Subscription for the initial public offering of Keytop Parking (02272), a smart parking facility operator, has now closed. According to data from securities firms, the retail tranche of the offering has attracted HK$38.9 billion in margin financing applications. Based on a retail fundraising target of HK$39.9 million, this represents an oversubscription of approximately 972 times.

Keytop Parking conducted its public offering from June 17 to June 23. The global offering consists of 10.1123 million H shares, with 10% allocated to the Hong Kong public offering and the remainder to the international placement. The offer price is set at HK$39.55 per share, with the company aiming to raise up to approximately HK$400 million in total. As of June 22, the offering had already secured HK$7.9 billion in margin financing from brokerages.

Each board lot comprises 60 shares, with an entry cost of HK$2,396.92. The company is expected to list on the Hong Kong Stock Exchange on June 26. The joint sponsors for the listing are China International Capital Corporation and Minsheng Royal Capital, and the offering does not include cornerstone investors.

Company Overview and Market Position

According to its prospectus, Keytop Parking is a smart parking space operator focused on transforming urban parking. Since its establishment in 2006, the company has evolved into a comprehensive parking industry group integrating digital smart parking systems, management services, and parking facility operations. A report from CIC Consulting indicates that based on relevant revenue for 2024, Keytop Parking holds the second-largest position in China's smart parking space operation industry with a market share of 3.3%.

Keytop Parking specializes in leveraging technology to connect the three core elements of urban parking: people, vehicles, and spaces. The company is also developing an online parking space rental platform. This platform will allow parking facility owners and individual space holders to list available spots, enabling drivers to find and rent them on demand, thereby aiming to improve resource utilization within the parking industry.

To date, the company has provided services for parking facilities across a wide range of scenarios, including large commercial complexes, office buildings, residential compounds, public facilities, hotels, tourist attractions, schools, hospitals, and logistics parks. In 2023, 2024, and 2025, the company served 22,497, 26,616, and 30,644 parking facilities, respectively.

Financial Performance Highlights

Regarding its financial performance, from 2023 to 2025, Keytop Parking reported revenues of approximately RMB 738 million, RMB 800 million, and RMB 831 million, respectively. Its adjusted net profit grew from RMB 89.41 million to RMB 121.9 million over the same period, demonstrating resilient profitability alongside its business expansion.