From BigGo Finance · BigGo Finance · · 1m 50s
Keda Smart Restarts Hong Kong IPO
Keda Smart refiles Hong Kong IPO after failed first attempt, with first-half gross margin rising to 24.9% as customer concentration climbs.
In brief
Keda Smart refiles Hong Kong IPO after failed first attempt, with first-half gross margin rising to 24.9% as customer concentration climbs. Keda Smart's first-half 2026 gross margin reached 24.9% while top five customers accounted for 46.7% of revenue. Originally reported by BigGo Finance.
Keda Smart Restarts Hong Kong IPO
Keda Smart (300222.SZ) refiled its H-share listing application with the Hong Kong Stock Exchange on October 22, 2026.
First-Half 2026 Financial Results
First-half 2026 revenue reached CNY 1.524 billion (approximately $228.8 million), up 15.2% year on year.
Net Profit Growth
Net profit rose 40.3% to CNY 111 million (approximately $3.4 million) in the first half of 2026.
Gross Margin Improvement
Blended gross margin climbed to 24.9%, 2.8 percentage points above the full-year 2025 level.
Customer Concentration Rise
Top five customers accounted for 46.7% of revenue, with the largest single customer at 34.5%.
Operating Cash Flow Shift
Operating cash flow swung to a net outflow of CNY 159 million (approximately $4.9 million) in the first half.
Listing Approval Process
The listing still requires approvals from the China Securities Regulatory Commission, Hong Kong Stock Exchange and other authorities.
Business Segments
Keda Smart operates across three segments: smart power distribution and consumption, new-type energy storage, and industrial robots.
Revenue Trends
Revenue rose from CNY 3.025 billion in 2023 to CNY 3.015 billion in 2.025 with a dip in 2024.
Profitability Turnaround
Net profit swung from a loss of CNY 171 million in 2023 to a profit of CNY 111 million in the first half of 2026.
Customer Concentration Drivers
The shift in concentration reflects downstream demand growth in power equipment and energy storage segments.
Cash Flow Seasonality
Net operating cash flow swung to a net outflow of CNY 159 million in the first half of 2026.
The takeaway
Keda Smart's first-half 2026 gross margin reached 24.9% while top five customers accounted for 46.7% of revenue.
