HONG KONG, June 26, 2026 — CIC extends our warmest congratulations to Xiamen KEYTOP Communication Technology Co., Ltd. (02272. HK) on its successful listing on the Hong Kong Stock Exchange (HKEX) today.
CIC's Collaborative Journey to the Listing
Throughout the listing process, CIC provided end-to-end support to the company and its sponsors:
Drafted and compiled the industry overview chapter of the prospectus, laying a solid research foundation for the formal listing application.
Assisted in responding to inquiries from regulatory authorities, ensuring comprehensive and accurate disclosure.
Refined listing application materials continuously to meet stringent market and regulatory requirements.
KEYTOP: Leading Smart Parking Space Operator in China
Founded in June 2006, KEYTOP is a smart parking space operator dedicated to delivering comprehensive digital-intelligent solutions for parking asset owners, operators and drivers. By connecting the three core elements of urban parking — people, vehicles and parking facilities — the company has built three highly synergistic business segments: digital-intelligent parking systems, digital-intelligent parking management services, and parking asset operation. This creates a complete closed loop spanning hardware and software R&D to asset operation, driving the intelligent transformation of urban parking systems.
Ranked by 2024 relevant revenue, KEYTOP holds the No. 2 position in China’s smart parking space operation industry.
KEYTOP has deep roots in technological innovation. Leveraging its robust technical capabilities, the company has launched multiple industry benchmark products, pioneered the world’s first AI training center dedicated to parking scenarios, and deployed a proprietary digital-intelligent parking operation system, continuously leading the upgrading of China’s smart parking industry.
China’s Smart Parking Space Operation Industry: Strong Growth Momentum
Driven by rising and increasingly complex urban parking demand, as well as growing user expectations for seamless smart parking experiences, China’s smart parking space operation industry is supported by robust growth fundamentals.
According to CIC research, China’s smart parking space operation market grew from RMB 13.8 billion in 2020 to RMB 24.5 billion in 2024, representing a CAGR of 15.3% over the period.
With the deep integration of frontier technologies such as AI and big data, alongside the green transformation of parking facilities, smart parking space operators are set to progressively replace traditional operators. The market size is projected to reach RMB 91.9 billion by 2029, with a CAGR of 28.6% from 2025 to 2029.
Three key growth drivers for China’s Smart Parking Space Operation Industry:
1. Digital-Intelligent Parking Systems: Demand Upgrade and Rising Cost Pressure Drive Industry Transformation
As China’s urbanization deepens and vehicle ownership continues to rise, drivers’ pursuit of convenient and efficient parking experiences is accelerating the deployment and upgrading of digital-intelligent parking systems.
Meanwhile, the traditional parking operation model relies heavily on manual work for access control and fee management, and persistently rising labor costs are pushing parking asset owners and operators to actively adopt automated solutions. Driven by both experience upgrade on the demand side and cost pressure on the supply side, digital-intelligent parking systems — as critical infrastructure for parking intelligence — are entering a period of major growth opportunities.
2. Digital-Intelligent Parking Management Services: Cost Efficiency and Technological Innovation Reshape Management Models
The labor-intensive traditional parking operation model leads to low management efficiency and mounting operating costs. Digital-intelligent parking management services replace on-site manpower with remote centralized management, directly addressing the demand for cost reduction and efficiency improvement, and unlocking broad market opportunities.
In addition, continuous advances in cloud computing and Internet of Things (IoT) technologies have laid a solid foundation for the sector. Cloud computing delivers powerful computing and storage capacity to ensure system stability and processing efficiency, while IoT enables real-time transmission of accurate data via terminal devices to enable granular management. The pressing demand for operational efficiency and ongoing technological optimization are jointly propelling the digital-intelligent parking management service market onto a fast-growth track.
3. Smart Parking Asset Operation: Technology Empowerment, Ecosystem Collaboration and Green Transition Lift Asset Value
The maturing and large-scale application of AI and big data technologies are becoming the core growth driver for smart parking asset operation. AI enables in-depth data analysis to optimize management strategies and reduce costs, while big data provides insights into traffic and user behavior to support precise resource allocation.
Building on technological empowerment, smart parking asset operators are deepening cooperation with ecosystem partners such as NEV charging service providers and advertisers. Through resource integration, they are advancing diversified business collaboration to enhance the value and profitability of parking assets.
Furthermore, under the dual carbon goals, rising NEV penetration and stricter carbon emission regulations are encouraging parking asset owners and operators to reduce emissions by expanding charging networks and optimizing parking efficiency, in turn driving growth in the parking asset operation market. The combined forces of technology empowerment, ecosystem collaboration and green transition are opening up new growth horizons for the industry.
As a seasoned Industry Consultant, CIC offers services such as market sizing, competitive analysis, and enterprise value verification, with global experience in advising "first-in-sector" IPOs in automotive technology sector.
From IPO preparation to listing hearings, CIC unearths the true intrinsic value of enterprises and translates it into actionable insights for successful capital market landing. Prior to KEYTOP, CIC has supported leading enterprises in successful listings both domestically and overseas, including Li Auto, Horizon Robotics.
CIC Reports are now available on Bloomberg and FactSet portals.
About CIC
CIC is a professional consulting firm offering tailored end-to-end support across the full investment and financing lifecycle. The firm boasts a world-leading track record in guiding landmark first-in-sector IPOs across global markets, alongside unrivaled reach and in-depth coverage capabilities across specialized niche market segments.
CIC helps enterprises refine scalable business models and craft compelling capital narratives to enable seamless access to global capital markets, while serving as a trusted due diligence partner to investment institutions. It delivers granular industry insights and direct access to subject matter experts, empowering clients to identify high-value opportunities and mitigate critical risks effectively.
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