Capital empowerment, technological foundation paving the way, Kalester Technology (02729) has started its IPO journey towards global development.

In the wave of rapid development in the global intelligent intralogistics industry, the leading enterprise in comprehensive intelligent intralogistics field, Siasun Robot & Automation area Head Enterprise Keplus Technology (02729), successfully passed the listing hearing on the Main Board of the Hong Kong Stock Exchange and officially began its initial public offering on March 16, 2026, with GUOTAI JUNAN I and CITIC SEC acting as joint sponsors. According to reports, the subscription period for Keplus Technology will end on March 19, with plans to sell 36.798 million shares, approximately 10% of which will be offered for public sale in Hong Kong, 90% for international placement, and an additional 15% for over-allotment option. The company's offering price is set at HK$16.4-20.4 per share, with a minimum of 200 shares per lot, raising over HK$600 million, and expected to be listed on March 24. It is worth noting that with the presence of many top capital firms, the intrinsic value of Keplus Technology is expected to quickly focus on the market after its listing, releasing a signal that can bring stable and long-term returns to investors. Empowered by a luxurious group of shareholders, forming powerful alliances and charting the future Keplus Technology is one of the few companies that masters the full-stack Siasun Robot & Automation technology and covers all core functions of intralogistics. The company has built a diversified Siasun Robot & Automation matrix around the three core elements of storage, handling, and sorting intralogistics, covering multidirectional Shuttle System (MSR), autonomous mobile Siasun Robot & Automation (AMR), and conveyor sorting Siasun Robot & Automation (CSR), integrating different devices into a unified scheduling framework through WMS (Warehouse Management System), WCS (Warehouse Control System), and RCS (Robot Control System), forming a systematic product matrix of "hardware + software" that covers different heights, loads, and application scenarios to meet the automation needs of intralogistics in different industries. Behind the strong product capabilities is Keplus Technology's continuous investment in research and development and a perfect research and development system. Up to now, the company has obtained 379 registered patents, and its technical strength has been widely recognized in the industry. The company's research and development expenditure from 2022 to 2024 accumulated to 242 million RMB, and the research and development expenditure in the first nine months of 2025 also reached 48.113 million RMB, continuously building a clear hierarchical research and development system, realizing vertical research and development from fundamental algorithms to scenario applications, ensuring precise technological innovation to address industry pain points, laying a foundation for the company's continuous technological leadership. At the same time, Keplus Technology continues to expand its business and improve service quality, gaining significant market recognition. The company's shareholder list, as disclosed in the listing documents, is considered a luxury lineup of Chinese industrial capital: through Shunfeng Technology and Suzhou Huidao, Shunfeng Group held more than 14% of the shares; Qijiang and Qilu (referred to as " Zhongjin Fund") holds 10.15% of the shares; China Merchants Port Advanced Technology holds 6.48% of the shares; Jointown Pharmaceutical Group holds 3.99% of the shares; Yangtze River Pharmaceutical holds 1.34% of the shares. In addition, the shareholder list also includes top institutions and state-owned enterprises such as Dingfeng Innovation, Yuanhe Zhongyuan, Cornerstone Fund, Huagai Tian Tou, Yicun Fund, Nanhu State-owned Holdings, Datay Fund, etc. It is worth noting that as a leader in the Chinese logistics industry, Shunfeng Group and Keplus Technology's business have a natural fit. The synergy between the two has achieved a value extension of "1+1>2." On the one hand, Shunfeng provides continuous stable order support for the company. It has provided intelligent intralogistics solutions for Shunfeng Group, mainly including system development, core automation hardware supply, and on-site installation integration. Keplus Technology has also signed an agreement with Shunfeng Group to provide after-sales service for the intelligent intralogistics solutions previously sold to Shunfeng Group. The depth of their cooperation has been further upgraded after the equity link. On the other hand, Shunfeng's extensive warehousing and sorting centers have become a natural validation scene for Keplus Technology's product technology, driving the continuous iteration and optimization of Keplus Technology's Siasun Robot & Automation products and solutions to meet the complex logistics operation requirements and scenarios, establishing a technical loop of "research and development - implementation - optimization," continuously enhancing the reliability and adaptability of the company's products in practice and strengthening its technological moat. At the same time, with the endorsement of Shunfeng as an industry leader, Keplus Technology's trust cost in expanding third-party logistics, ecommerce, and similar customers has been significantly reduced, becoming a "golden signboard" for its market expansion. The support of Jointown Pharmaceutical Group and Yangtze River Pharmaceutical is a precise fit for the company's deep cultivation in the pharmaceutical field. Jointown Pharmaceutical Group, as a benchmark enterprise in the pharmaceutical distribution field, can help the company successfully enter the high-quality and compliant pharmaceutical supply chain market through continuous business cooperation with Keplus Technology. The industrial background of China Merchants Port Advanced Technology provides potential entry points and resource support for the exploration of broader scenarios such as port automation and park logistics, achieving deep resonance from capital injection to scene empowerment. In addition, the support of top financial investment institutions such as Zhongjin Fund, Dingfeng Innovation, and Cornerstone Fund provides professional support for the value growth of Keplus Technology from the dimensions of capital operation, strategic planning, and corporate governance, significantly enhancing the stability and predictability of the company's development. Among them, Zhongjin Fund, with its background as a top international investment bank and investment institution, can bring professional capital operation capabilities, strong financial