New stock news | Sunmi Technology once again submits an application to the Hong Kong Stock Exchange, occupying over 10% of the global Android-based BIoT solution market.

According to the disclosure of the Hong Kong Stock Exchange on January 13th, Shanghai Sunmi Technology Group Co., Ltd. (referred to as Sunmi Technology) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Deutsche Bank, CITIC SEC, and Agricultural Bank International as its joint sponsors. The company had previously submitted an application to the Hong Kong Stock Exchange on June 25, 2025. Company Overview According to the prospectus, the company is a global leading provider of Business Internet of Things (BIoT) solutions. The company's disruptive solution integrates smart hardware, software, and data insights to empower numerous offline business scenarios to achieve digital transformation, enhancing core business operations such as payments, membership management, order fulfillment, inventory control, and employee management efficiency. According to data from Zhishizixun, based on revenue in 2024, the company is currently the world's largest provider of Android-end BIoT solutions, with over 10% market share. According to the same data source, explosive growth is expected in the Android-end BIoT solution market in the next five years. The company's global business partners increased from around 44,000 as of December 31, 2022, to around 58,000 as of December 31, 2024, and further increased to around 64,000 as of September 30, 2025. According to data from Zhishizixun, the company has deployed solutions in over 200 countries and regions, with the most extensive business network worldwide. The company covers the widest range of industry verticals, including over 100 industry sub-verticals such as restaurants, supermarkets, sports and fitness, clinics, and logistics delivery. The company's monthly active smart devices increased from around 3.2 million as of December 31, 2022, to around 4.9 million as of December 31, 2024, and further increased to around 5.8 million as of September 30, 2025. The company has a track record of product and technology innovation in the intelligent device design and process, PaaS platforms and software technology, and AI-driven data analysis in the BIoT industry. Since the launch of the world's first BIoT all-in-one machine, V1, this continuous innovation has driven the company to achieve global revenue breakthrough of over 100 million USD in just three years, establishing its position as an industry leader and making it the youngest company among the top ten industry participants. The company's BIoT solutions mainly include smart devices and BIoTPaaS platforms. Each smart device is supported by the company's specialized commercial operating system (SUNMIOS), enabling merchants to efficiently manage and optimize their transactions and operations. The company's BIoTPaaS platform provides a unified software infrastructure with ready-to-use development tools, allowing merchants and developers to efficiently develop, manage, and upgrade specific vertical scenario software applications for smart devices. As of September 30, 2025, the company has recorded over 200 million cumulative downloads of applications in the Sunmi App Market. Financial Information Revenue For the financial years 2022, 2023, 2024, and the nine months ended September 30, 2025, the company's revenue was approximately RMB 3.404 billion, RMB 3.071 billion, RMB 3.456 billion, and RMB 2.241 billion, respectively. Profit For the financial years 2022, 2023, 2024, and the nine months ended September 30, 2025, the company's profits were approximately RMB 160 million, RMB 101 million, RMB 181 million, and RMB 56.079 million, respectively. Gross Profit Margin For the financial years 2022, 2023, 2024, and the nine months ended September 30, 2025, the company's gross profit margins were 28.1%, 26.7%, 28.9%, and 32.9%, respectively. Industry Overview The global BIoT solutions market is steadily growing, increasing from approximately RMB 189 billion in 2020 to approximately RMB 235 billion in 2024, with a compound annual growth rate of approximately 5.6% during the period. BIoT solutions are widely used in high-frequency commercial sectors such as retail and catering services. With the good development momentum of digital transformation in more industries such as healthcare, education, and tourism, the adoption of BIoT is expected to penetrate into a broader range of industry sectors. In addition, the continuous upgrade of existing equipment and systems is expected to further drive market growth. By 2029, the global BIoT solutions market is expected to reach approximately RMB 313 billion, with a projected compound annual growth rate of approximately 5.9% from 2024 to 2029, indicating sustained demand and significant opportunities for continued development and application across various industries globally. From 2020 to 2022, the COVID-19 pandemic accelerated the demand for contactless services, leading to rapid growth in the adoption of BIoT solutions in areas such as food delivery and self-service operations. By 2023, as the pandemic eased and economic activity normalized, the global BIoT solutions market transitioned from a phase of rapid growth driven by the pandemic to stable and sustained development. The contraction of the global BIoT solutions market in 2023 was due to various factors. Firstly, although consumer activities were gradually recovering, the lingering impact of the pandemic continued to burden traditional physical merchants. The closure and reduced operations led to cancellations or disuse of terminals, reducing the overall installation base. Furthermore, the rapid growth of mobile payment methods partially replaced traditional card-based transactions, resulting in weak demand for incremental POS hardware. Additionally, based on publicly available shipment data, the global POS market experienced strong growth from 2020 to 2022, leading to an inventory reduction phase in the industry in 2023, as end-users need time to absorb the increased shipment volumes from previous years. These dynamics temporarily reduced the purchase and deployment of new devices. By 2024, the global market size of Android-end BIoT solutions was approximately RMB 32 billion. It is expected to reach approximately RMB 92 billion by 2029, with a projected compound annual growth rate of approximately 23.7% from 2024 to 2029. The open Android development ecosystem enables global developers to build customized solutions. Its high compatibility supports a wide range of functionalities, accelerating its application in many business environments. The expected penetration rate of Android-end BIoT solutions in the global market (measured as the ratio of the global market size of Android-end BIoT solutions to the global market size of BIoT solutions) is expected to increase from approximately 14% in 2024 to approximately 29% in 2029. In APMEA, the total market size of Android-end system solutions reached approximately RMB 140 billion in 2024, with the Chinese market accounting for approximately RMB 100 billion. In contrast, the market sizes in the Americas and Europe were approximately RMB 110 billion and RMB 70 billion, respectively. The global market size of non-Android end BIoT solutions increased from approximately RMB 172 billion in 2020 to approximately RMB 203 billion in 2024, with a compound annual growth rate of 4.2%. It is expected that the global market size of non-Android end BIoT solutions will increase from approximately RMB 203 billion in 2024 to approximately RMB 221 billion in 2029, with a compound annual growth rate of approximately 1.7%. According to data from Zhishizixun, the market size of Windows-end BIoT solutions reached approximately RMB 178 billion in 2024. Board of Directors Information The Board of Directors consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors. According to the company's articles of association, the directors are elected and appointed by the shareholders at the general meeting, with a term of three years and the possibility of consecutive re-election. Shareholding Structure Mr. Lin is a general partner of Wo You Partnership, Wolton Partnership, and Ningbo Wo You. Therefore, under the Securities and Futures Ordinance, Mr. Lin is considered to have an interest in the company's shares held by Wo You Partnership, Wolton Partnership, and Ningbo Wo You. Intermediary Team Joint Sponsors: Deutsche Securities Asia Limited, CITIC SEC (Hong Kong) Limited, Agricultural Bank International Financing Limited; Sponsors and Overall Coordinators: Deutsche Bank AG, Hong Kong Branch, CLSA Limited, Agricultural Bank International Financing Limited; Legal Advisers: Davis Polk & Wardwell, JunHe LLP, Li Weibin Law Firm, Xuling and Mu Law Firm, Shengzhi Law Firm, Shanghai Landy Law Firm, BayWinBird, A Professional Corp., Zhengnan GONG, Zhong Lun Law Firm; Reporting Accountants and Auditors: Deloitte Touche Tohmatsu; Industry Advisers: Zhishizixun Consulting Co., Ltd.; Compliance Advisers: Humble Capital Limited.