BUSINESS

Electric Two-Wheeler Maker TAILG Files for Hong Kong IPO

Published: Feb. 4, 2026 3:36 a.m. GMT+8

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Domestic and foreign buyers visit the booth of electric vehicle maker TAILG as the 138th Canton Fair opens on Oct. 15, 2025. Photo: VCG

TAILG Technology Group, a leading Chiense manufacturer of electric two-wheelers, has filed for an initial public offering on the Hong Kong Stock Exchange as it seeks to fortify its position in a rapidly evolving market.

CITIC Securities Co. Ltd. and China Merchants Securities International have been appointed as joint sponsors for the listing. If successful, TAILG will become the seventh Chinese electric-two-wheeler company to go public, joining industry leaders Yadea Group Holdings Ltd. and Aima Technology Group Co. Ltd., as well as challengers like Segway-Ninebot and Niu Technologies.

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TAILG Technology Group filed for an IPO in Hong Kong, aiming to strengthen its position in the electric two-wheeler market.
In 2025, TAILG held 11.7% market share (third place), with 2024 revenue at 13.6 billion yuan and net profit up 65% to 470 million yuan.
The company faces tougher competition and national safety standards, as newer rivals like Segway-Ninebot grow in market share.

AI generated, for reference only

Who’s Who

TAILG Technology Group: TAILG Technology Group, a major Chinese electric two-wheeler manufacturer, is seeking an IPO on the Hong Kong Stock Exchange. It's the third-largest player in China's growing market, with a nearly 12% share in 2025. The company has seen significant financial growth, with 2024 revenue reaching 13.6 billion yuan ($2 billion). Founded by Sun Muchu, TAILG has an extensive offline sales network and global presence but faces stiff competition and adapting to new safety standards.

CITIC Securities Co. Ltd.: CITIC Securities Co. Ltd. (中信证券股份有限公司) has been appointed as a joint sponsor for TAILG Technology Group's initial public offering on the Hong Kong Stock Exchange. This move supports TAILG's aim to strengthen its position in the electric two-wheeler market.

China Merchants Securities International: China Merchants Securities International has been appointed as a joint sponsor for TAILG Technology Group's initial public offering on the Hong Kong Stock Exchange. TAILG, a Chinese electric two-wheeler manufacturer, is seeking to list to strengthen its market position.

Yadea Group Holdings Ltd.: Yadea Group Holdings Ltd. is a leading Chinese electric two-wheeler company. In 2025, Yadea held the largest market share in China's electric two-wheeler sector at 25.5%. Yadea is also one of the public companies in the industry.

Aima Technology Group Co. Ltd.: Aima Technology Group Co. Ltd. is a leading Chinese electric two-wheeler manufacturer that is already publicly listed. In 2025, Aima held a substantial 19.4% market share in domestic sales, placing it second behind Yadea and ahead of TAILG Technology Group.

Segway-Ninebot: Segway-Ninebot is a Chinese electric two-wheeler company that has gone public. It is considered an upstart in the industry, known for its focus on smart features. In 2025, Segway-Ninebot saw its market share in electric two-wheelers increase by 1.8 percentage points to 6.9%, the largest gain among the top 10 sellers. This growth is attributed to its alignment with new national safety standards that favor intelligent vehicle requirements.

Niu Technologies: Niu Technologies is mentioned as one of the established Chinese electric two-wheeler companies that have already gone public. This places them among industry leaders and competitors in the rapidly growing Chinese electric two-wheeler market.

All View Cloud: All View Cloud (AVC) is a market consultancy that provides data on the electric two-wheeler sector. According to their data, domestic sales in China rose by 16.6% year-on-year in 2025, reaching 58.8 million units. AVC also reported that Segway-Ninebot's market share in electric two-wheelers increased by 1.8 percentage points to 6.9% in 2025, while TAILG's share decreased by 2.4 percentage points to 11.7%.

AI generated, for reference only

What Happened When

2003：: Major cities including Shenzhen started to ban motorcycles, prompting TAILG to shift from motorcycle assembly to electric vehicles.

2023：: Gross margin for TAILG's electric-bicycle business was 13.3% and for electric-motorcycle segment also 13.3%.

2024：: TAILG reported revenue of 13.6 billion yuan, a 14.5% year-on-year increase, and net profit of 470 million yuan, nearly a 65% jump.

First nine months of 2025：: TAILG's electric-bicycle gross margin rose to 17.7%, and electric-motorcycle margin increased to 18.1%.

First three quarters of 2025：: TAILG's sales volume reached 7.8 million vehicles, revenue rose 38.6% to 14.8 billion yuan, and net profit more than doubled to 820 million yuan.

2025：: China's domestic sales of electric two-wheelers rose 16.6% year-on-year to 58.8 million units. TAILG's market share was nearly 12%.

As of 2025：: Segway-Ninebot's market share in electric two-wheelers rose by 1.8 percentage points to 6.9%, TAILG's share dropped by 2.4 percentage points to 11.7%.