According to Hong Kong Stock Exchange disclosures on September 25, Zhejiang Dongfang Kein Electronics Co., Ltd. (Dongfang Kein) has submitted a main board listing application to the Hong Kong Stock Exchange, with CITIC Securities serving as its sole sponsor.

The prospectus shows that according to CIC, based on 2024 revenue, Dongfang Kein is the world's largest commercial IoT e-paper display solutions provider, holding a 26.3% global market share.

According to the prospectus, Dongfang Kein is a global leader in intelligent IoT e-paper display solutions. The company has been deeply engaged in the e-paper display technology field for over a decade, focusing on the research, development and production of various intelligent IoT e-paper display modules and related display solutions based on its proprietary core technology for e-paper display module design and manufacturing.

The company's product portfolio covers full-size and full-color varieties in multiple formats, widely applied in smart retail, smart office, smart education, smart logistics, smart transportation, e-readers and emerging applications. The company empowers smart living and working scenarios in the IoT era with digitalized new display solutions.

To efficiently serve global customers, Dongfang Kein has established 4 production and R&D bases overseas and domestically (leading among global peers) and multiple office locations, with customer services comprehensively covering international markets in Europe, America, Asia and other regions.

Regarding market space, the global retail industry is accelerating digital transformation with steady improvement in electronic shelf label penetration rates. According to CIC, the global intelligent IoT e-paper display solutions market in the smart retail sector is expected to reach 554.5 million units by 2029, with a compound annual growth rate of 15.6% from 2024 to 2029. Meanwhile, emerging fields such as smart education, smart office, and smart logistics are developing rapidly, with increasing applications of e-paper in scenarios like warehouse management and smart home interactive screens, further driving market demand growth.

According to CIC, the global market size for intelligent IoT e-paper related solutions is expected to grow at a compound annual growth rate of 14.6%, from RMB 54.8 billion in 2024 to RMB 108.4 billion in 2029.

The prospectus mentions that globally, Dongfang Kein is the first company to deploy intelligent IoT e-paper display solutions in the smart robotics field, achieving leading advantages in both technical innovation and actual commercial deployment, thereby establishing differentiated competitive advantages.

Financially, for the years 2022, 2023, 2024, and the six months ended June 30, 2025, the company achieved revenues of approximately RMB 1.214 billion, RMB 1.024 billion, RMB 1.152 billion, and RMB 796 million respectively. For the same periods, annual/period profits were approximately RMB 91.876 million, RMB 50.739 million, RMB 53.404 million, and RMB 43.036 million respectively.

According to the risk factors section in Dongfang Kein's prospectus, the intelligent IoT e-paper display solutions industry in which the company operates is characterized by constant change. Should the company fail to continuously improve its technology and provide innovative solutions that meet customers' evolving needs, its business, operational performance and financial condition would be materially and adversely affected.