IPO News | Shared massage equipment company Lemo Technology (02539) was loaned by a brokerage firm about HK$131.4 billion and overbought by about 5912.8 times

The Zhitong Finance App learned that shared massage equipment company Lemo Technology (02539) offered shares at noon from November 25 to 28 and plans to sell 5.555,600 shares globally, with an offering price of HK$27 to HK$40. According to market data, as of 10:00 a.m. on Friday (28th), Remo Technology had obtained a margin loan of about HK$131.4 billion from brokerage firms, which was overpurchased by about 5912.8 times in the public sale amount of HK$22.22 million.

Lemo Technology has 100 shares per lot, and the entry fee for the first hand is HK$4040.4. Remo Technology is expected to be listed for sale on December 3, with CITIC Construction Investment International and Shenwan Hongyuan Hong Kong as co-sponsors.

Lemo Technology does not have a mandatory reimbursement mechanism. 10% of the sale is a public sale, and the overall coordinator can redistribute up to 15%. Lemo Technology has not brought in cornerstone investors.

According to the prospectus, Lemo Technology provides massage services through machine massage equipment at various service outlets located in crowded public places all over China. According to Frost & Sullivan, in the three consecutive years from 2022 to 2024, the Group ranked first among all machine massage service providers in China in terms of transaction value, with market shares of 33.9%, 37.3% and 42.9% respectively in the corresponding years. In terms of revenue, in 2024, the Group also ranked first in the Chinese machine massage market, with a market share of over 50%.

Lemo Technology launched the “Lemo Bar” brand in 2016. It is committed to providing machine massage services to consumers in consumer scenarios such as commercial complexes, cinemas, and transportation hubs (including airports, high-speed rail stations, etc.). On November 15, 2025, the Group set up more than 48,000 service outlets for machine massage services and launched more than 533,000 pieces of machine massage equipment, covering 31 provincial administrative regions and 337 cities in China.

Lemo Technology's service network expanded from 21,727 service outlets on December 31, 2022 to 45,993 service outlets on December 31, 2024, with a CAGR of about 45.49%. In terms of consumer coverage, the Group has a stable market position. As of November 15, 2025, the total number of identifiable service consumers exceeded 174 million, and the number of registered members exceeded 40 million.

On the financial side, in 2022, 2023, 2024, and 2025 for the eight months ended August 31, the company achieved revenue of approximately RMB 330 million, RMB 587 million, RMB 798 million, and RMB 631 million respectively; for the same period, total profit and overall revenue for the year were RMB 6.481 million, RMB 87.34 million, RMB 85.807 million, and RMB 88.55 million, respectively.