Bear Technology to Be Listed

Consumer Discretionary Author: Jiawei Wu Editor: Yiran Xing Oct 08, 2022 03:19 PM (GMT+8)

In this IPO, Bear Technology (Chinese: 凌雄科技) passed the hearing of Hong Kong Stock Exchange, with investment from Tencent, Jingdong and Lenovo.


Founded in 2004, Bear Technology is a total lifecycle management solution provider that started with computer assembly services and used personal computer sales. Subsequently, the company launched a short-term and long-term computer leasing business in 2008 and 2013, focusing on desktop and notebook computers, respectively, and also began providing IT technology subscription services to enterprises.

The company provides equipment and IT technology subscription services primarily to small and medium-sized businesses, and is engaged in the sale of refurbished obsolete IT equipment. In 2021, the company had a market share of approximately 3.9% of revenue, ranking first in the industry.

According to the prospectus, the company has achieved significant growth in business operations in recent years, with revenues of CNY 500.3 million, CNY 1,022.2 million and CNY 1,330.4 million from 2019 to 2021, respectively, representing a CAGR of 63.1%; Adjusted EBITDA for the same period was CNY 36.9 million, CNY 164.5 million and CNY 224 million, respectively, representing a CAGR of 146.6%.

Within 3 years, Bear Technology has completed 8 rounds of financing, which is far ahead of the industry in terms of financing speed. The shareholders include Tencent Group, Jingdong Group, Lenovo Group, etc. It has also received capital injection from five government funds.