Commercial Technology Group Seeks HK Listing, Aims for 50% Device Growth

Shanghai-based Commercial Technology Group Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange's main board, with Deutsche Bank, BOCOM International, and CITIC Securities serving as joint sponsors.

The company, a global leader in commercial Internet of Things (BIoT) solutions, integrates smart hardware, software, and data insights to empower offline commercial scenarios with digital transformation, enhancing core business operational efficiency. According to Counterpoint Research, Commercial Technology is the largest provider of Android-based BIoT solutions globally, with a market share exceeding 10%. The company's solutions have been deployed in over 200 countries and regions, demonstrating its extensive global reach.

Commercial Technology's BIoT solutions primarily consist of smart devices supported by SUNMI OS and the BIoT PaaS platform, which provides a unified software infrastructure. The company has served over 70% of the top 50 global food and beverage enterprises and achieved over 70% coverage of China's top 100 restaurant brands and over 60% coverage of China's top 100 chain stores.

The company's active smart devices have grown from approximately 3.2 million units at the end of 2022 to around 4.9 million units by the end of 2024, reflecting a significant increase in its user base and market penetration. This growth underscores Commercial Technology's ambition to leverage its technological capabilities and market leadership to attract investors and expand its operations. The listing is expected to provide the company with the necessary capital to further innovate and solidify its position in the competitive BIoT market.

Commercial Technology's focus on Android-based solutions positions it well to capitalize on the growing demand for smart devices and IoT applications, making it a key player in the global technology landscape. The company's extensive global reach and strong market presence in the food and beverage industry further enhance its competitive advantage.