上市捷报丨沙利文助力绿源集团控股（开曼）有限公司成功赴港上市(2451.HK)

Green Energy Holdings (Cayman) Limited (Stock Code:2451.HK) on2023year10month12Successfully logged into the Hong Kong capital market main board on2003In [year], focusing on the design, R&D, manufacturing and sales of electric two-wheelers, the company was one of the first to enter the Chinese electric two-wheeler industry and has participated in the formulation of industry norms on many occasions. Frost & SullivanFrost & Sullivan,Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') provides exclusive industry advisory services for the listing of Green Source Group Holdings (Cayman) Limited, and hereby warmly congratulates it on its successful listing.

Green Energy Holdings (Cayman) Limited (hereinafter referred to as 'Green Energy Group') was incorporated on2023year10month12The company plans to go public on the 1st of July1.06667100 million sharesHstocks, thereof90%For international distribution,10%Issued for Hong Kong. Issue price per share7.37HK$, with the net amount of raised funds being approximately7.06HK$10 billion.

During the process of listing in Hong Kong this time, Frost & Sullivan mainly undertook the following tasks: helping the issuer accurately and objectively understand its positioning in the target market, using objective market data to discover, support and highlight the issuer's competitive advantages, assisting the issuer, investment banks and other intermediaries in completing the writing of relevant parts of the prospectus (such as overview, competitive advantages and strategy, industry overview, business and other important chapters), helping the issuer complete communication with the Hong Kong Stock Exchange and investors, assisting investors in quickly understanding the market ecosystem and competitive landscape, and assisting the issuer in completing feedback on various industry-related issues from the Hong Kong Stock Exchange, etc.

Investment highlights

As a well-known electric two-wheeled vehicle brand, the company continues to contribute to the development of the industry;

The company continues to invest in the research and development capabilities of core technologies;

The company emphasizes product development capabilities, creating durable products that combine fashion and high performance;

The company has built an offline distribution network covering the entire country and possesses mature channel management advantages;

The company enjoys the scale advantage brought about by its production plant's proximity to the market, with a mature production process ensuring good and stable quality;

The company has a professional and experienced management team.

According to a report by Frost & Sullivan, by2022Annual Revenue, Company:

Ranked fifth among Chinese electric two-wheeled vehicle manufacturing enterprises, with a market share of4.2%.

Global Electric Two-Wheeled Vehicle Market Overview

Driven by emission reduction policies and advancements in motor and battery technology, the sales volume of electric two-wheelers in major global economies has increased rapidly over the past five years. Among them, the Chinese mainland is the most attractive market for electric two-wheelers, with its total sales accounting for2022Global total sales74.3%The global total sales volume of electric two-wheelers2018year38.5Growth to one million vehicles2022year74.0One million units, with a compound annual growth rate of20.7%In the future, it is expected that major global economies will introduce stricter emission reduction policies to promote the widespread adoption of green travel and increase the substitution rate of traditional motorcycles. Therefore, it is anticipated that the total global sales volume of electric two-wheelers will be2027Annual achievement131.1One million vehicles,2023Year-end2027The compound annual growth rate for the year is9.5%.

Source: Frost & Sullivan report

According to a report by Frost & Sullivan, the electric two-wheel vehicle industry in Mainland China has since2013Year-end2019The industry has been in a mature stage for many years, characterized by slow growth and high market concentration. Catering and takeout, e-commerce, and instant delivery have begun to emerge, along with the initial rise of intelligent technologies. Despite this,2019The new national standard was adopted, promoting the elimination of unqualified vehicles and stimulating huge replacement demand. It also marks the beginning of an upgrade and transformation phase. The total sales volume of electric two-wheelers in Mainland China decreased from2018year32.3Growth from one million units2022year60.7One million units, with a compound annual growth rate of17.1%.

According to the new national standard, by2019year4month15Electric two-wheelers purchased before now that do not meet the new national standards will be eligible5The transition period for the new standard. After the transition period, electric two-wheelers that do not meet the new national standard requirements will be prohibited from driving on the road. The transition period for first- and second-tier cities such as Beijing, Hangzhou, and Lanzhou is3In [year], while other cities such as Wuxi, Tianjin, and Nanning provide5The transition period for the year aims to prevent unnecessary resource waste caused by premature scrapping of electric two-wheelers due to non-compliance with new national standards.

In addition to the implementation of new national standards and favorable policies, the continuously developing platform economy and intelligent technologies are also major driving factors for the electric two-wheeled vehicle market in Mainland China. The prosperity of urban retail and online shopping has created a strong demand for instant delivery services, and electric two-wheeled vehicles are widely used by courier companies and delivery service providers due to their efficiency and flexibility. Moreover, the application of new technologies such as artificial intelligence and connectivity technology can achieve new functions or features such as real-time positioning, navigation, intelligent battery management systems, and safety functions, thereby enhancing the performance of electric two-wheeled vehicles and attracting more young customers. Therefore, with the2019year4Since the beginning of this month, the new national standard has played a key role in promoting the large-scale replacement and upgrading of electric two-wheelers in Mainland China. Coupled with the impact of the aforementioned factors,2022In China, the sales volume of electric two-wheelers in the domestic market reached60.7one million vehicles, and2018Compared with the previous year, the compound annual growth rate was as high as17.1%, making the Chinese mainland the world's largest electric two-wheeled vehicle market.

