Just now, Tencent invested in a hundred billion IPO.

On June 26, KEYTOP PARKING, which has been in the "parking business" for 20 years, successfully listed on the Hong Kong Stock Exchange, with an issue price of HKD 39.55 per share and an opening price of HKD 110.1 per share, a high opening of 178%. Subsequently, the stock price rose to a maximum of HKD 122.8 per share, soaring 208% from the issue price, before falling back.

As of 9:46 AM, the company's stock price was HKD 114.6 per share, up nearly 190% from the issue price, with a market capitalization of HKD 11.6 billion (approximately CNY 10.1 billion).

As a smart parking space operator, KEYTOP PARKING has been promoting urban parking transformation since its establishment in 2006, and has now developed into a parking industry group that integrates intelligent parking systems, intelligent parking management services, and parking lot operation businesses.

According to a report by ZhiShi Consulting, based on revenue statistics for 2024, the company ranks second in China's smart parking space operation industry, with a market share of 3.3%.

Behind this industry runner-up, all shareholders are prominent figures.

Among them, Tencent injected dual capital, providing both funds and orders, directly optimizing KEYTOP PARKING's fundamentals; also joining later were the Hongtai Fund co-founded by Yu Minhong and former Giant Network chairman Peng Jianhu, gathering a circle of capital bigwigs.

With the birth of this hundred billion IPO, Peng Jianhu's floating profit exceeded 700 million, and Tencent's investment return rate reached as high as 492%, making it a capital feast.

70s Fujian IT Man in the "Parking Business," Annual Revenue of 800 Million

The story of KEYTOP PARKING begins with its founder Sun Longxi.

Born in 1977 in Dongshan, Zhangzhou, Fujian, he is a typical "technical" entrepreneur.

After graduating in 1999 from the Computer Software program at Changchun University of Science and Technology, he worked as a software engineer in Xiamen for three years, and then in 2004, he moved to Beijing to serve as the technical director at Jingyeda Network Information Co., Ltd.

Two years later, Sun Longxi returned to Xiamen and registered KEYTOP PARKING, and the wheels of fate began to turn.

Initially, Sun Longxi aimed at the communications product track, but coincidentally, a client ordered ultrasonic detection equipment from KEYTOP Communications for a city parking guidance system.

However, three months later, the order was suddenly canceled, and Sun Longxi's entrepreneurship fell into a "dark moment." To digest the inventory, Sun Longxi unexpectedly received an order from a Singapore client through the Alibaba platform.

At that time, only one Spanish company had similar products at exorbitant prices, which made Sun Longxi keenly aware of the huge gap in the Chinese parking market: private car ownership was exploding, but parking lot management was still living in the era of "grandpas and iron locks." As a result, he decided to switch from the communications sector to the research and development of parking equipment.

In the same year of its establishment, the company introduced parking indicator lights into the parking guidance system, guiding the industry from "blind parking" to the era of digital guidance; the following year, its self-developed parking guidance system was introduced to Northpoint City in Singapore.

In 2010, KEYTOP PARKING pioneered the car-finding terminal equipped with video recognition technology, solving the problem of car owners and drivers finding their cars. By entering the license plate, the screen tells you the exact location.

In 2012, the company was the first in the industry to promote the application of a video-based card-free charging management system, making "parking, taking cards, and paying" a thing of the past, reducing the barrier lifting speed from over ten seconds to two seconds, and in 2014, it was the first to realize "WeChat Pay" for parking fees.

In 2017, the company innovated its business model by launching a cloud-based remote management service for unmanned charging parking lots; in 2023, it released the industry's first intelligent parking operation system - Yongce Pro.

Since then, relying on strategic deep cultivation in technology research and development and parking operations, KEYTOP PARKING has built a complete business matrix covering intelligent parking systems, intelligent parking management services, and various products and services for parking lot operations. In 2023, 2024, and 2025, the company served 22,497, 26,616, and 30,644 parking lots, respectively.

During the reporting period, the company's revenue increased from CNY 738 million in 2023, an increase of 8.3%, to CNY 799.5 million in 2024, and further increased by 3.9% to CNY 830.6 million in 2025.

