Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Zhongji InnoLight / Equity Capital Markets

<ul>
<li>We rank repeat cornerstone investors in 144 HK IPOs raising US$100m or more, listed from January 2025 to September 2026, split by investor type.</li>
<li>Our league table statistics show past 2W returns by investor type and for the top investors within each type.</li>
<li>In 9M2026, deals with hedge fund cornerstones underperformed the other four types on median 2W return.</li>
</ul>


We rank repeat cornerstone investors in 144 HK IPOs raising US$100m or more, listed from January 2025 to September 2026, split by investor type.
Our league table statistics show past 2W returns by investor type and for the top investors within each type.
In 9M2026, deals with hedge fund cornerstones underperformed the other four types on median 2W return.


HK IPO Cornerstone Performance League Table (9M2026)

APAC IPOs & Placements, Aequitas Research

Hong Jie Seow

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-sunmi-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:45410:1" rel="noopener">Shanghai Sunmi Technology (6810 HK)</a> raised around US$135m in its Hong Kong IPO.</li>
<li>Shanghai Sunmi Technology Co., Ltd. (SSTC) is a global Business Internet of Things (BIoT) solution provider.</li>
<li>We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.</li>
</ul>



Shanghai Sunmi Technology (6810 HK) raised around US$135m in its Hong Kong IPO.
Shanghai Sunmi Technology Co., Ltd. (SSTC) is a global Business Internet of Things (BIoT) solution provider.
We have looked at the company’s background and pricing in our earlier note, in this note we talk about the trading dynamics.


Aequitas: Shanghai Sunmi Tech IPO Trading - Strong Retail Appetite, Though Insti's Wasn’t That Great

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-sunmi-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:45410:1" rel="noopener">Shanghai Sunmi Technology (6810 HK)</a> is looking to raise around US$135m in its upcoming Hong Kong IPO.</li>
<li>Shanghai Sunmi Technology Co., Ltd. (SSTC) is a global Business Internet of Things (BIoT) solution provider. Its solutions integrate smart hardware, software, and data insights to enable digital transformation.</li>
<li>In this note, we talk about the company's past performance and valuations.</li>
</ul>



Shanghai Sunmi Technology (6810 HK) is looking to raise around US$135m in its upcoming Hong Kong IPO.
Shanghai Sunmi Technology Co., Ltd. (SSTC) is a global Business Internet of Things (BIoT) solution provider. Its solutions integrate smart hardware, software, and data insights to enable digital transformation.
In this note, we talk about the company's past performance and valuations.


Aequitas: Shanghai Sunmi Tech IPO - Slowing Growth Doesn’t Justify Premium

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>While <a href="https://www.smartkarma.com/entities/shanghai-sunmi-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:45410:1" rel="noopener">Shanghai Sunmi Technology (6810 HK)</a> is a leader in Business Internet of Things (BIoT) solutions, its IPO size is relatively small with net proceeds of HK$908.7m.</li>
<li>We forecast its 3-year EPS CAGR at 26.4%, driven by its comprehensive customer coverage and geographical presence, and it will continue to see a positive margin trend. </li>
<li>At HK$24.86, it is priced at 21.4x FY26 PER, vs. 13.2x for the peer average. Its better growth has been discounted, making the IPO's risk-reward payoff unfavourable.  </li>
</ul>


While Shanghai Sunmi Technology (6810 HK) is a leader in Business Internet of Things (BIoT) solutions, its IPO size is relatively small with net proceeds of HK$908.7m.
We forecast its 3-year EPS CAGR at 26.4%, driven by its comprehensive customer coverage and geographical presence, and it will continue to see a positive margin trend. 
At HK$24.86, it is priced at 21.4x FY26 PER, vs. 13.2x for the peer average. Its better growth has been discounted, making the IPO's risk-reward payoff unfavourable.  


