New Stock News | Smart Parking Space Operator Co. Ltd. Kuotuo filed three times with the Hong Kong Stock Exchange and achieved revenue of approximately 831 million yuan last year.

According to the disclosure of the Hong Kong Stock Exchange on May 5th, Xiamen Cokoto Communication Technology Co., Ltd. (referred to as Cokoto) has submitted its listing application to the main board of the Hong Kong Stock Exchange, with CICC and CMBC CAPITAL serving as its joint sponsors. Prior to this, the company had submitted applications to the Hong Kong Stock Exchange on April 29, 2025, and October 31, 2025. Company Overview The prospectus shows that Cokoto is an intelligent parking space operator that drives the transformation of urban parking. Since its establishment in 2006, Cokoto has developed into a comprehensive parking industry group integrating intelligent parking systems, intelligent parking management services, and parking operations. According to the Zhaoci consulting report, based on the relevant revenue calculation for 2024, Cokoto is also the second in China's intelligent parking space operation industry, with a market share of 3.3%. Cokoto focuses on integrating technology to connect the three elements of urban parking - people, vehicles, and parking spaces. At the same time, Cokoto is developing an online parking space rental platform where parking lot owners and individual parking space owners can list available parking spaces, and drivers can find and rent these parking spaces on demand, further improving the resource utilization of the parking space operation industry. Cokoto leads the development of China's intelligent parking space operation industry through technology and innovation. In 2006, the company was the first in the country to introduce parking space LED indicator lights, leading the transformation from "blind parking" to digital guidance era. In 2010, the company pioneered the use of video recognition technology in parking terminal devices, eliminating the difficulty of car owners and drivers in finding their vehicles. In 2012, Cokoto was the first in the industry to promote the use of video-based cardless fee collection systems, and in 2014, it was the first to implement "WeChat Pay" for parking fees. In 2017, Cokoto innovated its business model by providing cloud-based remote management services for unmanned parking lots. In 2023, Cokoto launched the industry's first intelligent parking operation systemYongce Pro. As of now, Cokoto has provided services to parking lots in various scenarios, including large commercial complexes, office buildings, residential communities, public facilities, hotels, scenic spots, schools, hospitals, and logistics parks. In 2023, 2024, and 2025, Cokoto served 22,497, 26,616, and 30,644 parking lots, respectively. During the historical period and up to the last practicable date, Cokoto manufactured intelligent parking hardware products through (1) two production plants located in Xiamen, Fujian Province, and Chongqing, and (2) the company's outsourced production partners. As of the last practicable date, Cokoto is building a new production base in Xiamen, Fujian Province, to expand production capacity and improve production and logistics efficiency. Financial Information Revenue The company recorded revenues of approximately RMB 738 million, RMB 800 million, and RMB 831 million in 2023, 2024, and 2025, respectively. Net profit and total comprehensive income for the year The company's net profit and total comprehensive income for the year were approximately RMB 87.03 million, RMB 86.709 million, and RMB 93.678 million in 2023, 2024, and 2025, respectively. Gross profit margin The company's gross profit margin was 46.4%, 45.9%, and 46.4% in 2023, 2024, and 2025, respectively. Industry Overview With the continuous growth and increasing complexity of urban parking demand, the demand for intelligent and convenient parking experiences is steadily increasing. In this context, traditional parking space operators and parking lot owners are continuously purchasing intelligent hardware and software systems from intelligent parking space operators to meet the upgrading demand. At the same time, due to the urgent need of traditional parking space operators and parking lot owners for cost reduction, efficiency improvement, and diversified revenue sources, they are increasingly adopting the intelligent parking space management services and intelligent parking asset management provided by intelligent parking space operators. The number of parking spaces in China adopting intelligent parking management services or intelligent parking asset management has increased from approximately 8.9 million in 2020 to approximately 48 million in 2024, with a compound annual growth rate of 52.3%, and is expected to reach approximately 200 million by 2029, with a compound annual growth rate of 28.9% from 2025 to 2029. This growth will further expand the growth potential of China's intelligent parking space operators. In terms of revenue, the market size of China's intelligent parking space operation industry is expected to increase to RMB 91.9 billion by 2029, with a compound annual growth rate of 28.6% from 2025 to 2029. The market size of China's intelligent parking space operation industry (in terms of revenue) increased from RMB 13.8 billion in 2020 to RMB 18.8 billion in 2021, a year-on-year increase of 35.7%. However, in 2022, the