FORSTAR's IPO on the Shanghai Stock Exchange main board approved by the listing committee. From 2022 to 2024, its revenue ranked among the top three in the bicycle industry in mainland China.

On June 8th, Tianjin FORSTAR Bicycle Industry Co., Ltd. (referred to as FORSTAR) passed the listing committee meeting of the Shanghai Stock Exchange main board. Zhongtai is the IPO sponsor, aiming to raise 773 million yuan. The prospectus shows that FORSTAR mainly engages in the research, design, production, and sales of bicycles, electric assist bicycles, shared bicycles, and other products and key components. Its products are sold in nearly a hundred countries and regions worldwide. As of the end of the reporting period, the company's total annual production capacity of complete vehicles is about 7 million units. It has production bases mainly in Tianjin and Changzhou, China, and in Vietnam and Cambodia. It is a leading bicycle manufacturing company in China, serving global renowned brands such as Specialized, Lectric, Pon, Decathlon, Samchuly, MFC, Scott, Cycleurope, Panasonic, as well as domestic shared bicycle operators like Ha Lo, Qingju, and Meituan, providing complete vehicles and key component manufacturing services. In addition, the company has also developed and built its own brands such as "BATTLE" and "Bond FORSTAR," selling products in the domestic market. During the reporting period, the company maintained a large scale of operating income, surpassing comparable companies in mainland China such as Joy Kie Corporation, Shanghai Phoenix Enterprise, Merida, and Zhonglu Corporation. According to the China Bicycle Association, from 2022 to 2024, the company's bicycle sales amount ranks among the top three in the mainland China bicycle industry. The company's operating income in each period of the reporting period is higher than that of existing A-share listed companies in the bicycle industry. Financially, in the years 2023, 2024, and 2025, the company achieved operating income of approximately 3.621 billion yuan, 4.88 billion yuan, and 5.061 billion yuan respectively; during the same periods, the net profits were approximately 0.281 billion yuan, 0.418 billion yuan, and 0.391 billion yuan respectively.