The Hong Kong stock market has seen no shortage of stories centered on new energy mobility, yet the electric bicycle (E-Bike) segment has lacked a true benchmark company. This gap may soon be filled.
On February 27, Radvance Cayman Limited (Radvance) submitted a listing application to the Main Board of the Hong Kong Stock Exchange, aiming to become the first major E-Bike stock on the Hong Kong market, with GF Securities acting as the sole overall coordinator.
While the name Radvance may be unfamiliar, its brand TENWAYS has already gained significant recognition within the European E-Bike community. More notably is the figure behind the company: its founder, Liang Xiaoling, a "second-generation entrepreneur" with a background that includes years at HSBC and leadership roles within the prominent Chinese bicycle manufacturer Trinity.
Liang Xiaoling, now 41, has an unconventional career path. He graduated from South China University of Technology in 2007 with a degree in Electronic Science and Technology and earned a master's degree in engineering from Sun Yat-sen University in June 2014. By the time he completed his master's, he was already serving as the head of the IT department for HSBC's Asia-Pacific region, possessing extensive experience in multinational corporate work and management. Pursuing a career in fintech might have led him down a different path.
However, in September 2014, he chose to return to the family business, joining Guangzhou Trinity Industrial Co., Ltd. (Trinity) as the Marketing Center Director. From 2018 to 2021, he also served as the General Manager of Guangzhou Sinhuan Machinery Co., Ltd. There are minor discrepancies in public records; some media reports indicate his role at Trinity was General Manager. For instance, during the Shanghai Bicycle Show in May 2017, Liang Xiaoling was interviewed as the General Manager of Trinity. An industry platform interview with Trinity's chairman in January 2021 also referred to him as Trinity's General Manager.
In contrast, Radvance's recently disclosed IPO prospectus presents a slightly different account of his past positions. Despite the variance in specific titles, his practical resume shows he was long active in the core management of the family business and is widely regarded as the successor-apparent at Trinity, a point that is largely undisputed.
Sinhuan Machinery started by producing bicycle frames. Its predecessor, Guangzhou Sinhuan Hardware Factory, was established in 1990, but the company itself was not formally registered until June 1997. In 1999, Sinhuan Machinery founded Trinity, which began manufacturing and selling complete bicycles domestically. Trinity started venturing into overseas markets as early as 2002. Before its official registration in May 2009, Trinity had already created its own brand, "Trinity TRINX," in 2006.
Under Liang Xiaoling's leadership in 2016, Trinity initiated a smart e-bike project and launched new products, including the X1E series, in May 2017. Today, Trinity has successfully established an overseas sales network, set up factories in countries like India, and become a representative example of Chinese bicycle manufacturers expanding globally. Public information shows that Liang Jianxiong, Chairman of both Sinhuan Machinery and Trinity, is Liang Xiaoling's uncle and one of Trinity's three founders.
Thus, TENWAYS did not emerge out of nowhere; it is a second entrepreneurial venture built upon a foundation of traditional manufacturing. After gaining substantial experience at Trinity and Sinhuan Machinery, Liang Xiaoling decided to start his own company. In May 2021, he founded Shenzhen Shifang Sports Technology Co., Ltd. (Shenzhen Shifang) in Nanshan District, Shenzhen, focusing on E-Bike R&D under the brand name TENWAYS. In its founding year, the company successfully developed its first urban E-Bike model, the CGO 600.
Recognizing the potential of the European E-Bike market, Liang Xiaoling established Tenways Technovation Europe B.V. in the Netherlands in February 2022, positioning the company's global headquarters in Europe. This strategic move essentially defined TENWAYS' direction from the outset as being "born for Europe." At the time of Shenzhen Shifang's establishment, Sinhuan Machinery held an 80% stake. Liang Jianxiong once served as a director of Shenzhen Shifang but resigned in August 2025. Following subsequent financing rounds and corporate restructuring, Radvance was established in the Cayman Islands in January 2025 as the holding entity, forming a red-chip structure for the Hong Kong listing.
In less than five years since its founding, Shenzhen Shifang has completed five rounds of financing, with investors including Hillhouse Group, Tencent Holdings (00700.HK), and L Catterton, backed by LVMH. In November 2021, the company completed a Pre-A round of financing, solely invested by Hillhouse Capital's venture arm. In October and December 2022, Shenzhen Shifang completed its A1 and A2 funding rounds, raising a total of RMB 292 million. Investors in the A1 round included Tencent Investment, Meridian Capital, and Zhongding Capital, while the A2 round was led by L Catterton. In November 2023 and early 2024, the company completed its B and B+ rounds, raising RMB 85 million and RMB 50 million, respectively.
Beyond these institutions, Radvance's shareholder list also includes Alibaba (09988.HK) and Luxshare Precision Industry (002475.SZ). The pre-IPO shareholding structure shows Hillhouse Capital, Tencent, L Catterton, Alibaba, and Luxshare Precision holding 21.17%, 8.88%, 6.47%, 2.96%, and 2.37% stakes, respectively. As of February 20, 2026, Liang Xiaoling, CEO of Radvance, holds approximately 16.85% of the company's voting rights through Apex Innovate Limited. Additionally, he controls about 12.09% of voting rights via a voting proxy agreement with management shareholders and approximately 13.42% through a concert party arrangement (which will terminate post-listing). Liang Jianxiong is one of the three concert parties in this arrangement and currently holds an 8.34% stake in Radvance through Truewing Holding Limited. In total, prior to the Hong Kong listing, Liang Xiaoling exercises approximately 42.38% of Radvance's voting rights. The prospectus indicates he will remain the single largest shareholder.
On the product front, TENWAYS was among the first E-Bike brands in Europe to launch models integrating torque sensors, hub motors, and belt drives. Its E-Bike product line covers urban, hybrid, and cargo models, along with accessories and services. According to Frost & Sullivan data, between 2022 and 2024, TENWAYS became the fastest-growing E-Bike brand by sales volume in the Benelux region. In 2024, it ranked among the top five in the local urban E-Bike sub-market by sales, capturing approximately 5.9% market share. By 2025, the company's E-Bike sales in Europe surpassed 50,000 units, making it the fastest-growing brand in Europe to reach a scale enterprise status within five years.
However, this growth has been accompanied by persistent losses. In 2023, 2024, and the first nine months of 2025, Radvance reported revenues of approximately €48.028 million, €60.635 million, and €54.19 million, respectively, with over 96% of revenue originating from the European market. During the same periods, the company recorded losses of €4.653 million, €34.467 million, and €30.003 million, amounting to a cumulative loss of €69.123 million over 33 months. The company's gross margin improved from 25.8% in 2023 to 30.4% in 2024 and reached 31.8% in the first nine months of 2025.
The emergence of TENWAYS represents a classic case of upgrading within China's traditional manufacturing sector. For over three decades, the Chinese bicycle industry primarily served as a global OEM and supply chain hub. Now, a new generation of entrepreneurs is attempting to use branding, design, and digital marketing to position bicycles as urban mobility products, selling directly to European consumers. Liang Xiaoling exemplifies this transition, possessing both an understanding of the foundational logic of family-run manufacturing and experience managing multinational corporations. Positioned between traditional industry and new consumer trends, he chose to enter the European market with E-Bikes.
Whether the Hong Kong stock market will welcome a genuine "first E-Bike stock" remains a question for the capital markets to answer. What is certain is that in less than five years, Liang Xiaoling's company has accomplished the journey from product creation and brand globalization to knocking on the door of the Hong Kong Stock Exchange. For a young company, this in itself is a significant venture.
Comments