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Equity Bottom-Up

Shanghai Sunmi Technology Co., Ltd. / Equity Bottom-Up

<ul>
 <li>
Market Leader in a Growing Niche: Shanghai Sunmi Technology is a global leader in the Android-based Business Internet of Things (BIoT) device sector, with a reported market share of over 10%. The company is well-positioned to capitalize on the global transition from traditional point-of-sale (POS) systems to integrated, smart-device ecosystems.</li>
 <li>
Robust Partner Ecosystem as a Key Differentiator: Sunmi's competitive advantage is anchored by its extensive open-platform ecosystem, which includes the SUNMI OS (based on Android), a dedicated business app store with over 13,000 applications, and a network of more than 58,000 ecosystem partners. This fosters innovation and provides end-users with a wide array of tailored software solutions.</li>
 <li>
Strategic Backing and Impending IPO: The company is backed by prominent strategic investors, including Ant Group, Xiaomi Technology, and Meituan. Sunmi is currently in the IPO registration phase for a Hong Kong listing, which is expected to provide significant capital for future growth, product development, and market expansion.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Market Leader in a Growing Niche: Shanghai Sunmi Technology is a global leader in the Android-based Business Internet of Things (BIoT) device sector, with a reported market share of over 10%. The company is well-positioned to capitalize on the global transition from traditional point-of-sale (POS) systems to integrated, smart-device ecosystems.
  
Robust Partner Ecosystem as a Key Differentiator: Sunmi's competitive advantage is anchored by its extensive open-platform ecosystem, which includes the SUNMI OS (based on Android), a dedicated business app store with over 13,000 applications, and a network of more than 58,000 ecosystem partners. This fosters innovation and provides end-users with a wide array of tailored software solutions.
  
Strategic Backing and Impending IPO: The company is backed by prominent strategic investors, including Ant Group, Xiaomi Technology, and Meituan. Sunmi is currently in the IPO registration phase for a Hong Kong listing, which is expected to provide significant capital for future growth, product development, and market expansion.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Shanghai Sunmi Technology Co., Ltd. (1536269D CH) - Oct 2025

APAC IPOs & Placements, Aequitas Research

Troy Wong

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Shanghai Sunmi Technology Co., Ltd. / Equity Capital Markets

<ul>
<li>Shanghai Sunmi Technology Co., Ltd. (SSTC) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by DB, Citic, and ABCI.</li>
<li>SSTC is the largest Android-based BIoT solution provider in the world in terms of revenue in 2024, with a market share of over 10%, according to CIC.</li>
<li>The company mainly relies on offline channels as over 99% of total revenue was generated from offline channels over the Track Record Period.</li>
</ul>


Shanghai Sunmi Technology Co., Ltd. (SSTC) is looking to raise about US$100m in its upcoming Hong Kong IPO. The deal will be run by DB, Citic, and ABCI.
SSTC is the largest Android-based BIoT solution provider in the world in terms of revenue in 2024, with a market share of over 10%, according to CIC.
The company mainly relies on offline channels as over 99% of total revenue was generated from offline channels over the Track Record Period.


Shanghai Sunmi Technology Co., Ltd. Pre-IPO Tearsheet

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, next week will see a large number of listings across the region.</li>
<li>On the placements front, given the HK and US holidays and approaching earnings season, there were only a few deals in the past week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, next week will see a large number of listings across the region.
On the placements front, given the HK and US holidays and approaching earnings season, there were only a few deals in the past week.


ECM Weekly (7 July 2025) - IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH

Hong Kong

Shanghai Sunmi Technology Co., Ltd. (1536269D CH)

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Shanghai Sunmi Technology Co., Ltd. (1536269D CH)

Primer: Shanghai Sunmi Technology Co., Ltd. (1536269D CH) - Oct 2025

Market Leader in a Growing Niche: Shanghai Sunmi Technology is a global leader in the Android-based Business Internet of Things (BIoT) device...

αSK

Shanghai Sunmi Technology Co., Ltd. Pre-IPO Tearsheet

Shanghai Sunmi Technology Co., Ltd. plans to raise $100m in Hong Kong IPO, leading Android-based BIoT provider with over 10% market share in 2024,...

Troy Wong

ECM Weekly (7 July 2025) - IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Shanghai Sunmi Technology Co., Ltd. (1536269D CH) - Oct 2025

Market Leader in a Growing Niche: Shanghai Sunmi Technology is a global leader in the Android-based Business Internet of Things (BIoT) device...

αSK

Shanghai Sunmi Technology Co., Ltd. Pre-IPO Tearsheet

​Shanghai Sunmi Technology Co., Ltd. plans to raise $100m in Hong Kong IPO, leading Android-based BIoT provider with over 10% market share in 2024,...

Troy Wong

ECM Weekly (7 July 2025) - IFBH, HDB, Anjoy, FWD, Lens, Fortior, NTT DC, Daehan, Kanzhun, Nykaa, NH

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Shanghai Sunmi Technology Co., Ltd. plans to raise $100m in Hong Kong IPO, leading Android-based BIoT provider with over 10% market share in 2024,...