TENWAYS rushes to the Hong Kong Stock Exchange: valuation soars 6.73 times in three years, 41-year-old leader holds over 40% of voting rights

Electric assist bicycles (E-Bikes) are entering a new phase of international expansion, as TENWAYS officially files its prospectus with the Hong Kong Stock Exchange, planning to list on the Main Board. GF Securities (Hong Kong) will serve as its sole sponsor. This move marks the start of this innovative electric mobility company’s journey into the capital markets, with Europe as its core market.

Founded in 2021, TENWAYS has consistently focused on the research, development, and promotion of electric assist bicycles, committed to promoting a healthy and sustainable lifestyle. Driven by innovation, the company quickly gained prominence in the European market. According to Frost & Sullivan, since its inception, TENWAYS has become the fastest-growing company in the European electric assist bicycle industry. Between 2022 and 2024, it was also the brand with the fastest sales growth in the Benelux region. By sales volume, in 2024, the company ranked among the top five electric assist bicycle brands in urban commuting segments in Benelux. Notably, TENWAYS is one of the first brands in Europe to introduce integrated torque sensors, hub motors, and belt drives in electric assist bicycles, giving it a significant technological advantage.

Financially, TENWAYS achieved revenues of €48.03 million in 2023, €60.64 million in 2024, and €54.19 million in the first nine months of 2025. However, the company also reported losses during the same period, with losses of €4.65 million, €34.47 million, and €30.00 million respectively. Despite not yet turning a profit, TENWAYS has demonstrated strong fundraising capabilities, having completed multiple rounds of financing. In January 2024, the company completed a Series B+ funding round, with a post-money valuation of RMB 1.74 billion, representing a 6.73-fold increase from its pre-Series A valuation in 2021.

Regarding ownership structure, before the IPO, Liang Xiaoling held 16.85% of the company through Apex Innovate Limited, incorporated in the British Virgin Islands, making him the single largest shareholder. Additionally, through a voting proxy agreement with management team members, he holds voting rights corresponding to 12.09% of the company’s shares, and through a common control arrangement with founding shareholders, he controls voting rights for 13.44% of the shares. In total, Liang Xiaoling can exercise 42.38% of the voting rights before listing, making him the actual controlling shareholder.

TENWAYS’s board of directors will consist of eight members, including five executive directors and three independent non-executive directors. Liang Xiaoling, aged 41, serves as the executive director, chairman, and CEO of the company. He was appointed as a director in January 2025 and is responsible for the overall strategic planning, business, and operations of the group. With extensive experience in engineering and management, Liang founded Tenways Technovation Europe B.V. in February 2022. Prior to that, he served as General Manager of Silver Triangle from January 2018 to December 2021 and was the Director of the Marketing Center at Guangzhou Qianlida Industrial Co., Ltd. from September 2014 to December 2017. He holds a Master’s degree in Engineering from Sun Yat-sen University in China (June 2014) and a Bachelor’s degree in Engineering from South China University of Technology (July 2007), majoring in Electronic Science and Technology.

In terms of compensation, after excluding share-based payments, Liang Xiaoling’s salary for 2024 is €226,000, while Cheng Kai’s is €200,000.