"The world's largest fishing gear manufacturer" Lexin Outdoor (2720.HK) surged over 100% on its first day, with Futu acting as underwriter to support the company’s listing

On February 10, Lexin Outdoor (2720.HK) successfully listed on the Main Board of the Hong Kong Exchange, becoming the "first fishing gear stock in Hong Kong." On its debut trading day, the company's share price performed impressively, closing at 24.78, with an increase of 102.29%, and active market trading. As a global leader in the fishing gear industry, Lexin Outdoor's successful IPO not only marks an important milestone in the capital markets but also reflects investor confidence in the growth potential of the outdoor leisure equipment sector.

In this IPO, Lexin Outdoor issued 28.205 million shares, with public offerings oversubscribed by 365,423%. Futu led the market with a subscription amount of 64.45 billion and over 30,000 subscribers, accounting for more than 50% of the total market subscription. As the joint bookrunners (JBR) and joint lead managers (JLM) of this issuance, Futu leveraged its technological trading platform advantages to bring in highly active trading investors, providing solid support for long-term liquidity after listing.

Lexin Outdoor has deep expertise in the fishing gear sector, establishing a comprehensive and diversified full-category product portfolio, mainly including chairs and other accessories. The company's products are meticulously manufactured, suitable for various fishing scenarios such as carp fishing, competition fishing, lure fishing, fly fishing, and ice fishing. According to Frost & Sullivan, based on 2024 revenue, Lexin Outdoor ranked first in the global fishing gear industry in 2024, with a market share of 23.1%.

Lexin Outdoor's customer network includes outdoor goods brands (such as Decathlon), well-known fishing brands (such as RapalaVMC and Pure Fishing), prominent UK fishing brands (such as Fox, Nash, Trakker, and Preston), and leading US outdoor goods brands (such as Ardisam). As of the latest practicable date, the company’s products have been sold to more than 40 countries across Europe, North America, Australia, South Africa, and East Asia.

The prospectus shows that Lexus Outdoor’s revenues for 2022, 2023, and 2024 were 818 million, 463 million, and 573 million respectively; gross profits were 190 million, 120 million, and 153 million; operating profits were 153 million, 65.04 million, and 79.83 million; and net profits were 114 million, 49 million, and 59.41 million respectively.

The prospectus shows that the use of proceeds from Lexin Outdoor's IPO is clearly defined, focusing on four strategic directions: brand building, product innovation, capacity upgrades, and operational support. The aim is to drive the company's transformation from a global manufacturing leader to a brand and technology-driven enterprise.

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As a leading digital fintech company, Futu, with an investor ecosystem of over 27 million and a comprehensive enterprise service system, is capable of providing companies with end-to-end services throughout the pre-, mid-, and post-IPO process, including one-stop ESOP stock option management solutions, Hong Kong and US IPO distribution*, investor relations (IR) and PR, financial public relations services, international placement*, secondary trading services*, and other core services.

As of Q3 2025, six out of the top ten companies in terms of Hong Kong IPO fundraising have collaborated with Futu. Nearly half of the Hong Kong IPO projects in Q3 involved cooperation with Futu. In Q3, on the Futubull platform, 12 new stocks had subscription amounts exceeding 100 billion Hong Kong dollars. Futu’s capability in US IPOs has been highly regarded, with popular new stocks like Bullish, Figure, and Gemini achieving full allocation for all subscribing US clients.

As of Q3 2025, Futu's corporate service clientele reached 1,112 companies, providing IPO distribution and IR services to 561 enterprises. It has successfully assisted 358 companies such as Meituan, Kuaishou, Xiaomi, Baidu, KE Holdings, JD Health, and Bilibili in going public in Hong Kong and the US. A total of 804 ESOP clients have signed up cumulatively, and 1,300 listed companies are now hosted on the Futu platform.

In the future, Futu will fully leverage its resources and market influence to provide more professional and efficient services to a wider range of clients!

*Securities-related businesses such as IPO distribution are provided by licensed subsidiaries under Futu.

*Data source: Market value calculated based on the first day of listing.

*Data source: Futu's Q3 2025 earnings report.

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