New stock news | Kote shares re-submit an application to the Hong Kong Stock Exchange, focusing on the operation of smart parking spaces.

According to the disclosure of the Hong Kong Stock Exchange on October 31st, Xiamen KeTuo Communication Technology Co., Ltd. (referred to as KeTuo Corporation) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with CICC and CMBC CAPITAL as its joint sponsors. Earlier on April 29th, the company had submitted documents to the Hong Kong Stock Exchange. The prospectus shows that KeTuo Corporation is an intelligent parking space operator, focusing on combining intelligent technology to connect the three elements of urban parking (people, cars, and spaces) and deeply participating in promoting the smart transformation of urban parking. Since its establishment in 2006, the company has developed into a comprehensive parking industry group integrating smart parking systems, smart parking management services, and parking operations. Urban parking is an important node in the urban transportation system. According to a report by Zhuo Shi Consultancy, China has the largest number of cars in the world, with an estimated 345.7 million cars by the end of 2024. The market size of parking space operation in China (by revenue) is expected to grow from RMB 864 billion in 2025 to RMB 1,196.6 billion in 2029, with a compound annual growth rate of 8.5%. According to a report by Zhuo Shi Consultancy based on revenue in 2024, the company ranks second in China's smart parking space operation industry, with a market share of 3.3%. In terms of smart parking systems, the company sells standardized hardware products to customers, as well as optional value-added services, including implementation services, SaaS arrangements, and service warranties. Revenue from hardware product sales is recognized when the customer receives and accepts the hardware products. Revenue from implementation services is recognized over time according to cost. Revenue from SaaS arrangements is recognized on a straight-line basis over the entire expected service period. As of 2022, 2023, 2024, and the six months ending June 30, 2025, the company served 17,596, 22,497, 26,616, 20,954, and 23,917 parking spaces, respectively. The prospectus notes that a significant portion of the company's revenue comes from smart parking systems business, while smart parking management services and parking operation business rely on the company's smart parking hardware and software products. In terms of performance, the company's revenue for 2022, 2023, 2024, and the six months ending June 30, 2025 were approximately RMB 649 million, RMB 738 million, RMB 800 million, and RMB 379 million respectively. During the same period, net profits and comprehensive income totaled RMB 12.303 million, RMB 87.03 million, RMB 86.709 million, and RMB 25.904 million respectively.