Venture(US:VEMLY) Sou Hu Cai Jing·2025-05-02 03:10Core Viewpoint - Xiamen Keta Communications Technology Co., Ltd. (Keta) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to capitalize on the growing smart parking space operation industry in China, where it ranks second in revenue by 2024 [1][2]. Financial Performance - Keta's projected revenues for 2022, 2023, and 2024 are RMB 649.23 million, RMB 738.02 million, and RMB 799.51 million, respectively, indicating a growth trajectory [2]. - The company's net profit and total comprehensive income for the same years are projected to be RMB 12.30 million, RMB 87.03 million, and RMB 86.71 million, respectively [1][2]. - The gross profit margins are expected to improve from 43.1% in 2022 to 46.4% in 2023, before slightly declining to 45.9% in 2024 [2]. Business Background - Established in 2006, Keta has evolved into a comprehensive parking industry group, focusing on intelligent solutions, management, and operations [1]. - The company has previously attempted to list on the ChiNext board but faced setbacks due to issues related to incomplete original documents and non-compliance with asset depreciation policies [3][5]. Regulatory Challenges - Keta's IPO applications were rejected twice due to concerns raised by the Shenzhen Stock Exchange regarding the completeness of business documentation and the adequacy of bad debt provisions for accounts receivable [3][6]. - The company has been required to clarify the sufficiency of its bad debt provisions and the risks associated with accounts receivable collections [6].