In 2020, the smart parking industry was far from as bustling as it is today. The industry was highly fragmented, with the top five operators holding less than 18% of the market share combined. Most investment institutions did not understand the imagination behind the "parking" business—it was capital-intensive, slow to return, and had a complex model.

However, Hu Min Lianxin saw something different.

At that time, the number of vehicles in China had already exceeded 345 million, while the total number of parking spaces was only 190 million. The supply-demand gap continued to widen, and the urban "parking difficulty" transformed from an inconvenience to a systemic risk.Solving this pain point is not just about having an App; it relies on the digital capabilities that cover every parking lot entrance at an infrastructure level.

The Hu Min Lianxin investment team judged at the time:Whoever can first roll out this system nationwide and establish a network effect will control the super entrance to urban static traffic.. Commercial complexes, Grade A office buildings, residential communities, hospitals, scenic spots, logistics parks—wherever the car stops, the service follows.

With this judgment, the team conducted in-depth research on partners in multiple scenarios such as shopping malls, hotels, and hospitals, ultimately firmly choosing the parking service track.

Choosing the right track is not enough; one must also choose the right people and the right company.

At that time, there were no less than a hundred companies in the market doing parking management, some focusing on hardware, some on software, and some on operations. However, KeTuo is one of the very few companies that excel in all three areas simultaneously. The starting point of all this is the two founders.

Sun Longxi, a technologist, was born in 1977 in Dongshan County, Zhangzhou, Fujian, and is a typical "technologist" entrepreneur. He graduated in 1999 from Changchun University of Science and Technology with a major in computer software and served as the Technical Director at Beijing Jingye Network Information Co., Ltd. In 2006, he returned to Xiamen to establish KeTuo, initially aiming at the communication products track. By chance, after a customer ordered ultrasonic detection equipment and then suddenly canceled the order, the company fell into difficulty. To deal with the backlog of inventory, Sun Longxi tried selling products on the Alibaba platform and unexpectedly received an order from a Singaporean client—who used the equipment for parking space management in parking lots. This chance event made him keenly aware that: China's private car ownership is growing explosively, but parking lot management is still in the era of "manual labor plus iron locks." He decisively led the team to shift from communication to smart parking, embarking on a journey of entrepreneurship from scratch.

Sun Longxi once said to the team, "People can afford cars, but not parking; this is not right." This simple statement, yet it hits the essence directly.

Huang Jinlian, in charge of business operations, is 54 years old and holds a Master's degree in Business from Takushoku University in Japan. He possesses extensive experience in corporate management and operations, forming a natural complement to Sun Longxi's background, with one deeply involved in products and technology, and the other skilled in business and management.

In 2006, the two took advantage of the preferential policy of reduced office space rent at the Xiamen Overseas Students Pioneer Park to officially establish KeTuo Shares. Through twenty years of trials and tribulations, from the initial parking space indicator lights to today's AI parking service provider, every transformation has accurately stepped on the industry's transformation points. As of the IPO, Sun Longxi and Huang Jinlian collectively controlled 53.65% of the company's voting rights, with a highly stable core team and a company strategy that possesses long-term coherence.

KeTuo Shares has been deeply involved in the smart parking field for nearly two decades. By 2025, the company had cumulatively served more than 70,000 parking lots nationwide, covering diverse scenarios.

What truly impressed Huamin Lianxin with the second round of investment was the performance in three key dimensions:

First,Profitability. In 2025, the gross margin of Ke Tuo Corporation reached 46.38%, and the net profit margin was 11.28%. While many peers are still operating at a loss or with meager profits, Ke Tuo has consistently maintained a gross margin of around 46% for several years. This is not a scale achieved by burning money, but a genuine profitability constructed through technological barriers and operational efficiency.

Second,Quality of Growth. In 2025, the company achieved a revenue of 831 million yuan, with an adjusted net profit of 122 million yuan, a year-on-year increase of 32.6%. The net cash flow from operating activities was 144 million yuan, a year-on-year increase of 116.85%. Having profits, cash flow, and growth—this is the standard of a "good company" in the eyes of Huamin Lianxin.

Third,Strategic Positioning. Ke Tuo is a global leader in "AI Parking Service Providers" and the only listed company in the world with a dedicated parking lot large model training center. While the industry is still at the stage of hardware sales, Ke Tuo has taken the lead in entering the era of AI digital employee services, with an AI booth efficiency of 1:200, meaning one remote seat can manage 200 lanes.

In 2020, Huamin United Trust first invested in Ke Tuo Co., Ltd. At that time, the company's revenue scale was still small, and the road to A-share IPO was also full of uncertainty.

Behind the two additional investments over six years is a deep trust in the founding team, and more importantly, a firm belief in the long-term value of "solving real social pain points with technology".

Huamin United Trust adheres to the mission of driving sustainable industrial development with innovative capital, and is committed to building a benchmark platform for sustainable development of industry-finance collaboration. In the case of Ke Tuo, what is practiced is not a simple financial investment, but a continuous injection of industrial resources and strategic companionship -From technical route demonstration to market expansion collaboration, from organizational capacity construction to capital path planning, it has been like this for six years.

On June 26, 2026, Ke Tuo Co., Ltd. officially landed on the main board of the Hong Kong Stock Exchange. The issue price was 39.55 Hong Kong dollars, and it soared by 178% at the opening. The Hong Kong public offering was oversubscribed by 2115.21 times, with 165,700 valid applications, and the international offering was subscribed about 5.56 times.

The company did not introduce any cornerstone investors, and fully relied on market public subscription to verify its value. In the end, Ke Tuo Co., Ltd. became the "first smart parking stock" in Hong Kong stocks, with a market value of 12.02 billion Hong Kong dollars at the end of the first day of listing.

The market has voted with real money, casting a vote of trust.

Standing at the bell-ringing site of the Hong Kong Stock Exchange, looking back2020year's investment and2026year's additional investment - what seemed to be a contrarian "choice" at the time, now appears to be "foresight".

Hua Min United Trust has always believed that truly good companies are worth accompanying with time. In the future, the company will continue to focus on the main line of high-quality development of the real economy, delve into sustainable industry tracks,with capital as the bond and industrial resources as the support, continue to accompany the growth and strengthening of more high-quality companies, and enter the capital market, committed to becoming the best practitioner of industry-finance collaboration.

A company that has been down-to-earth for twenty years is seen by the world today. This is the best reward for patience.

Fujian Huamin United Private Equity Fund Management Co., Ltd.Is a private equity fund management institution jointly established by Fujian Huamin Industrial Group and a market-oriented professional team in 2017 with the approval of the Fujian provincial government. The company has offices in Xiamen, Fuzhou, and Shanghai, adheres to the values of "transparency sharing, collaborative growth, green operation, and going far together," drives sustainable industrial development with innovative capital, and is committed to building a benchmark platform for sustainable development of industry-finance collaboration.

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