Shanghai Sunmi Technology (6810 HK) IPO: Doesn't Stand Out

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Essentially, Sunmi is a company that sells hardware devices. However, the core value of the BIoT industry is shifting from hardware itself to ecosystem services and data value mining. </li>
<li>The contribution of PaaS platform and customization services is almost negligible, which means that the market's valuation logic for Sunmi as an "BIoT solution provider" needs to be discounted.</li>
<li>Valuation could be lower than <a href="https://www.smartkarma.com/entities/newland-digital-technology-co" target="_blank" data-smartkarma-citation="entities:8899:1" rel="noopener">Newland Computer</a> but higher than <a href="https://www.smartkarma.com/entities/pax-global-technology-ltd" target="_blank" data-smartkarma-citation="entities:7514:1" rel="noopener">Pax Global</a>.If arbitration case risk is eliminated and PaaS business experiences a growth inflection point, then high valuation becomes persuasive.</li>
</ul>


Essentially, Sunmi is a company that sells hardware devices. However, the core value of the BIoT industry is shifting from hardware itself to ecosystem services and data value mining. 
The contribution of PaaS platform and customization services is almost negligible, which means that the market's valuation logic for Sunmi as an "BIoT solution provider" needs to be discounted.
Valuation could be lower than Newland Computer but higher than Pax Global.If arbitration case risk is eliminated and PaaS business experiences a growth inflection point, then high valuation becomes persuasive.


Pre-IPO Shanghai Sunmi Technology (PHIP Updates) - Some Points Worth the Attention

China

SUNMI is a global Internet of Things (IoT) company that specializes in intelligent commercial hardware and integrated software solutions for businesses. They offer a range of Android-based IoT devices, including point-of-sale (POS) terminals, payment terminals, mobile terminals, desktop terminals, and kiosks, along with their proprietary SUNMI OS and cloud services. The company was founded in 2013 and is headquartered in Shanghai, China.

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SUNMI (6810 HK)

HK IPO Cornerstone Performance League Table (9M2026)

HK IPO: We rank repeat cornerstone investors by the average 2W return of IPOs they backed. In 9M2026, deals with hedge fund cornerstones...

Ke Yan, CFA, FRM

Aequitas: Shanghai Sunmi Tech IPO Trading - Strong Retail Appetite, Though Insti's Wasn’t That Great

Shanghai Sunmi Technology raised $135m in Hong Kong IPO, a global BIoT solution provider with focus on trading dynamics.

Hong Jie Seow

Aequitas: Shanghai Sunmi Tech IPO - Slowing Growth Doesn’t Justify Premium

Shanghai Sunmi Technology plans to raise $135m in Hong Kong IPO, offering BIoT solutions for digital transformation. Analysts discuss past...

Hong Jie Seow

Shanghai Sunmi Technology (6810 HK) IPO: Doesn't Stand Out

Shanghai Sunmi is a BIoT leader with strong growth potential, but its small IPO size and high FY26F PER of 21.4x relative to the peer (13.2x) make...

Osbert Tang, CFA

Pre-IPO Shanghai Sunmi Technology (PHIP Updates) - Some Points Worth the Attention

In essence,Sunmi is a company that sell hardware device and lack long-term development momentum.The market is more inclined to give high valuation...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HK IPO Cornerstone Performance League Table (9M2026)

HK IPO: We rank repeat cornerstone investors by the average 2W return of IPOs they backed. In 9M2026, deals with hedge fund cornerstones...

Ke Yan, CFA, FRM

Aequitas: Shanghai Sunmi Tech IPO Trading - Strong Retail Appetite, Though Insti's Wasn’t That Great

​Shanghai Sunmi Technology raised $135m in Hong Kong IPO, a global BIoT solution provider with focus on trading dynamics.

Hong Jie Seow

Aequitas: Shanghai Sunmi Tech IPO - Slowing Growth Doesn’t Justify Premium

​Shanghai Sunmi Technology plans to raise $135m in Hong Kong IPO, offering BIoT solutions for digital transformation. Analysts discuss past...

Hong Jie Seow

Shanghai Sunmi Technology (6810 HK) IPO: Doesn't Stand Out

​Shanghai Sunmi is a BIoT leader with strong growth potential, but its small IPO size and high FY26F PER of 21.4x relative to the peer (13.2x) make...

Osbert Tang, CFA

Pre-IPO Shanghai Sunmi Technology (PHIP Updates) - Some Points Worth the Attention

In essence,Sunmi is a company that sell hardware device and lack long-term development momentum.The market is more inclined to give high valuation...

Xinyao (Criss) Wang

Shanghai Sunmi Technology raised $135m in Hong Kong IPO, a global BIoT solution provider with focus on trading dynamics.

Shanghai Sunmi Technology plans to raise $135m in Hong Kong IPO, offering BIoT solutions for digital transformation. Analysts discuss past...

Shanghai Sunmi is a BIoT leader with strong growth potential, but its small IPO size and high FY26F PER of 21.4x relative to the peer (13.2x) make...