background, and broad industry resources to Keplus Technology. It can be seen that the shareholder lineup of Keplus Technology brings together leading industrial capital in the fields of logistics, pharmaceuticals, and infrastructure, as well as top financial investment institutions such as Zhongjin Fund and Cornerstone Fund, which is relatively rare in the field of intralogistics. Exploring the essence, the investment preferences of these institutions are all focused on long-term investment, adept at digging into the long-term value behind growing companies or projects. It is not difficult to speculate on the real reasons why this luxury group of shareholders has invested in Keplus Technology: they collectively believe in the company's leading product strength, strong technological drive, and future core business value. Core shareholders such as Shunfeng Group, Zhongjin Fund, China Merchants Port Advanced Technology, Jointown Pharmaceutical Group, among others, have not only brought direct financial support and industry endorsement to Keplus Technology but have also built competitive barriers for the company from multiple dimensions such as business scenarios, technology implementation, market expansion, and global layout, becoming key drivers for the enhancement of the company's core value. The synergistic effect of "industrial resources + ecosystem synergy + capital empowerment" has significantly strengthened the growth certainty and valuation premium of the company in the field of intelligent intralogistics. Demonstrating a stable foundation with core strengths, unlocking immense growth space through globalization Viewed from the market perspective, Keplus Technology's popularity among many renowned industrial capital firms is closely related to its steady and rapid development over the years and the immense potential for future growth in the booming global intelligent intralogistics market. According to data from Frost & Sullivan, Keplus Technology is one of the few companies in the world that master full-stack Siasun Robot & Automation technology and have a fully self-developed product portfolio in intralogistics. It is also one of the few companies that have achieved full coverage of core intralogistics functions, fully satisfying the needs of all heights and loads in all scenarios. As of September 30, 2025, Keplus Technology has served 861 customers across 29 industries, with over 1,600 implemented projects, including numerous large-scale benchmark projects with amounts exceeding tens of millions. The business scenarios extend from traditional warehouses to multi-floor warehouses, high-standard warehouses, and various facility types, expanding from circulation to manufacturing fields, fully adapting to customized logistics requirements in industries such as automotive, new energy, 3C electronics, pharmaceuticals, e-commerce, and more. Against the backdrop of increasing market recognition, the company's operating performance has shown a steady growth trend, with revenue reaching 721 million RMB in 2024 and approximately 552 million RMB in the first nine months of 2025, while the adjusted net loss has narrowed by seventy percent to approximately 13.755 million RMB. Based on the continuous growth in revenue, the proportion of revenue from the top five customers has decreased from 49.7% in 2023 to 27.4% in the first nine months of 2025. With the increase in customer sources, the revenue structure is rapidly optimized, clearly indicating improved operational efficiency and a clear path to profitability. As of the end of December 2025, the total amount of Siasun Robot & Automation and systems pending delivery for Keplus Technology is approximately 2.2 billion RMB, with 44.7% expected to be fulfilled in 2026 and 47.3% in 2027, like a growth engine waiting to be unleashed, providing solid support for the continued release of future performance. Moreover, while consolidating its foundation in the domestic market, Keplus Technology has positioned itself strategically as "based in China, leading globally," accelerating the pace of international expansion. The company's business now covers 19 countries and regions, and in the context of the global demand for intelligent intralogistics continuing to rise, its overseas business has made significant breakthroughs. As of December 31, 2025, among the 22 billion RMB of pending orders, there are 46 ongoing overseas projects, with a total pending contract amount of 685 million RMB, including 35 in-progress overseas projects with integrators, with a total pending contract amount of 572 million RMB. Keplus Technology's international advantage is derived from the superb technical capabilities nurtured in China's complex logistics environment. The company has always focused on high-value industries such as pharmaceuticals, 3C electronics, new energy, and automotive manufacturing and further consolidated its global market position based on successful domestic implementation cases. As the company strengthens cooperation with global customers, its revenue sources become more diversified, continuing to unleash the business potential of providing a full matrix of products and long-term services, and the company's customer base and monetization advantages will further stand out. The Hong Kong Stock Exchange debut of Keplus Technology this time is an important strategic choice for the company at a critical stage of scaling expansion. The raised funds will mainly be used for R&D of core product lines and underlying technologies, expanding production capacity and improving manufacturing capabilities, expanding overseas markets, and operational funds, highly aligning with the company's long-term development strategy. Furthermore, with the support of capital, Keplus Technology will also gain more opportunities for external expansion, seizing industry growth opportunities ahead of time. In the future, the company plans to establish 10 overseas sales, distribution, and technical support centers within five years, accelerating its globalization strategy and likely seizing more market share in the trillion-dollar global intelligent intralogistics market. Overall, supported by core technology and continuous R&D, Keplus Technology has built a solid development moat and, in the face of dual challenges of efficiency bottlenecks and cost restructuring in the global manufacturing industry, Keplus Technology, with its multiple advantages in technology, customers, capital, and globalization, has ample growth potential. As the global commercial system matures in the future and market share continues to rise, the company can clearly match higher valuation premiums, making it worthy of investors' close attention.