Aima failed to go public in 2010 due to a dispute among shareholders and tax evasion. In 2018, the China Securities Regulatory Commission cancelled the review of its IPO filing documents amid an unexpected lawsuit over a design patent.

The company’s net profit rose almost 15 percent to CNY600 million (USD93.7 million) last year on revenue of CNY12.9 billion (USD2 billion), which jumped nearly 24 percent, Aima said in its prospectus. The firm expects steady growth in the first half of this year.

Editor: Futura Costaglione

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Keywords:   Aima Tech,E-Bike,IPO