New stock news | Koito Group's Hong Kong IPO prospectus invalid

Xiamen Koto Telecommunication Technology Co., Ltd. (referred to as Koto Corporation) submitted its prospectus for listing on the Hong Kong stock exchange on April 29, which expired after 6 months on October 29, with CICC and CMBC CAPITAL acting as its joint sponsors. According to the previous prospectus, Koto Corporation is a leader and pioneer in China's smart parking space operation industry. Anchored in artificial intelligence and data-driven, it is deeply involved in promoting the digital transformation of urban parking. Since its establishment in 2006, it has developed into a comprehensive parking industry group integrating digital solutions, digital management, and digital operations. According to the Insight Consulting report, the company is one of the first in China's smart parking space operation industry to achieve hardware-algorithm-platform-ecosystem full-stack autonomous controllable enterprises. According to the same report, based on revenue projections for 2024, the company ranks second in China's smart parking space operation industry. The company has provided support to over 68,000 parking lots and 300 million vehicles, covering more than 60 countries and regions with over 13 million parking spaces worldwide. During the previous period, the number of parking lots served exceeded 34,000, with daily average of 2.1 million temporary parking orders and transactions amounting to RMB 20.5 million. The cumulative annual turnover exceeds RMB 7.5 billion.