Source: Frost & Sullivan report

Competitive landscape of the electric two-wheeled vehicle market in China

The electric two-wheeled vehicle market in Mainland China is highly concentrated. At its peak, there were approximately2,000Home electric two-wheeled vehicle manufacturer, but as of2022In [year], the number of manufacturers meeting the new national standard requirements and eligible to manufacture electric motorcycles and electric mopeds decreased to approximately100home. As of2022year12month31Yesterday, the top nine manufacturers already accounted for about80.8%Lvyuan Group is at2022The total revenue ranked fifth in the year, accounting for4.2%market share.

Source: Frost & Sullivan report

China Electric Two-Wheeled Vehicle Market

Key market drivers and development opportunities

Policy stimulus

in the future40In [year], achieving peak carbon dioxide emissions and carbon neutrality has become a major strategic decision of the Chinese government. The government has implemented a series of policies to support and regulate green travel, including the healthy and rapid development of the electric two-wheeled vehicle industry. For example,2018In [year], the Chinese government issued new national standards as well as a series of new national standards such as 'General Technical Conditions for Electric Motorcycles and Electric Scooters', officially defining the industry and product standards for electric two-wheelers. The standardization and safety level of electric two-wheelers have also significantly improved. In the short term, these new national standards are expected to stimulate consumer demand for replacing old unqualified electric two-wheelers with new ones. Currently, the implementation of new national standards varies across regions, with some areas still not meeting the replacement demand. In the medium to long term, the new national standards will drive the transformation and upgrading of the electric two-wheeler industry in mainland China, introducing new models with superior performance, more refined design, and safer functions, thereby attracting more potential consumers, especially younger generations.

Continuous urbanization process

Urban population growth is rapid, and urban areas are expanding rapidly across the country, which means that urban residents' demand for last-mile travel is increasing continuously. People are likely to turn to more efficient and convenient modes of transportation, such as electric bicycles. Both urban population growth and the upgrading of consumption structures have brought about a larger potential consumer base, and the expansion of urban areas has also affected the creation of more actual consumer demand for electric bicycles.

The rapid development of the instant delivery market

The urbanization process and the continuous rise in household income have driven the vigorous development of urban retail, online catering, and shopping, thereby generating a huge demand for last-mile instant delivery. Electric two-wheelers have become the most widely used mode of transportation due to their efficiency and flexibility. Looking ahead, with the continuous growth of e-commerce, online catering, and shopping industries, the demand for instant delivery will maintain a strong growth momentum and stimulate demand for electric two-wheelers.

Development of new technologies

New technologies (especially artificial intelligence and connected vehicle technologies) have made significant progress in recent years and have been applied in multiple industries. Among them, the electric two-wheeled vehicle market is an important sector that can be combined with artificial intelligence and connected vehicle technologies to achieve new functions or features (such as real-time positioning, navigation, intelligent battery management systems, and safety functions), thereby improving product performance, enhancing user experience, creating new market opportunities, and promoting the upgrading and transformation of the industry.

Continuously improving charging and swapping infrastructure

Battery swapping or rental services allow electric two-wheeled vehicle owners to conveniently replace uncharged batteries with charged ones at charging stations, making the process more efficient and time-saving than charging, and potentially extending driving distances. The new national standards implemented in mainland China have also promoted the application of lithium-ion batteries, laying the foundation for the development of battery swapping services. At the same time, users (especially those in the instant delivery industry with strict battery requirements) are strongly encouraged to use this service to improve delivery efficiency.

View the prospectus

Frost & Sullivan has extensive research experience in the automotive and transportation industries, assisting well-known companies in successfully accessing the capital market. Successful listings include: Noco-noco（NASDAQ:NCNC),VinFast（NASDAQ:VFS), Shengshi DalianlianNASDAQ:SDA), Youpin CarNASDAQ:UCAR), Hesai Technology NASDAQ: HSAI), Yikatong Technology NASDAQ: ECX), Buyang International2457.HK), Newton Group NASDAQ: NWTN), Zhongchuang New Aviation3931.HK), Leapmotor9863.HK), Deutsche Bank Worldwide2418.HK), Kuaidao Taxi2246.HK), NIO AutoNIO.SGX), NIO Auto9866.HK), Canggang Railway2169.HK), Yanguang Pearl NASDAQ: YGMZ)Asia Express8620.HK),InfinityL&T（1442.HK),TOMOHOLDINGS（6928.HK), iFlytek Intelligence NASDAQ: EH), Aodima8418.HK), Xiangxing International8157.HK), CIMC Trucks1839.HK), Xunlong1930.HK), CSSC Leasing3877.HK), Chengdu Expressway1785.HK), Tianrui Auto Interior (6162.HK), Bie An Holdings2885.HK), Huazhi International2258.HK), Pulin Mountain Formation1809.HK), NIO AutoNIO.NYSE), Wanlida8482.HK), Qilu Expressway1576.HK), Yingheng Technology1760.HK), Asia Industry1737.HK), Ruifeng Power2025.HK), Gaomeng Technology8065.HK), Hebei Yichen1596.HK), Zhengli Holdings8283.HK), JunGao Holdings8035.HK), Yadi Group1585.HK), Yihai Car RentalEHIC.NYSE), Xincheng Power (1148.HK), Zhengxing WheelsZX.NYSE), Shuanghua Holdings1241.HK), Changfeng Axle (1039.HK).