On June 8, 2026, Xiamen Keytop Communication Technology Co., Ltd. ("Keytop Parking Inc.", hereinafter referred to as "Keytop"), headquartered in Xiamen Software Park, Fujian Province, published its post-hearing prospectus on the Hong Kong Stock Exchange and may soon list on the Hong Kong Main Board. The company previously submitted listing applications on April 28, 2025, October 31, 2025, and May 5, 2026.
Post-hearing prospectus of Keytop Parking Inc.
Core Business
Founded in 2006, Keytop Parking Inc. operates as a smart parking space operator driving urban parking transformation and has evolved into an integrated parking industry group offering digital-intelligent solutions, digital-intelligent management, and digital-intelligent operations.
According to a Frost & Sullivan report, Keytop ranked second in China’s smart parking space operation industry by relevant revenue in 2024, with a market share of 3.3%.
Keytop focuses on integrating intelligent technologies to connect the three key urban parking elements—'people, vehicles, and parking facilities'—to enhance management capabilities, operational efficiency, and service quality in urban parking. Additionally, the company is developing an online parking space rental platform where parking lots and individual parking space owners can list available spaces, and drivers can search for and rent these spaces on demand, thereby further improving resource utilization in the parking space operation industry.
In 2023, 2024, and 2025, Keytop served 22,497, 26,616, and 30,644 parking facilities, respectively.
Keytop’s revenue primarily derives from providing full-stack, cross-scenario smart parking services to parking asset owners and operators, including digital-intelligent parking systems, digital-intelligent parking management services, and parking lot operations.
Digital-intelligent parking systems generate revenue mainly from the sale of smart parking hardware and software systems, as well as related implementation and maintenance services;
Digital-intelligent parking management services generate revenue primarily from fixed monthly service fees or service fees based on a revenue-sharing mechanism, where fees are calculated as a predetermined percentage of parking facility revenues;
Parking lot operations generate revenue primarily from: (1) income derived from operating parking facilities, under which the company typically retains all operational income or shares with the parking asset owner any income exceeding a specified threshold; (2) value-added operations; and (3) platform operations. Additionally, the company earns a small amount of revenue from platform services in the form of service fees or commissions.
Shareholding Structure
According to the prospectus, prior to KeTuo Corporation's listing in Hong Kong, the company's shareholder structure was as follows:
Mr. Sun Longxi and Mr. Huang Jinlian jointly controlled a total of 53.65% of KeTuo Corporation’s shares.
Other shareholders include Jiatuo Tiancheng Group, Tencent (00700.HK), Horizon Capital, and Hongtai Jiachuang.
Management
The Board of Directors of KeTuo Corporation comprises seven directors, including:
Two executive directors:
Mr. Sun Longxi (Chairman and General Manager);
Mr. Huang Jinlian (responsible for overall strategic planning);
2 Non-Executive Directors:
Mr. Wang Zhongsheng (Employee Director);
Mr. Ye Hua (Vice President of Chongqing Guanda Holding);
3 Independent Non-Executive Directors:
Dr. Li Xiaolin (Professor at the School of Business, Nanjing University);
Dr. Su Xinlong (Professor at the Department of Business Administration, Xiamen University).
Mr. Chen Linwei (Director of Hong Kong Keton Digital Equipment).
In addition to the Executive Director, senior management includes
Mr. Huang Yuanzhong (Deputy General Manager);
Mr. Xu Lihua (Deputy General Manager);
Ms. Wu Yiting (Board Secretary and Joint Company Secretary);
Mr. Li Bin (Chief Financial Officer).
Company performance
According to the prospectus, Kaituo Co., Ltd.'s revenue for the years 2023, 2024, and 2025 amounted to RMB 738 million, RMB 800 million, and RMB 831 million, respectively, with corresponding net profits of RMB 87.03 million, RMB 86.709 million, and RMB 93.678 million.
Intermediary team
The intermediary team for Kaituo Co., Ltd.'s IPO primarily includes:
CICC and Minsheng Capital as its joint sponsors;
KPMG as its auditor;
King & Wood Mallesons is the company's legal counsel in China;
Han Kun (Hong Kong) as its Hong Kong and U.S. legal counsel;
Jingtian & Gongcheng acted as its PRC legal counsel for the securities firm;
Paul Hastings served as its broker-dealer’s Hong Kong and U.S. counsel;
Minsheng Capital as its compliance advisor;
CIC灼识咨询 is its industry advisor.