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Key Takeaways:
KeLiang Information has applied for an IPO, as its business feeds off surging demand for power grid simulation services driven by new energy technology and AI infrastructure
The company embodies the concept of industrial simulation, but nearly all its revenue still comes from China and is heavily reliant on individual projects
Large wind farms in Northwestern China's Gobi Desert suddenly landing in the doldrums, or AI data centers in Eastern China driving up electricity loads, or millions of electric vehicle owners all deciding to charge up in the evening hours. Such scenarios, which are growing in frequency, increasingly put today's power grids to the test, forcing them to balance loading capabilities with the ability to dispense power to where it's needed.
That mix is where Shanghai KeLiang Information Technology Co. Ltd., which applied to list in Hong Kong last week, is finding a comfortable place as "invisible guardian" of China's power systems of the future.
Established in Shanghai in 2007, KeLiang provides power system simulation and verification technologies. It uses technologies such as electromagnetic transient simulation, hardware-in-the-loop (HIL) simulation, and frequency-domain stability analysis to build digital models for energy grids and large-scale energy systems, simulating their operating conditions under various extreme scenarios when they are still in the design phase.
Simply put, the company constructs virtual power grids in the digital world to simulate how energy and large-scale electricity consumption systems will perform under extreme conditions. Clients can then use that information to mitigate the risk of failures or massive fluctuations after systems are officially integrated into the grid.
The company's revenue mostly comes from its simulation tools and customized solutions. In 2025, its revenue related to new power systems reached 508 million yuan ($75 million), accounting for 84.7% of its total. That ratio was up from 72% in 2024, showing that new energy power grid services are quickly becoming the company's most important growth ...
