# 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.
- Title: Keda Smart Restarts Hong Kong IPO · BigGo Finance | Shortify
- Summary: 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…
- Keywords: keda smart, hong kong stock exchange, huatai international, guoyuan international, china securities regulatory commission, gross margin, customer concentration, first half 2026, revenue, net profit, finance, markets
- Source: BigGo Finance — https://finance.biggo.com/news/5dce64cd-32cd-43a4-ba27-db82a07a9b59
- Author: BigGo Finance
- Published: 2026-10-23T14:25:16+00:00
- Read time: 1 min
- Topics: keda smart, hong kong stock exchange, huatai international, guoyuan international, china securities regulatory commission, gross margin, customer concentration, first half 2026, revenue, net profit, finance, markets
## 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.
## Key takeaway

Keda Smart's first-half 2026 gross margin reached 24.9% while top five customers accounted for 46.7% of revenue.