market size decreased to RMB 17.7 billion, a year-on-year decrease of 5.6%. This is mainly due to the 14.8% year-on-year decline in the market size of the sub-market of intelligent parking systems, the fundamental reason being the significant reduction in demand for new real estate development projects in 2022. According to data from the National Bureau of Statistics, the national real estate development investment in 2022 was approximately RMB 13.3 trillion, a year-on-year decrease of 10%; and the newly built area of houses was approximately 1.2 billion square meters, a year-on-year decrease of 39.4%. The reduction in the scale of real estate new investment directly affected the demand for intelligent parking systems, leading to a decline in the market size of the sub-market. As intelligent parking space operators shift their market strategies from new construction assets to focusing on upgrading existing parking assets and improving operational efficiency, the market size of the intelligent parking space operation industry reached RMB 24.5 billion in 2024, with a compound growth rate of 17.5% from 2022 to 2024. As advanced technologies such as AI and big data are deeply integrated into the industry, and the accelerated transformation of parking lots to green spaces, it is expected that intelligent parking space operators will gradually replace traditional parking space operators. In terms of revenue, the market size of China's intelligent parking space operation industry is expected to reach RMB 91.9 billion by 2029, with a compound annual growth rate of 28.6% from 2025 to 2029. Intelligent parking systems, as a key support for the transformation of parking lots, currently occupy a leading position in the market. Looking ahead, as parking asset owners increasingly focus on cost reduction, diversification of income, and improvement of user experience, both intelligent parking management services and intelligent parking asset management are expected to show strong growth momentum. Specifically, residential parking spaces account for about half of the total parking spaces in China, but face challenges of high management costs, leading to a significant demand for intelligent parking management services. Intelligent parking management services can achieve centralized control of multiple parking lots and eliminate the need for on-site manpower deployment. It is expected that the number of residential parking spaces in China using intelligent parking management services will increase from 41.9 million in 2025 to 120.7 million in 2029, with a compound annual growth rate of 30.3%. In addition, traditional parking space operators and asset owners in large commercial complexes, industrial parks, and office buildings urgently need solutions that can improve parking space utilization and operational efficiency while expanding revenue sources. In this context, the intelligent parking asset management model that integrates precision operation and value-added services can typically bring about a 10% to 30% increase in revenue, and is currently gaining significant market recognition. It is estimated that the number of parking spaces in China adopting the intelligent parking asset management model will increase from 20 million in 2025 to 91 million in 2029, with a high compound annual growth rate of 45.7%. In terms of revenue, it is expected that the market sizes of the sub-markets of intelligent parking management services and intelligent parking asset management in China will increase to RMB 8.5 billion and RMB 64.4 billion, respectively, by 2029, with compound annual growth rates of 20.4% and 50.5% from 2025 to 2029. Board of Directors Information The Board of Directors consists of seven directors, including two executive directors, two non-executive directors, and three independent non-executive directors. The Board of Directors is responsible for and has general powers of management and operation of the company. The directors' term of office is three years, and they may be re-elected after the term expires. Equity Structure As of the last practicable date, Mr. Sun Longxi and Mr. Huang Jinlian have entered into a joint control agreement and collectively control 53.65% of the voting rights at the shareholders' meeting. Mr. Sun, Mr. Huang, and Hualong Electronics constitute and will continue to constitute a controlling shareholder group as of the last practicable date. As of the last practicable date, Hualong Electronics is owned by Mr. Huang and Mr. Sun holding 51% and 49% of the shares, respectively. The general partners of Linzhili and Suzhou Paisy are both subsidiaries of Tencent. As of the last practicable date, Tu Possu is a limited partner of Jiatuo Tiancheng (holding a 0.07% partnership interest in Jiatuo Tiancheng), and Mr. Peng Jianhu is a limited partner of Jiatuo Tiancheng (holding a 92.11% partnership interest in Jiatuo Tiancheng). Advisory Team Joint Sponsors: China International Finance Hong Kong Securities Limited, CMBC CAPITAL Limited Legal advisors to the company: Hankun Law Firm, King & Wood Mallesons, Jin Tiancheng Law Firm (Shanghai), Hogan Love & Weihen Legal advisors to the joint sponsors: Pu Heng Law Firm (Hong Kong) Limited Partnership, Jingtian Gongcheng Law Firm Auditors and Reporting Accountants: KPMG Independent Industry Consultant: Zhaoci Enterprise Management Consulting (Shanghai) Co., Ltd. Compliance Advisors: CMBC CAPITAL Limited