Sunmi Technology Seeks Hong Kong Listing, Reports 10% Market Share

Sunmi Technology Co., Ltd., a leading global provider of commercial Internet of Things (BIoT) solutions, has submitted an application to list on the Hong Kong Stock Exchange's main board. The company is supported by Deutsche Bank, Agricultural Bank of China International, and CITIC Securities as its joint sponsors. Sunmi Technology's solutions integrate smart hardware, software, and data insights to facilitate digital transformation in various offline commercial scenarios, enhancing the efficiency of core business operations such as payment, membership management, order fulfillment, inventory control, and employee management.

Sunmi Technology's BIoT solutions encompass smart devices and a BIoT PaaS platform. Each smart device is powered by Sunmi OS, a professional commercial operating system that enables merchants to efficiently manage and optimize their transactions and operations. The BIoT PaaS platform offers a unified software infrastructure equipped with ready-to-use development tools, allowing merchants and developers to efficiently develop, manage, and upgrade software applications tailored to specific vertical scenarios for smart devices.

According to Frost & Sullivan, based on 2024 revenue, Sunmi Technology is the world's largest provider of Android-based BIoT solutions, holding more than 10% of the market share. The company has deployed its solutions in over 200 countries and regions, boasting the most extensive business network globally. The number of active smart devices has increased from approximately 3.2 million as of December 31, 2022, to approximately 4.9 million as of December 31, 2024.

Sunmi Technology has served over 70% of the top 50 global food and beverage companies. In China, the company has achieved coverage of over 70% of the top 100 restaurant brands and over 60% of the top 100 chain stores. The company's revenue from its top five clients was RMB 14.39 billion, RMB 8.85 billion, and RMB 14.21 billion for the years 2022, 2023, and 2024, respectively. These amounts represented 42.3%, 28.8%, and 41.1% of the company's total revenue for those years.

In terms of financial performance, Sunmi Technology reported revenues of approximately RMB 34.04 billion, RMB 30.71 billion, and RMB 34.56 billion for the years 2022, 2023, and 2024, respectively. The company's net profit for the same periods was approximately RMB 1.6 billion, RMB 1.01 billion, and RMB 1.81 billion, respectively. This financial performance underscores Sunmi Technology's strong market position and growth potential in the BIoT solutions sector.