Filed again, with AI business accounting for less than 1%, how can Boke Electronics tell a new IPO story? - 36Kr

Plato Electronics updated its Hong Kong IPO prospectus, showing Q1 2026 revenue rose year on year but net profit swung to a loss.

The company’s core revenue still comes from mining-machine power supplies, while AI server power sales remain very small, under 1% of revenue.

Its energy-storage PCS business is also slowing, raising doubts about whether the new growth story can support the listing.

The gap between the IPO valuation narrative and the company’s actual business mix is drawing growing market scrutiny.