Budget-focused electric bike maker set to go public with IPO

Electric bike maker Tenways has filed for a main board listing on the Hong Kong Stock Exchange, marking a significant milestone for one of Europe’s fastest-growing commuter e-bike brands.

The company submitted its prospectus on February 27, 2026, with GF Securities acting as sponsor. Backed by heavyweight investors including Hillhouse Ventures, Tencent, and Alibaba, Tenways has quietly built a profitable foothold in a European market that has been anything but easy over the last two years.

Founded in 2021, Tenways quickly positioned itself as a design-forward, tech-savvy commuter brand offering many of the features riders expect from premium European e-bikes – torque sensors, belt drives, hub motors, and integrated smart connectivity – but at a slightly more accessible price point. In markets like the Netherlands and Belgium, that formula has resonated. The company ranked among the top five commuter e-bike brands in the Benelux region in 2024 and was reportedly the fastest-growing brand there from 2022 to 2024.

Its CGO800S commuter model alone surpassed 50,000 units sold within four years, earning a German Design Award and helping cement Tenways’ brand recognition across Northern Europe. Today, the company sells through more than 1,400 distributor-operated retail stores across 29 European countries, alongside a growing direct-to-consumer channel.

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Tenways’ revenue reportedly rose from €48 million in 2023 to €61 million in 2024, with gross margins climbing above 30%. In the first three quarters of 2025, the company turned profitable, posting an adjusted net profit of €1.24 million.

While Tenways has also found modest success in the US, its real strength remains Europe, where it serves as a credible alternative to higher-end commuter brands, claiming to offer a comparable ride experience without sacrificing design or connected features.

An IPO could give the company additional capital to expand further into urban mobility segments, including cargo and hybrid models, as Europe’s commuter e-bike market continues to mature.