Snowy River owner achieves historic milestone
Parent company of big-selling Aussie caravan brand goes public with $200 million-plus listingThe fast-growing international company behind one of Australia's biggest-selling caravan brands, has listed on the Hong Kong Exchange (HKEX), marking a historic milestone as the first RV manufacturer to go public on the major stock exchange.
Chinese manufacturer New Gonow RV which sells Snowy River, Regent and NewGen caravans, pop-tops and soon, hybrids, in Australia and New Zealand, sold 240 million shares to investors for HK$1.27 (AUD$0.26). By the end of its opening week on the exchange, the stock closed at HK$1.43 (AUD$0.30), giving the company a market capitalisation of approximately HK$1.03 billion (AUD$213 million).
New Gonow RV has grown rapidly in recent years to capture a significant slice of the Australian RV market, after delivering 1330 RV units in 2021, 2127 units in 2022 and 2694 units in 2023, according to the IPO prospectus.
"Over the past five years New Gonow RV has achieved an average annual revenue growth rate exceeding 30 per cent, significantly outperforming industry averages," the Australian arm of New Gonow RV said in a statement.
A former senior executive at auto giant Geely, Miao Xuezhong, founded New Gonow in 2003, and the company first dipped its toes in the Australian market when it acquired well-known Aussie caravan brand Regent in 2014.
It's now believed to be the second biggest-selling RV operation in Australia, led down under by former Jayco manager and now Snowy River Caravans CEO Andrew Crank, with dealers all around Australia, market-leading customer service and support, and a local headquarters and final assembly plant located in Somerton, Victoria.
"This is an incredible milestone for New Gonow RV, and a testament to our exceptional, hard-working and dedicated team," Mr Crank said.
"Part of the New Gonow RV family, Snowy River Caravans is excited about the opportunities this brings for our continued innovative growth in products and retail outlets. This listing strengthens the foundation upon which we deliver increasing value, quality, and service to our customers across Australia and New Zealand."
New Gonow RV has plans to expand further in Australia as well as enter new international markets. The company also aims to be at the forefront of RV technological research and innovation, with a "trailblazing" new ERV caravan model in development, equipped with "intelligent technology" and an "autonomous driving system".
After recently launching its first pop-top range in Australia, Snowy River is set to debut its first hybrid caravan models at the 2025 Victorian Caravan Supershow at the Melbourne Showgrounds (Feb 19-23).
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