New Stock News | Over-subscribed 2115 times! Kesto Corporation Limited (02272) obtains top-level hotness in this round of new stocks.

In recent period, the Hong Kong stock market has seen as many as 9 new listings with conflicting fund-raising schedules and 6 companies conducting simultaneous IPOs, leading to a battle of fund diversion. Initially, the subscription enthusiasm for new listings from various companies was relatively subdued. However, influenced by the fund release from Xen.AI and Mac Medicinal, as the final day of IPO approached, funds poured in madly for K.T. Corporation (02272), once again resulting in a scene of "hard-to-get" tickets. As the IPO closed, the Hong Kong public offering of K.T. Corporation recorded an oversubscription ratio as high as 2115 times, with the total subscription amount exceeding 85.5 billion Hong Kong dollars, attracting a total of 16.6 thousand investors competing to enter the market. Contrary to the trend, it emerged as the leader in this round of IPO heat, with the subsequent dark market trends expected to become a key focus for all market investors. According to the prospectus, K.T. Corporation plans to globally issue 10,112,280 H shares, including 1,011,240 H shares publicly offered in Hong Kong, and 9,101,040 H shares internationally. The offer price for each H share is HK$39.55, with a board lot of 60 shares and an entrance fee of approximately HK$2,396.92. It is expected to be listed on the main board of the Hong Kong Stock Exchange on June 26. K.T. Corporation is known as the world's first "AI parking service provider" and the most profitable pure intelligent parking listed company in China. Its business covers intelligent parking systems, smart parking management services, and parking lot operations. The company is the first globally to create an AI Raas (Robotics as a Service) service in the parking sector, empowering the entire parking system with its self-developed AI digital employee intelligence system, fully integrating the parking Token value realization chain. The company is also the only listed enterprise globally with a large model training of parking lots, and it is considered a strategic target for Tencent in the global smart parking arena. From a position perspective in the industry, the company has occupied the first position in the global video parking guidance market for 10 consecutive years. It is the pioneer of unattended parking mode globally, the only listed company that has achieved a full industry chain of "smart parking + new energy charging," and the preferred smart parking partner for top-tier commercial real estate globally. In terms of qualifications, the company was selected into the second batch of national-level innovation-driven "little giant" enterprises in 2020-2021, and the first batch of national-level key innovation-driven "little giant" enterprises, and it successfully re-qualified in 2025. Based on the revenue calculation for 2024, K.T. Corporation ranks second in the Chinese smart parking space operation industry with a market share of 3.3%. By the end of 2025, the company had already served 30,644 parking lots, covering a diverse range of venues such as commercial complexes, office buildings, residential communities, public facilities, hotels, scenic spots, schools, hospitals, and logistics parks. Financially, K.T. Corporation has demonstrated strong profitability. The company's gross profit margin was as high as 46.38% in 2025, with a net profit margin of 11.28%. From 2023 to 2025, the company's revenue was 738 million RMB, 800 million RMB, and 831 million RMB respectively, and the adjusted net profit was 89.4 million RMB, 91.7 million RMB, and 121.9 million RMB respectively during the same period. The company's gross profit margin has remained stable around 46%, indicating its strong profitability resilience. It is worth noting that the parking lot operation business is becoming a new growth engine for the company. From 2023 to 2025, the revenue of this business increased from 96.9 million RMB to 175.1 million RMB, with a year-on-year growth rate of 40.9% in 2025. This indicates that K.T. Corporation is gradually upgrading from traditional system delivery to a continuous operation revenue model. In terms of industry, the Chinese smart parking space operation market is still in its low penetration, high growth stage. According to Zhoushi Consulting, the Chinese smart parking space operation market size by revenue is expected to increase from 33.6 billion RMB in 2025 to 91.9 billion RMB in 2029, with a compound annual growth rate of 28.6%. With the acceleration of smart transportation, space operation is expected to achieve AI intelligence, unmanned operation, and digitalization. As a leading player in the industry, K.T. Corporation may benefit from the long-term growth opportunities brought by the upgrade of smart cities.