On February 10, fishing equipment manufacturer RIDGE OUTDOOR International Co., Ltd. officially listed on the Hong Kong Stock Exchange, becoming the first fishing equipment stock on the Hong Kong market.
The stock was priced at HK$12.25 per share and opened 96.08% higher at HK$24.02, with gains reaching 140% during the morning session. By the close on February 10, RIDGE OUTDOOR (02720.HK) settled at HK$24.78 per share, up 102.29%, giving the company a total market capitalization of approximately HK$3.111 billion.
The strong investor interest stems from the company's dominant 23.1% share of the global fishing equipment market. According to Frost & Sullivan data, RIDGE OUTDOOR ranked first globally in the fishing equipment industry by 2024 revenue, with a 28.4% market share in China, maintaining its leading position for three consecutive years.
Headquartered in Deqing County, Huzhou City, Zhejiang Province, RIDGE OUTDOOR focuses on the design, research and development, and manufacturing of fishing equipment. It originated from the fishing equipment division of Zhejiang Topson, established in 1993, and began independent operations after a equity restructuring in 2024.
The company currently operates three modern factories in Deqing County with a total floor area of 63,637.7 square meters, producing over 9,000 SKUs including fishing chairs, fishing beds, tents, and fishing bags, with an annual production capacity of 6.2 million units.
RIDGE OUTDOOR offers a comprehensive range of fishing products, covering fishing chairs, fishing beds, rod holders, fishing bags, fishing shelters, social tents, and sun shades, meeting diverse fishing needs across different regions and scenarios such as ice fishing, lure fishing, and recreational fishing.
Financial data shows fluctuating but resilient profitability. From 2022 to 2024, the company reported revenues of RMB 818 million, RMB 463 million, and RMB 573 million, with gross profits of RMB 190 million, RMB 120 million, and RMB 153 million, and net profits of RMB 114 million, RMB 49 million, and RMB 59.41 million, respectively.
Sales have been on an upward trend since August 31, 2025. In the eleven months ending November 30, 2025, sales reached 5,463.3 thousand units, compared to 4,355.9 thousand units in the same period of 2024. For the first eight months of 2025, revenue reached RMB 460 million, with a gross profit of RMB 128 million and a net profit of RMB 56.24 million, nearing the full-year 2024 profit level.
Cumulative revenue from 2022 to the first eight months of 2025 totaled approximately RMB 2.314 billion.
RIDGE OUTDOOR's success is largely attributed to its strong relationships with international key accounts. The company employs a dual OEM/ODM and OBM business model. According to its prospectus, OEM/ODM contributions accounted for 90% to 94% of revenue from 2022 to the first eight months of 2025, forming the core of its income.
The top five customers contributed about 55% of revenue, with the largest client, U.S.-based Ardisam, accounting for 17.7%. International outdoor retail giant Decathlon followed, alongside renowned fishing brands Pure Fishing and Rapala VMC. The company has maintained partnerships with 84 core clients for over five years, some spanning three decades.
Notably, Topson Group, the former parent company, serves as both the second-largest customer and the largest supplier, with related-party transactions exceeding RMB 60 million during the reporting period, accounting for 12% of revenue.
Supported by major clients, RIDGE OUTDOOR has expanded from a county in Zhejiang to global markets. Its products are sold in over 40 countries, including mature markets with rich fishing traditions like the UK and U.S., as well as rapidly growing markets such as China and Southeast Asia.
The company is also expanding its own brand business. In 2017, it acquired the British carp fishing brand Solar. With continuous investment and industry-leading supply chain capabilities, Solar's sales in 2024 tripled compared to 2018.
However, after eight years of development, the OBM segment remains modest compared to the OEM business. From 2022 to the first eight months of 2025, OBM revenue was RMB 34 million, RMB 40 million, RMB 41 million, and RMB 15 million, accounting for 4.1%, 8.5%, 7.2%, and 6.8% of total revenue, respectively, never exceeding 10%.
The core management team largely hails from the former parent company, Topson. Founder Yang Baoqing established the village-run enterprise "Hangzhou Kangda Plastic Factory" in 1991. Over three decades, it grew into Topson Holdings Group, spanning leisure manufacturing, cultural creativity, financial investment, and tourism, consistently ranking among China's top 500 private manufacturing enterprises. RIDGE OUTDOOR was spun off from Topson's outdoor leisure manufacturing business to focus exclusively on fishing equipment.
Yang Baoqing's daughter, Lei Yang, born in 1995, serves as executive director and general manager. Financial head Gao Shan previously held the position of financial manager at Topson, while non-executive director Wen Meixia concurrently serves as Topson's financial director.
Prior to listing, RIDGE OUTDOOR had no external institutional investors, making it a typical family-controlled enterprise.
In July 2024, the company distributed dividends of RMB 65 million, exceeding its annual net profit of RMB 61.72 million. The controlling Yang Baoqing family, holding 94.77% of shares, received over RMB 60 million. In the preceding three years, cumulative dividends totaled RMB 379 million.
The prospectus discloses that in preparation for the listing, RIDGE OUTDOOR completed a series of equity restructurings in July 2024. Post-restructuring, the company is highly controlled by the founding family and core management. Chairman Yang Baoqing and his concert parties collectively control approximately 94.77% of the shares.
For its Hong Kong listing, RIDGE OUTDOOR offered 28.205 million shares globally, with 10% allocated to Hong Kong public offering and 90% to international offering. The final offer price was HK$12.25 per share, raising approximately HK$285 million net. The public offering was oversubscribed by 3,654.23 times, while the international offering was oversubscribed 2.94 times.
Only two cornerstone investors participated: Horizon Venture Capital Management Co., Ltd. and Huangshan Dejun Enterprise Management Co., Ltd., subscribing to a total of HK$130 million. Huangshan Dejun is wholly owned by state-backed Deqing County Industrial Development Investment Fund Co., Ltd.
Post-listing, founder Yang Baoqing holds 68.69% through GreatCast and 5.23% via Outrider Partnership, totaling 73.92%. The listing represents a significant capital milestone for the Yang family.
Proceeds from the IPO will be used for brand development and promotion, product design and development, establishing a global fishing innovation center, upgrading production facilities, enhancing digital capabilities, and working capital.
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