Hong Kong stocks' new energy sector adds another "solar thermal powerhouse"! Kesheng Technology files for listing, positioning itself to benefit from solar thermal power policy dividends | Gang E Voice

This article is sourced from: Times Business Research Institute. Author: Times Business Research Institute

Image source: Photos from Tuchong Creative

Source|Times Business Research Institute

Author|Intern Chen Jiajie

Editor|Zheng Lin

On March 24, 2026, Zhejiang Ke Sheng Technology Co., Ltd. (hereinafter referred to as “Ke Sheng Technology”) once again submitted an application for a main board listing to the Hong Kong Stock Exchange, with CICC International as the sole sponsor.

According to the prospectus, Ke Sheng Technology’s core business is to provide integrated solutions and services for molten-salt tower-type CSP (concentrated solar power) projects, with a focus on the concentrating and heat-collection system and the storage and heat-exchange system. CSP power generation is a technology that uses solar energy to generate heat and then generate electricity. Its core advantage is that, through the supporting molten-salt energy storage system, it can achieve stable and dispatchable power output, effectively addressing the shortcomings of intermittent renewable energy sources such as wind power and photovoltaics. It is considered a key peak-shaving power source for building a new type of power system.

Based on disclosures in the prospectus, Ke Sheng Technology holds a prominent industry leading position. Measured by 2024 revenue, the company is the No. 1 supplier in China’s concentrating and heat-collection system market, with a market share of 45.5%, significantly ahead of other competitors. Among 20 tower-type CSP projects in China with confirmed suppliers from 2021 to 2024, the company provided concentrating and heat-collection systems for 11 of them. Whether measured by installed capacity or by the number of projects, its market share exceeds 55%. In addition, according to a report from Frost & Sullivan, as of the last practical date, the company is also the only enterprise worldwide with experience in molten-salt tower-type CSP power generation projects exceeding 1 GW.

In terms of financial performance, Ke Sheng Technology demonstrates strong growth and profitability. Driven by policy, China’s CSP power generation industry has entered a stage of large-scale development. The company’s revenue surged from RMB 858 million in 2023 to RMB 2.193 billion in 2025. Even more impressive is its profitability: net profit for the same period jumped from RMB 248 million to RMB 568 million. Its gross margin has remained at above 30% throughout, reaching 37.7% in 2025, reflecting its technology premium and strong cost-control capability.

Ke Sheng Technology’s business model adopts “asset-light operations.” It focuses on core technology R&D, system design integration, and quality control, while outsourcing the manufacturing of standard components to qualified suppliers. Its customers mainly include large state-owned energy groups and leading private energy enterprises. During the reporting period, customer concentration was high. From 2023 to 2025, the revenue contribution from the top five customers was 99.9%, 88.5%, and 98.5%, respectively.

Regarding R&D, from 2023 to 2025, Ke Sheng Technology’s R&D expenditures were RMB 37.865 million, RMB 62.363 million, and RMB 78.761 million, respectively, showing a continuous growth trend. As of the end of 2025, the company held 267 patents (including 185 invention patents) and 60 software copyrights. Its R&D team totaled 116 people, accounting for about 32% of its total employees.

This move to list in Hong Kong comes at a critical time when China’s CSP power generation industry is receiving strong support from top-level policies. In December 2025, the National Development and Reform Commission and the National Energy Administration jointly issued the “Several Opinions on Promoting the Large-Scale Development of CSP Power Generation,” which clearly states that efforts should be made to actively cultivate the CSP application market, fully leverage the role of CSP power generation in supporting and regulating new power systems, and sets a target for installed capacity to reach 15 million kW by 2030. The fundraising may provide financial support for Ke Sheng Technology to consolidate its technological advantages, expand the application of molten-salt energy storage in other industrial fields (a second growth curve), and improve delivery capabilities.

Of course, Ke Sheng Technology also faces risks such as strong dependence on industry policies, high customer concentration, project execution being affected by complex environments and supply chains, and a large financing need. However, as an absolute leader in the segment, if Ke Sheng Technology successfully lists, it will become a scarce target for investors to allocate to China’s long-duration energy storage and clean energy peak-shaving power generation segment. Its subsequent development—especially the progress of the 350MW tower-type CSP power generation project in Golmud—will become an important reference for observing its process of large-scale rollout.

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