HONGKONG, April 29th 2026 —— CIC extends our warmest congratulations to Shanghai Sunmi Technology Co., Ltd. (06810. HK) on its successful listing on the Hong Kong Stock Exchange (HKEX) today.
CIC's Collaborative Journey to the Listing
Throughout the listing process, CIC provided end-to-end support to the company and its sponsors:
Drafted and compiled the industry overview chapter of the prospectus, laying a solid research foundation for the formal listing application.
Assisted in responding to inquiries from regulatory authorities, ensuring comprehensive and accurate disclosure.
Refined listing application materials continuously to meet stringent market and regulatory requirements.
SUNMI Technology – The World’s Largest Android-based BIoT Solutions Provider
Founded in 2013, SUNMI Technology is a globally leading commercial IoT (BIoT) solutions provider, dedicated to the digital and intelligent transformation of offline business scenarios. According to CIC’s research, in terms of 2024 revenue, SUNMI Technology was the world’s largest provider of Android-based BIoT solutions, with a market share of approximately 11%.
Starting from commercial terminals, the company has progressively built an integrated solution system covering smart devices, commercial operating systems, a BIoT PaaS platform, application ecosystem and data analytics capabilities. Through its proprietary commercial operating system SUNMI OS and BIoT PaaS platform, SUNMI Technology deeply connects smart devices, software applications, cloud management and developer ecosystems, continuously empowering high-frequency offline business scenarios such as catering, retail, logistics and distribution, healthcare, and lifestyle services.
First Commercial IoT Company to List with a Weighted Voting Rights (WVR) Structure on HKEX
Notably, SUNMI Technology adopted a Weighted Voting Rights (WVR) structure for this listing, becoming the first commercial IoT technology company to list on HKEX with a WVR structure. As the independent industry consultant, CIC has participated in and supported 80% of successfully issued WVR-structure H-share IPO projects since 2023, continuously providing industry research and market position validation support for innovative technology companies seeking listings. To address the need to substantiate the company’s innovation attributes and industry leadership under the WVR framework, CIC conducted independent analyses across multiple dimensions, including technology capabilities, product portfolio, business model, ecosystem development, global footprint and competitive benchmarking, systematically validating SUNMI Technology’s differentiated advantages over peers and providing third-party industry research support for the company to demonstrate its industry value, technological moats and long-term growth potential to the capital market.
As of December 31, 2025, SUNMI Technology’s products have reached more than 200 countries and regions, covering 15 major industries and over 100 niche vertical scenarios. The company has approximately 66,000 registered business partners, approximately 42,000 registered developers, more than 33,300 downloadable applications, and approximately 6 million monthly active smart BIoT devices. Leveraging its global reach, extensive scenario coverage, proprietary hardware-software integration capabilities, and open ecosystem advantages, SUNMI Technology has emerged as a key driver of global offline business digital transformation.
Source: SUNMI TECH, CIC
2026 HKEX IPO Highlights & Proceeds Utilization
SUNMI Technology intends to globally offer 42,626,800 H shares, representing approximately 10.59% of the enlarged issued share capital after the global offering completion. The Hong Kong public offering initially accounts for 10%, with the international offering initially accounting for 90%, subject to reallocation based on subscription demand. The offering price for each H-share is HK$24.86. Based on this, the total funds raised from the global offering amount to approximately HK$1.059 billion.. After deducting underwriting commissions and other estimated expenses, the estimated net proceeds are approximately HK$909 million, primarily intended for:
R&D of BIoT hardware and software solutions
Upgrading supply chain and production operations
Global market expansion
Working capital and general corporate purposes
The offering brought in cornerstone investors, including China Orient Enhanced Income Fund and XINWUTANG CO., LIMITED, under the umbrella of China Orient Asset Management (International). The cornerstone investors subscribed for a total of approximately HK$286 million, accounting for approximately 27.03% of the offering shares, reflecting institutional investors’ recognition of the company’s business prospects and the long-term value of the global Android-based BIoT solutions track.
Global Android-based BIoT Solutions Market Overview
As digital transformation continues to advance across global business scenarios, merchant demand for integrated solutions encompassing smart devices, software applications, cloud management and data capabilities is steadily increasing. Early commercial hardware and software were typically designed for relatively limited use cases with constrained functionality and extensibility, struggling to fully meet the continuously evolving operational requirements across diverse scenarios such as retail, catering, logistics and healthcare. Against this backdrop, Android-based BIoT solutions—leveraging the open nature of the Android ecosystem, more efficient device-side customization and iteration capabilities, broader application support, and deeper integration with cloud and data capabilities—are progressively becoming critical infrastructure driving digital upgrades across commercial scenarios.
According to CIC’s research, the global Android-based BIoT solutions market grew from approximately RMB 17 billion in 2020 to approximately RMB 32 billion in 2024, representing a CAGR of 17.0% from 2020 to 2024. The market is projected to further expand to approximately RMB 92 billion by 2029, with an estimated CAGR of 23.7% from 2024 to 2029. At the same time, the penetration rate of Android-based BIoT solutions in the global smart BIoT solutions market is expected to increase from approximately 14% in 2024 to approximately 29% by 2029.
Looking ahead, as AI technologies, low-code/no-code development, device-cloud collaboration and data intelligence capabilities continue to integrate into offline business operations, Android-based BIoT solutions will evolve from basic transaction execution tools into intelligent infrastructure connecting devices, applications, data and business decision-making, presenting broad growth potential for the industry.
Key Drivers of the Global BIoT Industry (According to CIC)
1. Technological Advancements, Cost Efficiency & Ecosystem Expansion
Advancements in AI, cloud computing, edge computing and connectivity technologies, along with improvements to chips, networks and open-source platforms such as Android, have reduced the cost and complexity of BIoT deployment. Concurrently, the expansion of open ecosystems—including operating systems, developer communities and PaaS toolkits—is accelerating application development and broadening adoption.
2. Digital Initiatives Across Vertical Industries
With increasing demand for digitalized and data-driven operations, industries such as retail, catering, logistics and manufacturing are accelerating the replacement of legacy systems with integrated smart devices and solutions, thereby driving the adoption of BIoT terminals, platforms and services.
3. Policy Support
Government policies in major markets continue to promote digitalization and IoT adoption, supporting the cross-industry deployment of BIoT devices, platforms and applications.
As a seasoned Industry Consultant, CIC offers services such as market sizing, competitive analysis, and enterprise value verification, etc., with global experience in advising "first-in-sector" IPOs in the Internet of Things and Enterprise Digitalization sectors.
From IPO preparation to listing hearings, CIC unearths the true intrinsic value of enterprises and translates it into actionable insights for successful capital market landing. Prior to SUNMI, CIC has supported leading enterprises in successful listings both domestically and overseas, including MiniMax, Biren Technology, Horizon Robotics and HUAQIN Technology, etc.
CIC Reports are now available on Bloomberg and FactSet portals.
About CIC
CIC is a professional consulting firm offering tailored end-to-end support across the full investment and financing lifecycle. The firm boasts a world-leading track record in guiding landmark first-in-sector IPOs across global markets, alongside unrivaled reach and in-depth coverage capabilities across specialized niche market segments.
CIC helps enterprises refine scalable business models and craft compelling capital narratives to enable seamless access to global capital markets, while serving as a trusted due diligence partner to investment institutions. It delivers granular industry insights and direct access to subject matter experts, empowering clients to identify high-value opportunities and mitigate critical risks effectively.
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