(Yicai) June 3 -- New Gonow Group, a Chinese recreational vehicle maker that recently filed to go public in Hong Kong, said it is advancing its global expansion strategy.

New Gonow has taken nearly 10 percent of the Australian motorhome market and aims to rank first in Australia and New Zealand, the Shanghai-based firm told Yicai. Australia accounted for 94 percent of New Gonow's overseas revenue last year, while New Zealand made up the rest, it noted.

New Gonow's net profit was CNY78.8 million (USD10.9 million) last year, CNY33 million the prior year, and CNY25.1 million in 2021, according to its initial public offering prospectus submitted on May 28. Its operating revenue stood at CNY720 million (USD99.4 million), CNY499 million, and CNY300 million, respectively.

Miao Xuezhong, former president of Chinese auto giant Geely Group, founded New Gonow in 2003. The company acquired Australian motorhome brand Regent in 2014 and owns Snowy River and NEWGEN brands.

New Gonow delivered 2,694 RVs last year, up from 2,127 units in 2022 and 1,330 units in 2021.

On the day New Gonow submitted its IPO prospectus, it also inked a deal with the government of Tongxiang in Zhejiang province on an RV research, development, and manufacturing base project, which will build the city into China's core base of RV smart manufacturing.

Nearly 50,000 caravans were sold in Australia in 2022, of which 28,031 were domestically produced, up 17.1 percent from a year earlier, while more than 50 percent of the rest were made in China, according to the Caravan Industry Association of Australia.

Editor: Martin Kadiev