In 2023, 2024, and 2025, the company's net profits were CNY 87 million, CNY 86.7 million, and CNY 93.7 million, respectively; the corresponding adjusted net profits (not measured by International Financial Reporting Standards) were CNY 89.4 million, CNY 91.7 million, and CNY 121.9 million, respectively.

After the IPO, Sun Longxi directly held 23.73% of the shares. Based on the company's latest market value of CNY 10.1 billion, his net worth is nearly CNY 2.4 billion.

Tencent's Peng Jianhu and Yu Minhong have also invested, with some floating profits exceeding CNY 700 million

The rapid growth of KEYTOP PARKING's "parking business" naturally cannot be separated from the support of capital.

Just four years after KEYTOP PARKING collaborated with WeChat to launch "Fast Parking," Tencent stepped in.

In 2018, Tencent first invested CNY 50 million, and in 2020, it added another CNY 80 million, totaling CNY 130 million in two years.

In the same year of 2020, Peng Jianhu, the former chairman of Giant Network, also entered the market, personally investing CNY 80 million and investing CNY 76 million through Jiatuo Tiancheng; Yu Minhong's Hongtai Fund also invested CNY 30 million to join Subsequently, in the equity transfer from 2022 to 2023, Peng Jianhu and Yu Minhong increased their investments again, contributing 28.4 million and 38 million yuan respectively.

According to the prospectus, after the latest round of financing in January 2025, KEYTOP PARKING's post-investment valuation is 1.9 billion yuan.

After the IPO, Peng Jianhu holds a total of 9.42% of the shares, Tencent holds 7.61%, making them the second and third largest external shareholders respectively, while Yu Minhong's Hongtai Fund holds 3.34%.

Based on the latest market value of 10.1 billion, the share values for Peng Jianhu, Tencent, and Yu Minhong are 950 million yuan, 770 million yuan, and 340 million yuan respectively. After deducting the initial investment costs of 184.4 million, 130 million, and 68 million yuan, the three parties have floating profits of nearly 766 million, 640 million, and 272 million yuan, with investment returns of 415%, 492%, and 400%.

However, behind the substantial profits in the primary market, KEYTOP PARKING is not without its concerns.

Firstly, although the company's revenue is still in a growth phase during the reporting period, its year-on-year revenue growth rate has decreased from 8.3% in 2024 to 3.9% in 2025, indicating initial signs of growth fatigue.

According to the prospectus, KEYTOP PARKING's business can be divided into intelligent parking business, intelligent parking management services, parking lot operations, and others.

The revenue growth is mainly attributed to the expansion of the parking lot operation business, with revenue in this segment increasing from 96.9 million yuan in 2023 by 28.2% to 124.2 million yuan in 2024, and further increasing by 40.9% to 175.1 million yuan in 2025.

However, at the same time, the other two main businesses are facing a downward trend in revenue.

The intelligent parking business, which supports half of KEYTOP PARKING's revenue, has stagnated in growth, with revenues during the reporting period being 453 million yuan, 479 million yuan, and 478 million yuan, accounting for 61.3%, 59.9%, and 57.5% of total revenue respectively; the share of intelligent parking management services has dropped from 25.3% to 21.2%.

In response, the company stated that the intelligent parking business is mainly affected by the downturn in the domestic real estate industry, with market demand shifting from new parking lot hardware to the renovation and upgrading of existing parking lots, leading to a decline in hardware sales revenue. However, service revenues from deployment, debugging, maintenance, and project implementation for existing customers have increased, offsetting the decline in hardware revenue.

The decline in revenue from intelligent parking management services is attributed to two factors.

Firstly, a large number of five-year and earlier service contracts have expired, and the number of newly signed or renewed parking lots during the period is less than the number of expired contracts, resulting in a decrease in the number of serviced parking lots from 4,890 to 4,519; secondly, some renewing customers prefer to choose light asset entry-level service packages, which require less supporting hardware, or customers use their existing equipment and only purchase remote booth seating services, leading to a decrease in the value of individual contracts This means that after KEYTOP PARKING successfully goes public, it still has a performance growth battle to fight in the secondary market.

In this IPO fundraising, approximately 35.0% will be used to promote research and development work and enhance technical capabilities; about 35.0% will be used to deepen the parking lot operation business and continue to expand operational scale; approximately 20.0% will be used to expand marketing and service networks and further explore global expansion opportunities; and about 10.0% will be used for working capital and other general corporate purposes