New Stock News | Chinese concentrated solar system supplier KeSheng Technology once again submitted its application to the Hong Kong Stock Exchange. Last year's profit was 568 million yuan.

According to the disclosure of the Hong Kong Stock Exchange on March 24, Zhejiang Kesheng Technology Co., Ltd. (referred to as Kesheng Technology) has submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with China Securities Co., Ltd. International as its exclusive sponsor. The company had previously submitted a listing application to the Hong Kong Stock Exchange on September 24, 2025. Company Overview According to the prospectus, Kesheng Technology is one of the providers of tower-type concentrated solar power generation and molten salt energy storage solutions. The company focuses on related technological research, equipment sales, and engineering applications, with service capabilities ranging from project development, construction consulting to post-operation support. From 2021 to 2024, Kesheng Technology provided concentrated solar collection systems for 11 solar thermal power plants in China, with a total design capacity of 1,250MW. According to a Frost & Sullivan report, from 2021 to 2024, Kesheng Technology became the leading supplier of concentrated solar collection systems in China, with market shares of 57.9% by total design capacity and 55.0% by project quantity. Kesheng Technology's revenue mainly comes from the sale of concentrated solar collection systems and other core subsystems, as well as construction consulting, operation and maintenance technical guidance, and other technical services. In the historical period, Kesheng Technology continuously maintained its market position in providing concentrated solar collection systems and heat exchange systems (two of the core subsystems for solar thermal power plants). The company also expanded its service and product portfolio in software and operational tools. In November 2024, Kesheng Technology's self-developed Qinghai Yimugemu 350MW solar thermal project (using the "three towers and one boiler" scheme) was successfully shortlisted for the Qinghai province's 2024 solar thermal power generation demonstration (pilot) project. The Qinghai Yimugemu 350MW project started construction in October 2025. In the historical period, Kesheng Technology adopted a light asset model, outsourcing the manufacturing of standardized components to qualified suppliers while retaining integration and quality control. The company mainly supplied core subsystems directly to solar thermal power plant owners or EPC contractors, such as the concentrator system and heat exchange system. In several large-scale "large-scale renewable energy base" projects, Kesheng Technology acted as a supplier of core subsystems or participated in EPC consortiums with agreed responsibilities and risk allocation models. Financial Information Revenue In 2023, 2024, and 2025, Kesheng Technology achieved revenues of approximately RMB 8.58 billion, RMB 21.89 billion, and RMB 21.93 billion respectively. Annual / Period (Loss) Profits In 2023, 2024, and 2025, Kesheng Technology's annual / period profits were approximately RMB 2.48 billion, RMB 5.40 billion, and RMB 5.68 billion respectively. Industry Overview In renewable energy, CECEP Solar Energy photovoltaic (PV) and wind energy generation, also known as Variable Renewable Energy (VRE), generate power intermittently following environmental conditions. The global cumulative installed capacity of renewable energy increased rapidly from 2,799GW in 2020 to 4,601GW in 2024 with a compound annual growth rate of 13.2%. VRE expansion was the most significant, accounting for nearly 70% of the total installed capacity of renewable energy. Among other stable renewable energies, solar thermal power accounts for 0.2% of the renewable energy market. The following figures show the historical market size of the global renewable energy market from 2020 to 2024 based on cumulative installed capacity: Global governments have provided strong policy support for the development of solar thermal power generation by setting renewable energy generation targets, extending tax incentives for renewable energy projects, etc. It is expected that in the future, emerging markets such as China, the Middle East, South America, and North Africa will become the main growth engines of the global solar thermal power generation market. The following figure shows the historical and forecasted scale of the global solar thermal power generation market from 2020 to 2035 based on cumulative installed capacity: Board of Directors Information After [compilation], the Board of Directors will consist of nine directors, including three executive directors, one non-executive director, one employee representative director, and four independent non-executive directors. The table below contains information on the directors: Shareholding Structure As of the latest feasible date, Mr. Jin Jianxiang (i) directly holds approximately 3.33% of the company's issued shares; and (ii) as Mr. Jin holds 99% equity in Hangzhou Jingjiu (Huzhou Yumi's general partner), and Mr. Jin, as a limited partner, holds approximately 93.34% equity in Huzhou Yumi, he is deemed to hold approximately 21.77% of the company's issued shares through Huzhou Yumi. As of the latest feasible date, Mr. Jin, Huzhou Yumi, and Hangzhou Jingjiu together have the right to exercise 25.10% of the company's voting rights. Mr. Jin Jianxiang (the company's executive director and major shareholder) controls Huzhou Yumi's general partner. As of the latest feasible date, Mr. Jin Jianxiang and Huzhou Yumi together hold a total of 25.1% of the company's voting rights. Xu Neng and Yu Xiang (the company's executive directors) jointly hold equity in Yizhida's general partner. As of the latest feasible date, Yizhida holds 7.92% of the company's issued shares. Yu Xiang (the company's executive director) is a general partner of Hangzhou Jingxi. As of the latest feasible date, Hangzhou Jingxi holds 0.66% of the company's issued shares. Intermediary Team Exclusive Sponsor: China Securities Co., Ltd. International Finance Co., Ltd. Company Legal Adviser: Hankun Law Firm (General Partnership), Guohao Law Firm (Hangzhou) Legal Adviser to the Exclusive Sponsor: Astrid Law Firm, Zhong Lun Law Firm Reporting Accountant and Independent Auditor: Deloitte Touche Tohmatsu Certified Public Accountants Industry Consultant: Frost & Sullivan (Beijing) Consulting Co. Ltd. Shanghai Branch Compliance Consultant: Hongbo Capital Limited