HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The value of SmartMore’s business model is based on IndustryGPT, combined with sensors and robots, it achieves a leap from "single-point AI" to "system-level AI", effectively solving industry pain points.</li>
<li>The "software and hardware integration" approach leads to a “heavy” business model, with higher demands for supply chain, hardware manufacturing, after-sales maintenance, and may result in lower asset turnover rates.</li>
<li>As an industry leader with faster growth, SmartMore can enjoy a certain premium. If based on 2026 forecast, market value could be about RMB9.1 billion – RMB12.2 billion.</li>
</ul>


The value of SmartMore’s business model is based on IndustryGPT, combined with sensors and robots, it achieves a leap from "single-point AI" to "system-level AI", effectively solving industry pain points.
The "software and hardware integration" approach leads to a “heavy” business model, with higher demands for supply chain, hardware manufacturing, after-sales maintenance, and may result in lower asset turnover rates.
As an industry leader with faster growth, SmartMore can enjoy a certain premium. If based on 2026 forecast, market value could be about RMB9.1 billion – RMB12.2 billion.


Pre-IPO SmartMore - Valuation Premium Is Expected

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/smartmore-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36797:1" rel="noopener">SmartMore Inc (1811514D CH)</a> plans to raise around US$300m in its upcoming Hong Kong IPO.</li>
<li>SmartMore Inc. (SMI) offers solutions built on its proprietary industrial multi-modal large model family, IndustryGPT, and seeks to redefine how industrial automation operates in the artificial intelligence era.</li>
<li>In this note, we look at the company’s past performance.</li>
</ul>



SmartMore Inc (1811514D CH) plans to raise around US$300m in its upcoming Hong Kong IPO.
SmartMore Inc. (SMI) offers solutions built on its proprietary industrial multi-modal large model family, IndustryGPT, and seeks to redefine how industrial automation operates in the artificial intelligence era.
In this note, we look at the company’s past performance.


Aequitas: Smartmore Pre-IPO - Another Robotics Play, But With A Notable Customer Base

Kajal Jain

<ul>
<li>
<a href="https://www.smartkarma.com/entities/smartmore-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:36797:1" rel="noopener">SmartMore Inc (1811514D CH)</a> (SM) plans to raise around US$300m in its upcoming Hong Kong IPO. The deal will be run by CICC, DB and MS.</li>
<li>SM is an AI company offering robots, edge AI sensors, and agentic software systems.</li>
<li>It is the largest industrial AI agent provider in China in terms of revenue in 2025, as per CIC.</li>
</ul>



SmartMore Inc (1811514D CH) (SM) plans to raise around US$300m in its upcoming Hong Kong IPO. The deal will be run by CICC, DB and MS.
SM is an AI company offering robots, edge AI sensors, and agentic software systems.
It is the largest industrial AI agent provider in China in terms of revenue in 2025, as per CIC.


Aequitas: Smart More Inc 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, a lot of the listing last week didn't end up doing much.</li>
<li>There are quite a few lockup expiries coming up, while there were a number of placements as well over 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, a lot of the listing last week didn't end up doing much.
There are quite a few lockup expiries coming up, while there were a number of placements as well over the past week.


Aequitas ECM Weekly (13 July 2026)-SK Hynix, Zhipu, Corex, Biren, Gigadevice, Archion, SBI

<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, three mid-cap companies are set to list later today in Hong Kong.</li>
<li>On the placement front, there weren't many large deals given the ongoing market volatility.</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, three mid-cap companies are set to list later today in Hong Kong.
On the placement front, there weren't many large deals given the ongoing market volatility.


Aequitas ECM Weekly (30 March 2026)-Huayan, Diagens, Tong Ren, Epiworld, Pateo, Capitaland, Seoul Gu

China

SmartMore Technology Co., Ltd. offers information technology services. The Company develops artificial intelligence cutting edge technology, artificial intelligence computing system architectures, and others. SmartMore Technology also provides computer software products, electronics, and other products.

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SmartMore Inc (1811514D CH)

Pre-IPO SmartMore - Valuation Premium Is Expected

SmartMore's innovative business model, combining IndustryGPT with sensors and robots, solves industry pain points. As industry leader with faster...

Xinyao (Criss) Wang

Aequitas: Smartmore Pre-IPO - Another Robotics Play, But With A Notable Customer Base

SmartMore Inc. plans to raise $300m in Hong Kong IPO, offering innovative industrial automation solutions with IndustryGPT technology.

Hong Jie Seow

Aequitas: Smart More Inc Pre-IPO Tearsheet

Smart More Inc (SM) plans to raise around US$300m in its upcoming Hong Kong IPO. The deal will be run by CICC, DB and MS.

Kajal Jain

Aequitas ECM Weekly (13 July 2026)-SK Hynix, Zhipu, Corex, Biren, Gigadevice, Archion, SBI

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

Aequitas ECM Weekly (30 March 2026)-Huayan, Diagens, Tong Ren, Epiworld, Pateo, Capitaland, Seoul Gu

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)

Pre-IPO SmartMore - Valuation Premium Is Expected

​SmartMore's innovative business model, combining IndustryGPT with sensors and robots, solves industry pain points. As industry leader with faster...

Xinyao (Criss) Wang

Aequitas: Smartmore Pre-IPO - Another Robotics Play, But With A Notable Customer Base

​SmartMore Inc. plans to raise $300m in Hong Kong IPO, offering innovative industrial automation solutions with IndustryGPT technology.

Hong Jie Seow

Aequitas: Smart More Inc Pre-IPO Tearsheet

Smart More Inc (SM) plans to raise around US$300m in its upcoming Hong Kong IPO. The deal will be run by CICC, DB and MS.

Kajal Jain

Aequitas ECM Weekly (13 July 2026)-SK Hynix, Zhipu, Corex, Biren, Gigadevice, Archion, SBI

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

Aequitas ECM Weekly (30 March 2026)-Huayan, Diagens, Tong Ren, Epiworld, Pateo, Capitaland, Seoul Gu

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

SmartMore's innovative business model, combining IndustryGPT with sensors and robots, solves industry pain points. As industry leader with faster...

SmartMore Inc. plans to raise $300m in Hong Kong IPO, offering innovative industrial automation solutions with IndustryGPT technology.