On June 26, 2026, Xiamen Ketuo Communication Technology Co., Ltd. (Stock Code: 02272.HK) officially listed on the Main Board of the Hong Kong Stock Exchange, completing the capitalization layout of a leading domestic integrated smart parking enterprise in the Hong Kong stock market.

Ketuo Co., Ltd. issued shares at HKD 39.55 per share, with an opening price of HKD 110.1 (a 178% increase over the issue price) and a closing price of HKD 120.2, marking a first-day increase of 203.92%, with a total market capitalization of HKD 121.5 on the day.

Ketuo Co., Ltd. is a leading domestic full-space digital operator of smart parking. Founded in Xiamen in 2006 by a core technical team deeply involved in the field of transportation IoT AI, it is widely recognized as the "first integrated smart parking stock" in the industry. With nearly two decades of deep cultivation (deep cultivation) in the industry, the company has achieved a complete industrial upgrade from a hardware equipment manufacturer to a full-chain parking operation service provider.

According to an industry report by CIC Consulting, based on revenue in 2024, the company holds a 3.3% market share in China's smart parking space digital operation sector, ranking second in the industry. It consistently ranks in the first tier in the overall market for city-level static traffic integrated comprehensive service providers, having formed a national-level transportation IoT scientific and technological innovation platform with independent and controllable AI visual recognition and IoV software and hardware underlying technologies.

Ketuo Co., Ltd. primarily engages in three core businesses: R&D and delivery of software and hardware for digital parking systems, AI remote parking management services, and full-scenario parking asset operations. It provides a complete set of on-street/closed parking lot hardware deployments, customized implementations of city-level static traffic projects, and a domestically produced information technology security adaptation system. Its core full-range smart parking products cover five major sectors: urban traffic management, commercial complexes, residential communities, transportation hubs, and industrial parks.

Ketuo Co., Ltd. plans to globally offer 10.1123 million H-shares, with 90% for international offering and 10% for public offering, while establishing a 15% over-allotment option (greenshoe mechanism).

This listing does not include a traditional cornerstone investor placement arrangement. The entire issuance process is open for subscription to global professional institutions, cross-border asset managers, and Hong Kong public investors. Existing pre-listing shareholders are subject to a strict 12-month lock-up period, during which they are prohibited from reducing their holdings, transferring, or pledging shares within one year after the listing, fully demonstrating the long-term confidence of the founding team and strategic investors such as Tencent in Ketuo's self-developed AI parking technology barriers, leading position in the static traffic sector, and long-term prospects for the development of the smart transportation industry, providing long-term support for post-listing stock price stability.

Ketuo Co., Ltd. has set the offering price at HKD 39.55 per share, with a board lot of 60 shares and an entrance fee of HKD 2,396.92. Before the full exercise of the over-allotment option, the maximum funds raised are approximately HKD 400 million. The net proceeds from this offering are approximately HKD 340 million, of which approximately 35.0% will be used for the iteration of next-generation AI parking space recognition algorithms, upgrading the city-level static traffic intelligent management cloud platform, building edge computing infrastructure, and R&D of core IoV software and hardware; approximately 35.0% will be used for the implementation and expansion of parking lot operation businesses in multiple cities across the country and the penetration of comprehensive services for existing parking lots; approximately 20.0% will be used for national market brand building, expansion of customer channels with government and enterprise transportation authorities, and business layout in Southeast Asian overseas markets; and the remaining approximately 10.0% will be used to supplement Ketuo Co., Ltd.'s daily operating funds and other general corporate purposes.

As of the last practicable date, Sun Longxi and Huang Jinlian have signed a unanimous action agreement, enabling them to jointly exercise 53.65% of the voting rights at the company's general meetings. The specific sources are divided into three parts: first, the 26.37% shares directly held by Sun Longxi; second, the 23.94% shares directly held by Huang Jinlian; and third, the 3.34% shares held by Hualong Electronics (Hualong Electronics is a limited liability company, with Huang Jinlian holding 51.00% and Sun Longxi holding 49.00%, jointly controlling the entity).

After the completion of this issuance and listing (assuming the over-allotment option is not exercised), Sun Longxi and Huang Jinlian will jointly exercise 48.28% of the voting rights at the company's general meetings, specifically composed of: Sun Longxi directly holding 23.73% of the shares, Huang Jinlian directly holding 21.55% of the shares, and Hualong Electronics holding 3.00% of the shares. In summary, as of the last practicable date, Sun Longxi, Huang Jinlian, and Hualong Electronics constitute the company's controlling shareholders; after the listing, these entities will continue to jointly serve as the company's controlling shareholders.

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Source/HK Stock Value Line