KEYTOP Passes Hong Kong Stock Exchange Listing Hearing, Set to Become Hong Kong's First AI Parking Stock
HONG KONG, Jun 11, 2026 - (ACN Newswire) - Keytop Parking Inc. (“Keytop” or the “Company”), a global leading smart parking space operator, has passed the listing hearing on the Main Board of Hong Kong Stock Exchange on 8th June.
Founded in 2006, Keytop has evolved into a comprehensive parking industry group integrating smart parking systems, digital parking management services, and parking facility operation. Based on 2024 revenue, the Company ranks second in China’s smart parking space operation industry, underscoring its leading market position. With nearly 20 years of deep industry experience, Keytop drives urban static transportation upgrading through continuous technological innovation and refined operation, leading the industry’s long-term development.
Solid Leadership in Smart Parking Industry
Driven by AI, big data and IoT technologies, China’s smart parking industry is accelerating digital transformation with huge growth potential. Industry reports project the market size of China’s smart parking space operation to reach RMB 91.9 billion by 2029, offering strong cost-saving, efficiency-improving and value-added opportunities. Against the industry-wide pain point of “revenue growth without profit growth”, Keytop has emerged as a widely recognised profitability benchmark thanks to its solid operational performance.
From 2023 to 2025, the Company’s revenue grew steadily from RMB 738.0 million to RMB 830.6 million. Its adjusted net profit under non-IFRS standards rose from RMB 89.4 million to RMB 121.9 million. The net profit margin increased from 11.5% in 2024 to 14.7% in 2025, well above the industry average. Gross profit grew from RMB 342.7 million to RMB 385.2 million, with the gross profit margin consistently over 46%. Operating profit increased from RMB 105.4 million to RMB 111.1 million, and net profit rose from RMB 87.0 million to RMB 93.7 million. The Company saw steady growth across all profit indicators.
The Company also achieved better cost control. Its sales expense ratio fell from 20.9% to 18.5%, while the R&D expense ratio stayed above 5%. Optimised cost structure helped lift overall operational efficiency. Supported by its full-industry-chain business layout and mature business model, the Company generates profits mainly from its core operations with negligible impact from non-recurring gains and losses. It boasts superior earnings quality and strong resilience against industry cycles. Its comprehensive solutions have delivered remarkable value to partners, driving a maximum increase of 130% in net revenue from temporary parking and a 48% rise in overall comprehensive revenue for parking lots. The Company has earned wide recognition for its strong commercial competitiveness and promising long-term growth potential.
Strengths in Technology & Scale, Full-scenario Coverage Builds Solid Moat
The smart parking industry is a booming market with broad prospects and solid growth certainty. Adhering to full-stack independent R&D, Keytop drives industrial innovation with cutting-edge technologies. Drawing on nearly two decades of technological expertise and operational experience across over 30,000 parking lots, the Company has built an integrated "Hardware + Software + Operation" ecosystem powered by AI and intelligent connectivity technologies. It enables seamless interconnection and efficient collaboration among parking facilities of various types and scales across diverse vertical sectors, and addresses the upgrading demands of a wide range of scenarios including large commercial complexes, office buildings and residential communities.
Boasting profound technological accumulation, the Company has spearheaded a series of industrial technological transformations. In 2006, it launched China’s first LED parking space indicator light, ushering in a new era of digital parking guidance. In 2010, it rolled out vehicle searching terminals equipped with video recognition technology. In 2012, it pioneered the deployment of video-based ticketless toll collection systems, and in 2014, it became the first player to support WeChat Payment for parking fees. In 2017, the Company launched cloud-based remote management of unattended parking facilities. In 2023, it officially unveiled Yongce Pro, China’s first smart parking operation system in the industry. The system remedies the functional deficiencies of traditional parking software and enables collaborative management of multiple parking lots at low costs. Together with AI-native applications namely AI kiosk and AI parking manager, the Company realizes remote unattended operations. A single AI kiosk can manage 200 entrance and exit lanes simultaneously, delivering a substantial improvement in manpower investment.
The Company has established three core business segments, forming a mature full-stack and cross-scenario business portfolio. The Company’s smart parking systems integrate IoT, big data and AI technologies, covering enclosed parking lots, on-street parking and other scenarios. Supported by reliable product performance and comprehensive service systems, Keytop has forged in-depth partnerships with industry giants including China Resources Group, China Overseas Holdings Limited and Vanke Co., Ltd. The smart parking management services facilitate the transformation of parking lot operations from labour-intensive manual management to data-driven standardized operations, adopting flexible cooperation models such as monthly subscription services and revenue sharing. The parking lot operation business has developed diversified models covering comprehensive operation, value-added services and platform operation, extending business scope from basic facility management to the appreciation of parking asset value.
Leveraging its self-developed data middle platform and AI parking training centre, the Company’s algorithms are adaptable to complex driving scenarios and compatible with various types of license plates worldwide, laying a solid foundation for global expansion. Featuring standardized hardware and modular software architecture, the Company’s solutions are compatible with clients’ existing systems to cut renovation costs, and can respond rapidly to customized requirements. On the service front, Keytop has built a full-lifecycle closed-loop management system and tiered service structure. It provides round-the-clock bilingual customer support, remote diagnosis and on-site maintenance services, and adopts AI-powered predictive maintenance to issue early warnings of potential equipment faults. Its service network covers China and more than 60 countries and regions across the globe.
Clear Fund Utilisation Plan, Four Major Directions to Fuel Long-term Growth
The proceeds raised from this listing will be deployed in accordance with the Company’s core strategies to advance technological upgrading, business expansion and global layout, so as to further consolidate its leading position in the industry. As disclosed in the prospectus, the raised funds will be allocated to four major areas. The primary uses include advancing R&D initiatives and enhancing technological capabilities to continuously strengthen the moat of AI and intelligent technologies, as well as expanding parking lot operation business to increase market share and profitability. A portion of the funds will be used to expand marketing and service networks, explore global development opportunities, and cover general corporate purposes.
The listing will inject vital impetus into Keytop’s long-term development. After its debut on the Hong Kong stock market, the Company will leverage the capital platform to scale up R&D investment and accelerate the commercial application of AI technologies in parking scenarios, including the iterative upgrading of core technologies such as multi-modal sensing, cloud-native platforms and AI Agent clusters. Meanwhile, Keytop will further deepen its integrated "Hardware + Software + Operation" business layout, expand service networks and explore global expansion opportunities. The Company will sustain its leading edge in both technology and scale and continue to take the lead in the AI-enabled parking track.
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