New Stock News: Zhejiang Taotao Vehicles (301345.SZ) submits documents to the Hong Kong Stock Exchange for the third time, leading in the field of electric low-speed vehicles.

According to the disclosure on June 16, the Hong Kong Stock Exchange, Zhejiang Taotao Vehicles Co., Ltd. (referred to as Zhejiang Taotao Vehicles, 301345.SZ) submitted its third listing application to the Hong Kong Stock Exchange's main board, with CITIC SEC as its exclusive sponsor. Company Overview According to the prospectus, the company is a global enterprise dedicated to providing outdoor leisure and electric travel solutions, and is a leader in the field of electric low-speed vehicles. Based on data from Frost & Sullivan, the company is projected to rank first in the global electric low-speed vehicle industry by revenue in 2025, with a market share of approximately 10.9%. With its leading position in the electric low-speed vehicle market and a diversified product portfolio spanning electric travel products and power sports products, the company offers enjoyable and practical solutions. The company's business covers two main divisions: (1) electric travel products, including (i) electric low-speed vehicles for community and short-distance travel within premises, and (ii) electric two-wheeled vehicles, including electric bicycles, electric scooters, and electric balance cars; and (2) outdoor specialty vehicles, also known as power sports, including all-terrain vehicles and off-road motorcycles. These products are widely used in community short-distance travel, leisure activities, smart travel, and special operations scenarios. The company's business has a highly international layout. In 2025, over 97% of the company's revenue came from overseas markets, with the United States being the company's largest export destination. The company's development follows a clear strategic framework: expanding the product matrix, deepening channel ecology, and enhancing brand value through innovation. Guided by this strategy, the company is committed to continuously improving its existing product portfolio and exploring potential business opportunities for future development. Since the launch of its electric low-speed vehicle products in 2022, the marketing network and diversified brand matrix have helped this emerging business line achieve rapid growth. Within three years of launching its electric low-speed vehicles, the company's sales have already ranked among the top in the U.S. market, demonstrating strong market penetration. Since its establishment, the company has focused on building a global operational network around the United States, covering several specific overseas markets. Leveraging over twenty years of international operational experience from the management team, the company has strategically positioned its business in North America, Southeast Asia, and China, establishing localized production and sales networks in each region. This integrated coverage of China, Southeast Asia, and North America enables the company to quickly respond to customer needs, adapt to local regulations, develop products tailored to regional demands, and provide high-quality service. These principles are deeply ingrained in the company's corporate culture, showcasing its pioneering spirit in leading the trend of outdoor travel. Financial Information Revenue: In 2023, 2024, and 2025, the company's revenue was approximately RMB 2.144 billion, RMB 2.977 billion, and RMB 3.941 billion, respectively. Profit: In 2023, 2024, and 2025, the company's annual profits were approximately RMB 280 million, RMB 431 million, and RMB 816 million, respectively. Industry Overview Serviceable Addressable Market (SAM) represents the specific market segments that certain products or services can actually cover or serve. The global electric low-speed vehicle SAM could reach a trillion-level. In terms of market maturity in different regions, the North American market is the most mature, followed by the European Union, while the Japanese and South Korean markets are still in the early stages of development. In terms of market size in different regions, the European Union ranks first, followed by North America and Japan and South Korea. In terms of compound annual growth rate over the next five years, North America leads in growth potential, followed by the European Union and Japan and South Korea. Each of these major regional markets has over 50 competitors. The differences in market maturity, size, and growth potential in each region are mainly attributed to factors such as the intensity of short-distance travel demand, regulatory environment, consumer purchasing power, and transportation application scenarios. For example, in the United States, Federal Motor Vehicle Safety Standard (FMVSS) No. 500 (49 CFR 571.500) provides a federal regulatory framework for low-speed vehicles. The North American market, with its characteristic of over 60% of trips concentrated in short-distance scenarios, strong demand for transportation from the middle class and the elderly, and frequent use in closed communities, has a higher market maturity. The middle-class consumers have relatively high incomes and are mostly households with family travel and daily commuting needs who can afford to purchase electric low-speed vehicles. The elderly market also shows strong demand for safe, low-speed, and easy-to-operate travel tools, which perfectly complement the inherent product characteristics of electric low-speed vehicles. Additionally, the United States has a large number of retirement communities where most trips are short-distance. Walking imposes a heavy physical burden on the elderly, and it is unnecessary to drive traditional cars. Therefore, electric low-speed vehicles are very suitable for commuting within retirement communities. Driven by evolving lifestyle trends and growing outdoor leisure demand, the middle class and elderly consumer groups jointly support the enormous market potential of electric low-speed vehicles, which align with the current customer characteristics of the group. According to estimates from the U.S. Census Bureau in 2024, there were approximately 59.3 million Americans aged 65 and above, accounting for 17.7% of the total U.S. population. In the smart electric two-wheeler market, mature markets such as North America and Europe collectively account for over 70% of the overall market share. Due to factors such as market saturation and consumer demand shifting to replacement demands, the compound annual growth rate of these markets is far below 5%. In contrast, emerging markets such as South America and Southeast Asia collectively account for less than 30% of the overall market share. Driven by the rapid urbanization process, the surge in demand for short-distance travel, and the continuous increase in consumer purchasing power, the compound annual growth rate of these markets approaches 10%. In the global power sports market, North America, with its mature outdoor leisure culture, holds approximately half of the market share, with a compound annual growth rate of less than 5%. The European and Asia-Pacific regions collectively account for less than 40% of the market share, with a growth rate of around 5%. Emerging markets such as Latin America and Southeast Asia hold about 10% of the market share. However, driven by the advancement of agricultural mechanization, the rise in outdoor leisure demand, and infrastructure development, these markets have a growth rate of approximately 10%, becoming important growth engines in the global market. Board of Directors Information As of the compilation date, the Board of Directors consists of 9 directors, including 3 executive directors, 2 non-executive directors, and 4 independent non-executive directors. The Board of Directors is responsible for the management and operation of the company and possesses general authority related to the company's activities. Equity Structure As of the last practicable date (May 18, 2026), Mr. Cao holds approximately 67.41% of the company's issued share capital, including (i) approximately 41.27% held by his wholly-owned Zhongtao Investment, and (ii) approximately 26.14% directly held by him. Mr. Cao's younger sister, Ms. Cao, holds approximately 5.6% of the company's issued share capital, including (i) approximately 3.53% controlled by Ms. Cao as the sole general partner of Zongjiu Investment, a platform for employee shareholding in the company, (ii) approximately 1.38% directly held by her, and (iii) approximately 0.69% controlled by Ms. Cao as the sole general partner of Zhongbang Investment, a platform for employee shareholding in the company. Therefore, Mr. Cao, Zhongtao Investment, Ms. Cao, Zongjiu Investment, and Zhongbang Investment constitute the controlling shareholder group prior to compilation. Intermediary Team Exclusive Sponsor: CITIC SEC (Hong Kong) Limited; Legal Advisor: Wilson Sonsini Goodrich & Rosati, Guohao Law Firm (Hangzhou), Ashurst Tokyo (Ashurst Horitsu Jimusho Gaikokuho Kyodo Jigyo), Neville Peterson LLP; Legal Advisor for the Exclusive Sponsor: Jingtian & Gongcheng Law Firm, Jingtian & Gongcheng Law Firm; Auditors and Reporting Accountants: Tianjian International Accounting Firm Limited; Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd. Shanghai Branch; Tax Advisor: Pan-China Certified Tax Agents Limited.