New Stock News | Kelon Information Files with Hong Kong Stock Exchange as the largest independent digital energy solution provider in the country

According to the disclosure by the Hong Kong Stock Exchange on May 20th, Shanghai Ke Liang Information Technology Co., Ltd. (referred to as Ke Liang Information) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Sinolink (Hong Kong) as the exclusive sponsor. Company Overview According to the prospectus, the company is a leading digital energy technology company. The company has developed a systematic digital energy technology framework based on core capabilities such as Electromagnetic Transient Simulation (EMT simulation), mechanism-data dual-drive modeling, System Modeling and Hardware-in-the-Loop Simulation (HIL simulation), and frequency domain stability analysis. The company's technology revolves around new power systems and high-end equipment electrical systems, covering the entire lifecycle from planning, design, construction to operation, helping the company's clients solve industry challenges of ensuring high reliability of systems under the constraint of zero-failure tolerance. According to Frost & Sullivan data, the company is the largest domestic independent digital energy solution provider in the new power system industry in China by 2025. The company's tools, products, and solutions are widely used in (i) all links of the source-network-load-storage value chain of new power systems, referring to generation (source), transmission and distribution network (network), consumption (load), and energy storage (storage); and (ii) high-end equipment electrical system scenarios in aircraft, ships, and rail transport, providing indispensable system-level technological support for engineering implementation, validation deployment, and large-scale commercialization. The company's core value proposition is built on its own software development, modeling, simulation, and verification capabilities, as well as the integrated comprehensive solutions created from it. The company's solutions have been adopted by numerous enterprises and have become industry reference paradigms through large-scale practical applications. The company's tools, products, and customized solutions have facilitated the development of new power systems. With long-term and widespread usage by users, the company's products have deeply integrated into various aspects of the new power system industry, forming an industry consensus on using Ke Liang solutions for verification. The company's customers are mainly located in China, covering the entire energy and power industry chain. The company's major customers include national grid companies, two major energy companies, top ten power equipment manufacturers, top ten power generation groups, and the top five energy storage companies globally. The company's customers also include power plants, third-party testing and certification agencies, and leading research and academic institutions, such as national and provincial power science research institutes, and top universities, including more than 50% of the prestigious 985 Project universities. Financial Data Revenue In 2023, 2024, and 2025, the company's revenue is approximately RMB 425 million, RMB 495 million, and RMB 600 million, respectively. Profit In 2023, 2024, and 2025, the company's annual profit is RMB 28.74 million, RMB 26.134 million, and RMB 93.031 million, respectively. Industry Overview Driven by technological upgrades, demand growth, and favorable policies, the global and Chinese digital energy market is expected to steadily grow. Globally, the overall market is expected to expand steadily and reach $22.5 billion by 2030. In China, the market is expected to exceed RMB 40.7 billion by 2030, with a compound annual growth rate of 15.5% from 2026 to 2030, surpassing the global growth rate of 12.5% during the same period. Specifically, the market for digital energy solutions in the new power system industry is expected to grow faster than that in the high-end equipment electrical system industry, mainly due to the accelerated construction of new power systems and the increasing demand for optimization support throughout the lifecycle of the source-network-load-storage value chain. Therefore, the global and Chinese markets for digital energy solutions in the new power system industry are expected to grow rapidly, with compound annual growth rates of 14.8% and 17.0% respectively from 2026 to 2030. Market Drivers for the Global and Chinese Digital Energy Solution Industry The increasing demand for full lifecycle support, system-level validation, and long-term operation. New power systems are showing a trend towards higher proportions of renewable energy sources and electrical equipment, as well as more complex operating conditions. At the same time, the high-end equipment industry is becoming increasingly electrified and intelligent. Customers are demanding higher levels of full lifecycle support, system reliability, safety validation, and regulatory compliance. This trend poses challenges to the entire industry, and traditional solutions are insufficient to meet these demands. Therefore, digital energy solutions supported by advanced simulation technology have become essential tools to meet the multifaceted requirements in a market with increasingly stringent technical requirements. Continuous technological progress. Technological advances have continually enhanced the fidelity, efficiency, and scalability of digital verification solutions. These key technological breakthroughs have accelerated the widespread commercial deployment of digital energy solutions in the new power system and high-end equipment electrical system industries through enabling highly complex modeling, high-fidelity simulation, online real-time scenario analysis, and proactive intelligent decision-making. Growth in downstream application industries. The global and Chinese digital energy solution industry is mainly driven by two key downstream application industries: (i) the new power system industry, benefiting from continuous growth in electricity demand, policy incentives, increasing investments, and technological development; (ii) at the same time, the high-end equipment electrical system industry is driven by favorable policies, increasing levels of electrification, and technological advances. Board of Directors Information The Board of Directors consists of nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors. The Board of Directors is responsible for managing and operating the business of the company. Equity Structure As of the last practicable date (May 13, 2026), the Chairman and General Manager and Executive Director, Mr. Sang, could exercise approximately 41.32% of the company's voting rights through the following holdings: (i) 12,173,853 shares directly held by Mr. Sang (approximately 37.75% of the voting rights of the company), (ii) shares held by Shanghai Keyi, Shanghai Kebing, Shanghai Keshan and Shanghai Kerong (limited partnerships with employee incentive platforms and Mr. Sang as a general partner), including 775,320 shares, 176,070 shares, 101,736 shares, and 98,237 shares (together accounting for approximately 3.57% of the voting rights of the company). Intermediary Team Exclusive Sponsor: Sinolink (Hong Kong) Limited; Legal Advisors: Ashurst LLP, King & Wood Mallesons; Legal Advisors of the Exclusive Sponsor: Jingtian & Gongcheng Law Firm, Tian Yuan Law Firm; Auditors and Reporting Accountants: Ernst & Young LLP; Independent Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd., Shanghai Branch.