Reporter Zhong Kai from Sing Tao, Shenzhen

On June 26, domestic smart parking industry leader KEYTOP PARKING (01956.HK) officially listed on the Hong Kong Stock Exchange, becoming the "first stock of smart parking" in Hong Kong.

KEYTOP PARKING's global offering totaled 10.1123 million shares, of which 10% was for public offering in Hong Kong and 90% for international placement, with an issue price of HKD 39.55 per share, raising approximately HKD 400 million. The company did not introduce any cornerstone investors, relying entirely on market subscriptions to validate its value. Ultimately, the Hong Kong public offering was significantly oversubscribed, with 165,700 valid applications and a subscription multiple of 2,115.21 times, resulting in a 2.00% chance of winning a lot; the international offering was subscribed approximately 5.56 times.

Against this backdrop, market bullish expectations were first released in the dark market trading, laying the groundwork for the formal listing. According to Futu data, KEYTOP PARKING's dark market closed up 203.16%, at HKD 119.9 per share, with a market capitalization of HKD 12.125 billion, leading the gains among six new stocks listed on the same day, including Lingyi iTech (01688.HK), Shengbang Technology (03661.HK), and Chipbond Technology (09630.HK).

On the day of listing, KEYTOP PARKING opened high at HKD 110.1, and by around 10:20 AM, it was reported at HKD 115.5 per share, up 192.04%, with a total market capitalization reaching HKD 11.68 billion.

Three Attempts to Enter the Capital Market, Tencent and Yu Minhong Hold Shares

According to information, KEYTOP PARKING was founded in 2006 in Xiamen by co-founders Sun Longxi and Huang Jinlian. The company initially focused on communication products, but after a client canceled orders for ultrasonic detectors, leading to inventory backlog, it seized the opportunity to enter the highly untapped smart parking blue ocean market.

In 2007, KEYTOP PARKING innovatively added parking indicator lights to the parking guidance system, addressing the pain point of "blind parking"; in 2010, the company developed a car-finding system that combined guidance and search functions, and two years later, it vigorously promoted a video-based card-free charging system; in 2014, it continued to launch the mobile smart parking platform "Speed Parking," and was the first to implement the country's first WeChat payment smart parking lot, entering the mobile payment scene two years earlier than Alipay; in 2017, it launched a cloud-based remote management model for unattended parking lots, extending its business model from a single hardware supplier to "hardware + software + services." Since 2017, KEYTOP PARKING began seeking to connect with the capital market and first applied to the Shenzhen Stock Exchange's Growth Enterprise Market, but ultimately withdrew the application in October of the same year. In 2018, the company introduced strategic investor Tencent (00700.HK) and brought in well-known institutions and individuals such as the Hongtai Zhiying Fund under Yu Minhong and Century Cruises founder Peng Jianhu.

▲ KEYTOP PARKING's main equity distribution

However, the support from capital such as Tencent did not help KEYTOP PARKING successfully go public. In fact, the company submitted another application to the Shenzhen Stock Exchange's Growth Enterprise Market in 2021, but was rejected in August of the following year due to review issues. In April 2025, the company turned to the Hong Kong Stock Exchange to submit a listing application, which was invalidated twice due to the expiration of the 6-month review validity period, until it completed the filing with the China Securities Regulatory Commission in April 2026 and passed the Hong Kong Stock Exchange hearing on the third submission, ultimately achieving a successful listing on the Hong Kong stock market.

With the stock price soaring on the first day of listing, the company's founding shareholders and early investors welcomed a window for value realization.

Based on the stock price estimated as of 10:20 AM on the first day of listing, Sun Longxi and Huang Jinlian have the right to control 48.8223 million shares of the company, corresponding to a market value of approximately HKD 5.65 billion. In addition, Peng Jianhu and his concerted actors hold 9.5225 million shares, corresponding to a market value of approximately HKD 1.1 billion; Tencent holds 7.6993 million shares, corresponding to a market value of approximately HKD 890 million; and the Hongtai Zhiying Fund under Yu Minhong holds 3.3813 million shares, corresponding to a market value of approximately HKD 400 million.

Overdue receivables account for more than half

According to data from ZhiShi Consulting, based on 2024 revenue, KEYTOP PARKING ranks second in China's smart parking space digital operation market, with a market share of 3.3%, still a certain gap from the first place's market share (6.1%).

From 2023 to 2025, the number of parking lots served by the company increased from 22,500 to 30,600, with the growth in scale driving overall revenue from RMB 738 million to RMB 831 million. By business line, the proportion of revenue from intelligent parking systems decreased from 61.3% to 57.5%, while the proportion from intelligent parking management services decreased from 25.3% to 21.2%, with the decline attributed to the slowdown in the real estate industry and the market demand gradually shifting from building new parking lots to upgrading on demand; meanwhile, the proportion of parking lot operations surged from 13.1% to 21.1%, becoming a new growth point, mainly benefiting from the expansion of parking lot scale through contracted operation models and other operational models.

▲ KEYTOP PARKING Revenue Changes by Business Segment

Despite rapid revenue growth, KEYTOP PARKING's profitability has not seen much room for improvement. From 2023 to 2025, the company's gross profit margins are projected to be 46.4%, 45.9%, and 46.4%, respectively; during this period, net profits are expected to be CNY 87 million, CNY 87 million, and CNY 94 million, corresponding to net profit margins of 11.8%, 10.8%, and 11.3%.

It is worth mentioning that from 2023 to 2025, KEYTOP PARKING recognized government subsidies of CNY 18 million, CNY 13 million, and CNY 14 million in its comprehensive income and other comprehensive income statements. If these subsidies are excluded, the scale of the company's net profit would be further compressed.

Data also shows that over the past three years, KEYTOP PARKING's trade receivables were CNY 388 million, CNY 376 million, and CNY 336 million, with overdue receivables accounting for 52.3%, 46.4%, and 50.9%, respectively. Nearly half of the accounts receivable have been in a state of overdue for a long time. This not only results in the company's revenue being largely "paper wealth," but also exacerbates bad debt risks and occupies operating cash flow, creating ongoing pressure on the company's daily operational turnover.

▲ KEYTOP PARKING Overdue Receivables Situation

In response, KEYTOP PARKING explained in its prospectus that overdue receivables mainly stem from long payment delays by construction contractors who are payment counterparts for real estate developers, as well as the company's failure to grant customers credit periods, leading to trade receivables being recognized as overdue. The company further stated that due to increased efforts in collections, the balance of overdue trade receivables has generally decreased