Shanghai Sunmi Technology Co., Ltd. has received the filing notice for its overseas issuance and listing and the "full circulation" of its domestic unlisted shares. The company plans to issue no more than 46,000,000 ordinary shares for overseas listing and list on the Hong Kong Stock Exchange. Thirteen shareholders of the company intend to convert a total of 261,415,724 domestic unlisted shares into overseas listed shares, which will then be traded on the Hong Kong Stock Exchange. Within 15 working days after completing the overseas issuance and listing, Sunmi Technology must report the details of the issuance and listing through the China Securities Regulatory Commission's filing management information system. The company will strictly comply with all relevant laws, regulations, and rules in both domestic and overseas jurisdictions throughout the listing process. Should Sunmi Technology fail to complete the overseas listing within 12 months from the date the filing notice was issued but intends to continue, it must update its filing materials. According to the Hong Kong Stock Exchange's listing rules, companies must submit the "filing notice" at least four business days prior to the hearing approval date. This indicates that Sunmi has met a key prerequisite for its Hong Kong listing hearing, suggesting it may proceed to the hearing phase shortly.

Previously, Sunmi Technology had submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with Deutsche Bank, CITIC Securities, and ABC International acting as joint sponsors. According to its prospectus, Sunmi Technology is a world-leading provider of Business Internet of Things (BIoT) solutions. The company's integrated solutions, which combine smart hardware, software, and data insights, empower numerous offline commercial scenarios to achieve digital transformation, enhancing the efficiency of core business operations such as payments, membership management, order fulfillment, inventory control, and staff management. Data from CIC shows that, based on 2024 revenue, Sunmi Technology is currently the world's largest Android-based BIoT solutions provider, holding a market share of over 10%. According to the same source, the Android-based BIoT solutions market is expected to experience explosive growth over the next five years. As of the latest practicable date, Sunmi's end-to-end BIoT solutions have served approximately 61,000 business partners globally. The company's global business partner network grew from about 44,000 as of December 31, 2022, to approximately 58,000 as of December 31, 2024.

The company covers the most extensive range of industry verticals, including over 100 specific segments such as restaurants, supermarkets, sports and fitness, clinics, and logistics distribution. Sunmi Technology has deployed its solutions in over 200 countries and regions, boasting the most extensive business network worldwide. Monthly active smart devices increased from approximately 3.2 million as of December 31, 2022, to about 4.9 million as of December 31, 2024. As a pioneer and leader in the BIoT industry, the company has a proven track record of product and technological innovation in areas including smart device design and engineering, PaaS platforms and software technology, and AI-driven data analytics. Since the initial launch of the world's first BIoT all-in-one machine, V1, this continuous innovation propelled the company to surpass US$100 million in global revenue within just three years, establishing its position as an industry leader and making it the youngest company among the top ten industry players.

Sunmi's BIoT solutions primarily consist of smart devices and the BIoT PaaS platform. Each smart device is powered by a professional commercial operating system (SUNMI OS), enabling merchants to efficiently manage and optimize their transactions and operations. The company's BIoT PaaS platform provides a unified software infrastructure equipped with ready-to-use development tools, allowing merchants and developers to efficiently develop, manage, and upgrade vertical-specific software applications for smart devices. As of December 31, 2024, cumulative downloads of applications from the Sunmi App Market reached approximately 200 million. The company offers a comprehensive suite of smart devices covering 15 major industries and over 100 sub-verticals, including restaurants, supermarkets, sports and fitness, clinics, and logistics distribution. According to CIC data, Sunmi has served over 70% of the world's top 50 food and beverage companies. In China, it has achieved coverage of over 70% of the top 100 restaurant brands and over 60% of the top 100 chain stores.

Sunmi Technology pioneered and launched the industry's first PaaS platform: Sunmi Mini Programs, a low-code, modular platform that enables enterprises and developers to efficiently build, manage, and upgrade software applications for their smart devices. Sunmi Mini Programs consists of over 1,000 modules covering more than 20 verticals. As of December 31, 2024, over 7,000 enterprises from about ten countries and regions had adopted Sunmi Mini Programs. Financially, for the years 2022, 2023, and 2024, Sunmi Technology reported revenues of approximately RMB 3.404 billion, RMB 3.071 billion, and RMB 3.456 billion, respectively. Its annual profits for the same periods were approximately RMB 160 million, RMB 101 million, and RMB 181 million, respectively. The company's gross profit increased by 21.5% from RMB 821 million in 2023 to RMB 997 million in 2024. Its gross profit margin rose from 26.7% in 2023 to 28.9% in 2024. This improvement in overall gross margin was primarily attributable to increased sales in Europe and other developed countries, where margins are relatively higher due to premium pricing strategies for customized products, as well as the company's cost management efforts.

The global BIoT solutions market has experienced steady growth, expanding from approximately RMB 1.89 trillion in 2020 to about RMB 2.35 trillion in 2024, representing a compound annual growth rate (CAGR) of around 5.6% during the period. BIoT solutions are widely used in high-frequency commercial areas such as retail and food service. As digital transformation gains momentum in more industries like healthcare, education, and tourism, the adoption of BIoT is expected to penetrate a broader range of sectors. Furthermore, the continuous upgrading of existing devices and systems is anticipated to further drive market growth. By 2029, the global BIoT solutions market size is projected to reach RMB 3.13 trillion, with an expected CAGR of about 5.9% from 2025 to 2029, indicating sustained demand and significant potential for ongoing development and application across global industries.

In 2024, the global market size for Android-based BIoT solutions was approximately RMB 32 billion. It is projected to reach about RMB 92 billion by 2029, with an expected CAGR of 23.7% from 2024 to 2029. The open development ecosystem of Android enables global developers to build customized solutions. Its high compatibility supports a wide range of functionalities, which helps accelerate its adoption in numerous commercial use cases. The penetration rate of Android-based BIoT solutions in the global market (measured by the ratio of the global market size of Android-based BIoT solutions to the global market size of smart BIoT solutions) is expected to increase from about 14% in 2024 to approximately 29% by 2029. The BIoT industry is still in the early stages of digital transformation. The competitive landscape includes numerous participants at different stages of BIoT development. Many solution providers are still operating in the early phases of BIoT (i.e., BIoT 1.0 or 2.0), particularly those focused on specific functions like card payments. Recognizing the growing importance of flexible, interconnected ecosystems, these companies have begun adopting the Android system. However, their use of Android is often limited to isolated use cases (such as card payments) rather than being fully integrated into broader business operations. BIoT 3.0 players focus on addressing more complex, fragmented, and long-tail digital challenges. By offering open ecosystems and smarter product experiences, they can gain a competitive advantage over traditional, vertically-focused hardware suppliers and achieve large-scale penetration of digital application scenarios.

The prospectus reveals that Sunmi Technology's shareholders include Ant Group, Meituan, Xiaomi Corp., Shenzhen Capital Group, among others. The net proceeds from Sunmi Technology's upcoming Hong Kong IPO are currently intended to be used for the following purposes: funding research and development for BIoT software and hardware solutions; strengthening the supply chain and production operations; implementing global market expansion plans; and for working capital and other general corporate purposes.