TENWAYS Files for Hong Kong IPO: Europe's Fastest-Growing E-Bike Company with Hillhouse, Tencent, Alibaba Backing

TENWAYS, the Europe-centered electric mobility company founded in 2021, has officially filed for a Hong Kong main board listing, marking a significant milestone for what has become one of Europe's fastest-growing e-bike companies. The company submitted its prospectus to the Hong Kong Stock Exchange on February 27, 2026, with GF Securities (Hong Kong) acting as the sole sponsor, according to sources familiar with the matter.

Rapid Growth in European E-Bike Market

Since its establishment, TENWAYS has demonstrated remarkable growth in the European e-bike sector. According to Frost & Sullivan data, the company has become the fastest e-bike company in Europe to achieve scale, a notable accomplishment in a competitive market. By 2024 sales volume, TENWAYS ranked among the top five e-bike brands in the Benelux commuting segment, and based on sales volume, it was the fastest-growing e-bike brand in the Benelux region from 2022 to 2024.

The company's CGO800S model has achieved particular success in the Benelux market, with sales exceeding 50,000 units within four years of launch. This model also won the German Design Award, highlighting TENWAYS' focus on both performance and aesthetics. According to Cision Media Share of Voice data, TENWAYS ranked second among European e-bike brands based on social media mentions in the first three quarters of 2025.

Innovative Technology Integration

TENWAYS has positioned itself as an innovation-driven company in the e-bike space. The company is among the first European e-bike manufacturers to integrate torque sensors, hub motors, and belt drives into its products. This technological approach aims to provide a more natural riding experience while reducing maintenance requirements compared to traditional chain-driven systems.

Beyond physical products, TENWAYS has developed sophisticated software capabilities. The company's in-house team has created applications with integrated smart connectivity features, making riding more intelligent and connected. These IoT functionalities include real-time GPS positioning, mileage and calorie statistics, carbon emission reduction estimates, theft protection, and battery status monitoring. This comprehensive approach to both hardware and software integration reflects the company's commitment to creating a complete ecosystem around its products.

Expanding European Presence

TENWAYS has built an integrated omni-channel ecosystem that unifies online and offline sales channels. The company's offline presence has expanded significantly, with over 1,400 distributor-operated retail stores across 29 European countries. This extensive network provides TENWAYS with broad geographic coverage and accessibility to European consumers.

The company's product line covers comprehensive categories including urban, hybrid, and cargo models, along with accessories and services. This full product line approach distinguishes TENWAYS as one of the few brands in Europe offering such comprehensive coverage across the e-bike market segments.

Financial Performance and Profitability

TENWAYS' financial trajectory shows a company on a growth path with improving economics. In 2023 and 2024, the company's revenue was €48 million and €61 million respectively, representing a 26.2% year-on-year increase. For the first three quarters of 2025, TENWAYS' revenue increased 3.1% from €53 million in the same period of 2024 to €54 million.

Gross margins have shown consistent improvement, reaching 25.8%, 30.4%, and 31.8% in the respective periods mentioned. Most significantly, TENWAYS turned profitable in the first three quarters of 2025, with an adjusted net profit of €1.24 million and an adjusted net profit margin of 2.3%. This profitability milestone represents a critical achievement for the company as it prepares for public market scrutiny.

Strong Backing from Major Investors

TENWAYS has attracted investment from a distinguished group of institutional investors since its founding. The company has received backing from Hillhouse Ventures, Tencent, L Catterton, Zhongding Capital, Huaying Capital, Alibaba, Black Ant Capital, Luxshare Precision, and Gaohu Capital. This diverse investor base includes some of Asia's most prominent technology and investment firms.

Pre-IPO, Hillhouse Ventures holds 21.17% of TENWAYS, making it the largest external investor in the company. After completing its pre-IPO funding round in January 2024, TENWAYS' valuation was approximately $25.1 million. The involvement of major technology companies like Tencent and Alibaba suggests confidence in TENWAYS' business model and growth potential in the European market.

Market Context and Growth Drivers

The European e-bike market has experienced substantial growth in recent years, driven by increasing urbanization, environmental consciousness, and supportive regulatory frameworks. Countries like the Netherlands, Germany, and Belgium have particularly strong e-bike adoption rates, with infrastructure and cultural acceptance supporting market expansion.

TENWAYS' focus on the European market, particularly the Benelux region where it has achieved its strongest market position, aligns with these broader market trends. The company's success in this region suggests effective localization strategies and product-market fit in European consumer preferences.

IPO Implications

The Hong Kong listing represents a strategic choice for TENWAYS, potentially providing access to Asian capital markets while maintaining its European operational focus. The timing of the IPO, following the company's achievement of profitability, suggests management confidence in the business model's sustainability and growth prospects.

For investors, TENWAYS presents an interesting case of a relatively young company that has achieved scale and profitability in a growing market segment. The company's technological differentiation, expanding product line, and strong investor backing provide multiple potential value drivers as it enters public markets.

As the e-bike market continues to evolve with increasing competition and technological advancement, TENWAYS' ability to maintain its growth trajectory and market position will be closely watched by investors and industry observers alike.