FORSTAR's IPO on the Shanghai Stock Exchange has been queried, with plans to raise 773 million yuan.

On January 22, Tianjin FORSTAR Bicycle Industry Co., Ltd. (referred to as FORSTAR) applied for the status change of "enquiry conducted" in the Shanghai Stock Exchange main board listing review. Zhongtai is its sponsor institution, planning to raise 773 million yuan. The prospectus shows that FORSTAR is mainly engaged in the research, design, production, and sales of bicycles, electric bicycles, shared bicycles, and their key components. Its products are sold in nearly a hundred countries and regions worldwide. As of the end of June 2025, the company's total annual production capacity of complete bicycles is about 7 million, mainly located in production bases in Tianjin, Jiangsu Changzhou, Vietnam, and Cambodia. It is a leading bicycle manufacturing company in China, serving global renowned brand operators such as Specialized, Lectric, Pon, Decathlon, Samchuly, MFC, Scott, Cycleurope, Panasonic, as well as domestic shared bicycle operators like Hello, Green Orange, and Meituan by providing complete bicycles and key component manufacturing services. At the same time, FORSTAR has also developed its own brands "BATTLE" and "Bond FORSTAR", selling products in the domestic market. The "Bond FORSTAR" brand has been awarded titles like "China Famous Trademark" and "China Famous Brand Product". According to the certification from the China Bicycle Association, from 2022 to 2024, the company's bicycle sales revenue ranked among the top three in the mainland China bicycle industry. The company is a vice chairman unit of the China Bicycle Industry Association and the chairman unit of the Tianjin Bicycle and Electric Bicycle Industry Association. In 2024, it was rated as one of the "Top Ten Enterprises in China's Light Industry Bicycle Industry" and "Top 200 Enterprises in China's Light Industry" by the China Light Industry Federation, and its products won the "Tianjin Bicycle and Electric Bicycle Industry Technical Research and Development Excellent Achievement Award". Currently, FORSTAR is one of the few companies in the industry that has been certified by the CNAS national laboratory, possessing comprehensive testing capabilities for complete bicycles and their key components. It has research and development advantages driven by industrial design and structural engineering, and master core technologies such as high-precision intelligent pipe forming technology, green and environmentally friendly low VOC coating technology, and efficient wheel dynamic balancing and precise correction technology. After deducting the issuance expenses, the net amount of the funds raised will be invested in the following projects based on the urgency and importance of the projects: Financially, in the fiscal year 2022, 2023, 2024, and January to June 2025, FORSTAR's operating income was approximately 4.371 billion, 3.621 billion, 4.88 billion, and 2.592 billion yuan respectively. During the same periods, the net profits were 345 million, 281 million, 418 million, and 199 million yuan respectively.