On May 28, 2024, New Gonow Touring Vehicles Co., Ltd. (“New Gonow Motorhome”), headquartered in Jiaxing, Zhejiang, submitted a prospectus on the Hong Kong Stock Exchange to be listed on the Hong Kong Main Board.
Link to the New Geo Motorhome prospectus:
Main business
As a leading motorhome platform with an extensive business network in Australasia, New Geo Motorhomes designs, develops, manufactures and sells custom trailer motorhomes. According to Frost & Sullivan data, in terms of 2023 sales, Singgeo Motorhomes ranked second in the market share of the Australian motorhome industry.
With the mission of committed to customized services, Xingeo Motorhomes is to provide custom-made services for car owners, personalize every detail of motorhomes, carefully provide the most suitable motorhome solutions for car owners in terms of comfort, safety, fashion, innovation, functionality and cost performance, and provide an excellent, end-to-end car owner experience from conceptualization, design selection, customization, delivery to various after-sales services.
The production plant of Xingeo Motorhome in Zhejiang, China covers an area of about 47,567 square meters. It consists of five specialized workshops for welding, painting, laminating, cutting, and furniture, as well as two advanced assembly lines. In addition, the company's two assembly lines in Australia undertake the final assembly of the company's motorhomes. They are close to end customers in the local market, enabling the company to quickly meet customer requirements for final processing and customization requirements.
Since acquiring the famous Australian motorhome brand Regent in 2014, which has a long history of more than 30 years, New Geo Motorhome has become a leading company in the motorhome industry in Australia. It has three unique brands, including Snowy River, the best-selling brand in the mid-range, Regent, and the semi-off-road brand NEWGEN.
New Geo Touring Car developed and launched nine new Regent models, four new Snowy River models, and upgraded 13 SnowyRiver models. Furthermore, Xingeo Touring Car is currently developing a pioneering model of a trailer electric motorhome. According to Frost & Sullivan data, New Geo Motorhomes was one of the first motorhome experts to commercialize electric motorhome solutions.
As of December 31, 2023, Singeo Motorhome's sales network includes 13 third-party dealerships, two self-operated stores and an online official website, and four joint ventures with Australasian joint venture partners. Major cities throughout Australasia, including Melbourne, Sydney, Brisbane, Adelaide, Perth, Canberra, Auckland and Christchurch, each strategically has one to three dealerships, joint ventures and/or own stores.
The revenue of Xingeo Motorhomes mainly comes from the sale of motorhomes, and a small amount of other revenue comes from ancillary businesses, including sales of motorhome parts when providing after-sales service.
Revenue Breakdown (by Product):
Revenue Breakdown (By Region):
Shareholder structure
According to the prospectus, in the pre-listing shareholder structure of Xinjio Motorhome,
The group of controlling shareholders, led by Mr. Miao Xuezhong, Mr. and Mrs. Wang Danhong, and their daughter, Miao Wanyi, hold approximately 99.17% of the shares through Snowy Limited.
* SnowyLimited owns 1% of the shares of Mr. Miao Xuezhong through M.X.Z. Holdings, and the Miao Wanyi Trust, a trust set up by Mr. Miao Xuezhong as a client, owns 99%. The beneficiaries of this trust are companies wholly owned by Ms. Wang Danhong and Ms. Miao Wanyi.
The employee-owned platform NRV Benefit Limited holds 0.83% of the shares.
Directors and Executives
The board of directors of New Geo Motorhome consists of 7 directors, including:
4 Executive Directors: Mr. Miao Xuezhong (Chairman of the Board, CEO), Mr. Liu Tao (Chief Financial Officer), Ms. Liu Qin (General Manager - China), Mr. Andrew Robert CRANK (General Manager - Australia);
Three independent non-executive directors: Ms. He Jie, Mr. Yu Mingyang, and Ms. Wu Yongping.
Company performance
According to the prospectus, in the past 2021, 2022 and 2023, the operating income of Xingeo Motorhome was RMB 299.7 million, 499 million and RMB 720 million, respectively, and the corresponding net profit was RMB 25.08 million, RMB 32.956 million, and RMB 787.68 million, respectively.
Intermediary team
New Geo Motorhome's intermediary team for this IPO mainly includes: Huatai International as its sole sponsor; KPMG as its auditor; Haotian and Allen Overy Shearman Sterling as their company's Chinese lawyers and Hong Kong lawyers respectively; Jingtian Gongcheng and Jingtian Gongcheng (Hong Kong) as their Chinese lawyers and Hong Kong lawyers; and Frost Sullivan as their industry advisors.
