LEMO SERVICES (02539) surged over 17%, hitting a record high of HK$67.8, marking a gain of more than 60% from its IPO price of HK$40. At the time of writing, the stock was up 17% at HK$67.1, with a turnover of HK$14.01 million.

Public information shows that LEMO SERVICES provides massage services through automated massage equipment installed in high-traffic public locations across China. According to Frost & Sullivan data, the company ranked first among all machine-based massage service providers in mainland China by transaction volume for three consecutive years from 2022 to 2024, with market shares of 33.9%, 37.3%, and 42.9%, respectively. By revenue, LEMO SERVICES also led the mainland machine massage market in 2024, capturing over 50% market share.

Everbright Securities International noted that the overall massage market grew at a CAGR of 14.6% from 2020 to 2024, with the market size projected to reach RMB 676.9 billion by 2029. The machine-based massage service segment is expected to expand significantly, with its market size forecasted to hit RMB 5.6 billion by 2029, driven by a CAGR of 15.9% from 2025 to 2029.

The rapid growth of the machine massage service market is attributed to rising public health awareness, increasing consumer focus on stress relief and relaxation, and growing acceptance of smart, automated, and self-service consumption models among younger demographics.