KEYTOP shares surge 210% on Hong Kong debut

It raised $340m in net proceeds.

KEYTOP PARKING INC.'s shares climbed more than 210% above their initial public offering price on their first day of trading on the Main Board of the Hong Kong Stock Exchange.

The company priced its IPO at $39.55 per share, raising about $340m in net proceeds. As 26 June on its listing day, the stock had reached an intraday high of $122.80, up about 210.5% from the offer price, according to the company.

Under the global offering, Keytop issued 10.11 million H shares, with 10% offered to Hong Kong retail investors and 90% placed with international investors.

Founded in 2006, Keytop provides smart parking systems, parking management services, and parking operations. Citing a CIC Consulting report, the company said it ranked second in China's smart parking industry by revenue in 2024.

As of the end of 2025, Keytop said it had provided services to more than 30,000 parking lots and expanded into more than 60 countries and regions, serving over 300 million vehicles in total.

The company said it will use the IPO proceeds to develop AI and cloud-based parking technology, expand its parking operations business, grow its sales and service network, support overseas expansion, and fund general corporate needs.

The IPO was jointly sponsored by CICC Hong Kong Securities Limited and CMBC International Limited. Keytop also said it received pre-listing investments from Tencent and Hongtai Zhiying Equity Investment Center.