The global fishing tackle manufacturing industry is set to welcome a notable capital market event. Ridge Outdoor (Zhejiang Ridge Outdoor International Co., Ltd.), the world’s largest fishing tackle manufacturer by revenue, has officially launched its initial public offering (IPO) in Hong Kong, positioning itself to become the first listed fishing tackle manufacturer on the Hong Kong Stock Exchange.

IPO Structure and Timeline

Ridge Outdoor plans to globally offer 28.205 million shares, with 10% allocated to the Hong Kong public offering and the remainder placed internationally. The offer price is set at HK$12.25 per share, implying gross proceeds of approximately HK$345 million.

The company is scheduled to commence trading on the Hong Kong Stock Exchange on February 10, 2026, with China International Capital Corporation (CICC) acting as the sole sponsor.

The subscription period runs from January 31 to February 5, 2026.

Market Position: Global and China Leadership

According to data from Frost & Sullivan, based on 2024 revenue, Ridge Outdoor ranks as the largest fishing tackle manufacturer globally and in China:

• Global market share: 23.1%

• China market share: 28.4%, up from 23.4% in 2022

The company holds a leading position in large-scale manufacturing, SKU depth, and multi-scenario product coverage within the fishing tackle sector.

Financial Performance: Steady Growth and Improving Profitability

Ridge Outdoor has delivered solid operating performance in recent years:

• 2024 revenue: RMB 573 million, up 23.8% year-on-year

• Revenue for the first eight months of 2025: RMB 460 million, representing 17.7% growth

• Pre-tax profit (first eight months of 2025): RMB 74.6 million, up 21.9% year-on-year

Despite cyclical fluctuations in outdoor sports consumption, the company has maintained relatively stable margins and earnings growth.

Product Portfolio: Over 10,000 SKUs Across Fishing Scenarios

Ridge Outdoor has built a highly comprehensive product system tailored to diverse fishing environments. As of August 31, 2025, its portfolio includes more than 10,000 SKUs, supporting a wide range of fishing disciplines, such as:

• Carp fishing

• Competitive angling

• Lure fishing

• Fly fishing

• Ice fishing

This broad, scenario-driven product offering strengthens the company’s competitiveness within OEM/ODM supply chains and enhances its ability to serve global customers.

Business Model and Strategic Challenges

Despite its global manufacturing leadership, approximately 90% of Ridge Outdoor’s revenue is derived from OEM/ODM operations, resulting in a high degree of dependence on downstream brands and overseas clients. Consequently, the company’s performance has historically been influenced by cycles in outdoor recreation demand.

To break through manufacturing-only growth constraints, Ridge Outdoor initiated its own-brand strategy in 2017, aiming to move up the value chain. However, progress in brand development has been relatively gradual, with branded products still accounting for a limited share of total revenue.

In addition, the company’s ownership structure is highly concentrated, with founder Yang Baoqing holding a controlling stake. Post-listing, corporate governance optimization and long-term incentive mechanisms may become areas of market focus.

Industry Outlook: Sustained Growth Momentum

From an industry perspective, the fishing tackle market continues to demonstrate robust growth potential:

• The global fishing tackle market is expected to grow at a CAGR of 9.5% between 2025 and 2029

• The China fishing tackle market recorded a CAGR of 18.92% from 2020 to 2024

Manufacturers with scale advantages, broad product portfolios, and efficient supply chains are well positioned to benefit from this structural growth.

Conclusion

Ridge Outdoor’s Hong Kong IPO represents a significant milestone in its corporate development. Beyond reinforcing its manufacturing scale and global delivery capabilities, the listing is expected to provide greater strategic flexibility for future expansion in branding, international market penetration, and capital deployment.

As consolidation accelerates within the global fishing tackle industry, whether Ridge Outdoor can evolve from the world’s largest manufacturer into a fully integrated fishing tackle group with stronger brand influence will remain a key point of interest for investors and industry observers alike.