Kendo UI TimePicker does raise change event on keyup event

Question

I am a having a TimePicker and I would like to bind the keyup event. The below code is not working.

<input id="tpActivationStartTime" data-value-update="keyup"
                                  data-role="timepicker"
                                  data-bind="value:activationStartDate, enabled: enableActivationStartDate" />

// javascript
viewModel.bind("change", function (e) {
    $("#btnApplySettings").attr("disabled", false);
});

The keyup event is never raised when I change the timePicker by editing the TimePicker textbox manually. It only works fine when I use the select button and pick a date. the change event is never raised on timepicker keyup event.