New stock news | Luku Technology submits application to the Hong Kong Stock Exchange, the shipment volume of vein smart locks in 2024 ranks first in the world.

According to the disclosure by the Hong Kong Stock Exchange on February 6th, Laike Technology (Beijing) Co., Ltd. (referred to as Laike Technology) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with China Galaxy International as the sole sponsor. Company Profile The prospectus shows that Laike Technology is the pioneer of the global AI home security steward (an AI-empowered system that provides security protection and specific home care functions for families). With the best innovative integrated technology capabilities of "hardware + software + AI", the company provides comprehensive solutions for home and community security protection, intelligent management, and home care centered around smart locks, thereby providing each family and community with a safe, convenient, and efficient home experience. According to Frost & Sullivan data, Laike Technology is the world's first company to achieve large-scale production of vein intelligent locks, representing the future development direction of smart locks and serving as the core foundation of home security. In 2024, the company's vein intelligent lock shipments ranked first globally, with a market share of 10.5%. According to the same data source, the company's intelligent lock shipments ranked fourth globally, with a market share of 2.6%. In 2024, the company's intelligent lock shipments in mainland China reached 1.2 million sets, ranking third with a market share of 5.8%. The company was the first to release the "Clouding" integrated apartment smart lock and management system in the industry, integrating the door lock into the Internet, making the door lock a real-time online device and serving as the hub for smart home management. This system is interconnected with apartment management Software as a Service ("SaaS") and Internet of Things (IoT) devices such as smart water and electricity meters, leading the wave of smart management in Chinese apartments. According to Frost & Sullivan data, the company maintained the largest market share in the Chinese apartment smart lock sub-market in 2024. According to Frost & Sullivan data, the company launched the industry's first mass-produced vein smart lock in 2021, driving the rise of vein recognition in the field. Subsequently, in 2023, the company launched the industry's first mass-produced palm vein smart lock. Leveraging the company's self-developed AI image algorithm, these products advance biometric authentication from fingerprint and facial recognition to the more secure and precise vein recognition. Compared to traditional fingerprint and facial recognition solutions, vein recognition significantly improves security performance in core metrics such as false acceptance rate and false rejection rate. The company's leading innovation in vein smart locks has made it a global leading brand. During the performance period, the company primarily generated revenue through the following means: (i) selling its own branded consumer goods, namely Laike consumer-grade smart locks and AI home security stewards; (ii) providing Original Design Manufacturer (ODM) services to brand companies, including designing and producing smart locks and other home security products under their brands, and selling them through their platforms and channels; and (iii) providing commercial solutions under the Clouding brand, offering integrated solutions for hardware and software services to residential properties managed by enterprises, integrating smart locks, smart water and electricity meters, and AI-empowered security management platforms to improve operational efficiency, reduce costs, and reduce security risks. The global smart home industry is undergoing a fundamental paradigm shift from "interconnected" to "intelligent" and ultimately evolving towards embodied intelligence. In this process, the AI home security steward, centered around the smart lock as the main physical entrance to a home, with its essential attributes, high frequency of use, and fixed installation characteristics, is poised to become the ideal choice for deploying home AI intelligence and ultimately, the embodiment of intelligent stewardship. At the same time, the global aging population trend has given rise to a significant demand for "technology elderly care" solutions. With its unique technological system and first-mover advantage, the company is in a favorable position to benefit from the growth of these markets. Financial Information Revenue: For the fiscal years 2023, 2024, and the nine months ended September 30, 2024, Laike Technology's revenues were approximately RMB 1.015 billion, RMB 1.086 billion, RMB 694 million, and RMB 774 million, respectively. Profit: For the fiscal years 2023, 2024, and the nine months ended September 30, 2024, Laike Technology's annual/interim profits were RMB 14.026 million, RMB 53.113 million, RMB 6.830 million, and RMB 31.981 million, respectively. Industry Overview With the rapid popularization of smart homes and digital lifestyles, the global market for home security management solutions is growing rapidly, with the market size increasing from $25.5 billion in 2020 to $37.8 billion in 2024, with a compound annual growth rate of 10.4%. In this process, the AI home security steward with the technical characteristics of intelligent perception, autonomous decision-making, and multi-device scenario linkage is becoming the best solution for achieving home security management with its active, precise, and personalized service capabilities. Looking ahead, as the trend of software-defined hardware and algorithm-driven experiences continues to deepen, AI will not only be an added feature but will also be the core future that reshapes the entire industry's value and ecosystem. With the accelerated integration of AI and the Internet of Things technology and the growing demand from users for residential safety and convenience, the global market for home security management solutions is expected to reach $66 billion in 2029. Driven by the trend of residential intelligence and the upgrade demand for security protection, the penetration rate of smart door locks is gradually increasing. The global shipment of smart door locks increased from 37 million sets in 2020 to 50 million sets in 2024, with a compound annual growth rate of 7.8%. Looking ahead, with continuous product upgrades and the expansion of application scenarios, it is expected that the global shipment of smart door locks will further increase to 899 million sets by 2029. In terms of regions, China, with its well-established supply chain system and manufacturing capabilities, has the highest share of smart door lock shipments. The shipments of smart door locks in China increased from 14.8 million sets in 2020 to 20.5 million sets in 2024, with a compound annual growth rate of 8.6%. With the increasing popularity of smart homes, the shipment of smart door locks in China is expected to reach 39.9 million sets by 2029. Smart door locks can be classified into fingerprint recognition locks, facial recognition locks, and vein intelligent locks. Due to its high technical maturity, fingerprint recognition locks remain the mainstream product in the current market, accounting for over 50% in 2024. As biometric recognition methods continue to iterate and accuracy improves, the market penetration of facial recognition locks and vein intelligent locks is rapidly increasing. Among them, vein intelligent locks, with higher security, recognition accuracy, and anti-counterfeiting capabilities, are gradually becoming an important development direction in the smart door lock sector. Its shipment is expected to increase from 1.9 million sets in 2025 to 6.3 million sets by 2029, with a compound annual growth rate of 35.6%. Board Information The board consists of seven directors, including three executive directors, one non-executive director, and three independent non-executive directors. Directors serve a term of three years and are eligible for re-election at the end of their term. Equity Structure Yunding Management Consultancy holds 7.94% of the shares, Mr. Chen Bin holds 15.33%, Yunding Enterprise Management holds 5.54%, Xingjiang More holds 1.54%, and Baidu Entity holds 18.43%. As of the last practicable date, Yunding Management Consultancy, Yunding Enterprise Management, and Xingjiang More each hold approximately 6.42%, 26.56%, and 0.17% of the equity, respectively, with Mr. Chen Bin acting as their general partner. Intermediary Team Sole Sponsor: China Galaxy International Securities (Hong Kong) Co., Ltd. Company Legal Advisors: For Hong Kong laws and U.S. laws: Kirkland & Ellis LLP; for Chinese laws: King & Wood Mallesons Legal Advisors for the Sole Sponsor: For Hong Kong laws: Han Kun Law Offices, a leading limited liability partnership; for Chinese laws: Han Kun Law Offices Auditors and Reporting Accountants: Deloitte Touche Tohmatsu International Limited Industry Consultant: Frost & Sullivan Consulting (Beijing) Co., Ltd., Shanghai Branch