Việt Nam's oldest bicycle brand (TNV) gears up for stock market debut
Việt Nam's oldest bicycle brand (TNV) gears up for stock market debut
The Hanoi Stock Exchange (HNX) recently approved the listing of 23.7 million shares of TNV, owned by Thống Nhất Hà Nội JSC, on the UpCom bourse.
Customers at a store of Thống Nhất Hà Nội. — Photo Thống Nhất FB |
The transaction value for these shares is VNĐ237 billion (US$9.3 million), priced at VNĐ10,000 per share.
Established in 1960 as the Thống Nhất Bicycle Factory, Thống Nhất Hà Nội has a rich history. Thống Nhất bicycles were once a beloved brand synonymous with generations of Vietnamese people.
As of June, ahead of the UpCom listing registration completion, major shareholders in Thống Nhất Hà Nội include the Hà Nội People’s Committee, representing 45 per cent of state capital, VSD Investment JSC with a 41.68 per cent stake and Trịnh Nguyên Khánh with 12.17 per cent.
The iconic Thong Nhat brand saw consistent revenue growth from 2020 to 2023.
Revenues increased from VNĐ77.9 billion in 2020 to VNĐ100.5 billion in 2021. However, the company faced losses of VNĐ10 billion and VNĐ10.7 billion in 2020 and 2021, respectively, due to the impact of the COVID-19 pandemic.
By 2022, its revenue surged by almost 42 per cent to VNĐ142 billion, with TNV returning to profitability at VNĐ13.7 billion. In 2023, revenue continued its upward trajectory, reaching VNĐ176.6 billion, although net profit decreased to VNĐ2.6 billion.
Last year, sports bicycle sales at Thống Nhất Hà Nội JSC dropped by 50 per cent, totalling around 12,000 units. Conversely, sales of children's bicycles saw a significant 140 per cent increase year-on-year, with over 74,000 units sold.
