Group 1: New Listings and Market Developments - Four companies, including Shandong Xinde Technology Co., Ltd., Shanghai Goraili Software Co., Ltd., Shenzhen Delan Minghai New Energy Co., Ltd., and Shenzhen Hongyeji Geotechnical Technology Co., Ltd., have submitted listing applications to the Hong Kong Stock Exchange, representing diverse sectors such as animal health, semiconductor software, portable energy storage, and geotechnical engineering [1] - Shanghai Shangmi Technology Group Co., Ltd. has passed the listing hearing at the Hong Kong Stock Exchange, positioning itself as a leading provider of Business Internet of Things (BIoT) solutions with over 10% market share in the Android-based BIoT sector [2] Group 2: Corporate Restructuring and Financial Stability - The Hong Kong High Court has rejected a winding-up petition against Country Garden, alleviating immediate delisting and liquidation risks, which indicates the court's recognition of the company's overseas debt restructuring plan [3] Group 3: Travel Industry Insights - Tongcheng Travel reported a significant increase in travel activity during the nine-day Spring Festival holiday, with a 38% rise in civil aviation travel compared to the same period last year, indicating a growing trend for segmented holiday travel [4]

香港聯合交易所有限公司及證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本聆訊後資料集全部或任何部份內容而產 生或倚賴該等內容而引致的任何損失承擔任何責任。 Shanghai Sunmi Technology Co., Ltd. 上海商米科技集團股份有限公司 （「本公司」） （於中華人民共和國註冊成立以不同投票權控制的股份有限公司） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」） 的要求而刊發，僅用作向香港公眾人士提供資料。 本聆訊後資料集為草擬本，其所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即 表示 閣下知悉、接納並向本公司、其保薦人、整體協調人、顧問或包銷團成員表示同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長登記 前，不會向香港公眾人士發出要約或邀請。倘在適當時候向香港公眾人士發出要約或邀請，有意投 資者務請僅依據於香港公司註冊處處長登記的本公司招股章程作出投資決定，招股章程的文本將於 發售期內向公眾人 ...

Core Viewpoint - Shanghai Shangmi Technology Group Co., Ltd. is attempting to go public again, aiming to become the first stock in the commercial Internet of Things (BIoT) sector, despite facing significant challenges such as performance volatility, customer attrition, and reliance on an OEM model [2][3]. Financial Performance - Shangmi Technology's revenue from 2022 to 2025 (first three quarters) was 34.04 billion, 30.71 billion, 34.56 billion, and 22.41 billion respectively, with a 9.8% year-on-year decline in 2023 and a 12.5% recovery in 2024, yet not returning to 2022 levels [3][4]. - Net profit for the same periods was 1.60 billion, 1.01 billion, 1.81 billion, and 560.79 million, with net profit margins of 4.7%, 3.3%, and 5.2% for 2022 to 2024, dropping to 2.5% in the first three quarters of 2025 [3][4]. Business Structure - The majority of Shangmi Technology's revenue comes from hardware sales, accounting for 99.5%, 98%, 99.5%, and 99% from 2022 to 2025 (first three quarters) [4]. - The gross margin for hardware sales was 28%, 26.5%, 28.7%, and 32.4% for the same periods, while the higher-margin PaaS platform and custom services had gross margins of 43.2%, 38.6%, 51.1%, and 77.2%, but their revenue contribution remained around 1% [4][5]. Customer Base Concerns - The total number of customers has decreased from 2,506 in 2022 to 1,965 in the first three quarters of 2025, a decline of 22% [6]. - Ongoing arbitration with a major customer, referred to as "Customer B," involves a claim of $354 million, with this customer contributing 16.5%, 22.0%, and 12.5% of revenue in 2023, 2024, and the first three quarters of 2025 respectively [6]. Production Model - Shangmi Technology relies heavily on an OEM/ODM model, with the number of third-party manufacturers increasing from 23 to 28 during the reporting period [7]. - The company faces risks related to supply chain stability, quality control, and cost fluctuations due to its reliance on third-party manufacturers [7]. Market Position and Growth Potential - Despite challenges, Shangmi Technology remains a leader in the industry, with solutions deployed in over 200 countries, covering more than 90% of the global market, and holding over 10% market share in the Android BIoT solutions sector [8]. - The BIoT solutions market is expected to grow at a compound annual growth rate of 23.7%, increasing from 32 billion in 2024 to 92 billion by 2029 [8]. Industry Trends - The commercial IoT industry is becoming increasingly competitive, with a shift from hardware to integrated solutions that combine hardware, software, and services [10]. - There is a growing demand for customized solutions in vertical markets such as retail, dining, and logistics, with a focus on scenario-based capabilities as a core competitive advantage [10].

Core Viewpoint - Shanghai Sunmi Technology Group Co., Ltd. has submitted a main board IPO application to the Hong Kong Stock Exchange, despite concerns over its heavy reliance on hardware sales, customer attrition, and weak profit margins from its OEM model [1][7]. Group 1: Financial Performance - The company's revenue from 2022 to 2024 shows a "V-shaped" growth trend, with figures of 3.404 billion yuan, 3.071 billion yuan, and 3.456 billion yuan respectively, while net profits were 160 million yuan, 101 million yuan, and 181 million yuan [2][8]. - Hardware sales account for over 99.5% of total revenue for three consecutive years, while software service revenue peaked at only 2% in 2023 and is projected to drop to 0.5% in 2024, indicating a lack of diversification in revenue streams [2][8]. - The gross margin for 2024 is expected to recover to 28.9%, but it remains below the industry leaders' range of 35%-40%, with a net profit margin of only 5.2% in 2024, further declining to 2.5% in the first three quarters of 2025 [2][8]. Group 2: Customer Base and Risks - The total number of customers has decreased from 2,506 in 2022 to 2,262 in 2024, reflecting a nearly 10% attrition rate over three years, with the top five customers contributing 41.1% of revenue in 2024 [3][9]. - A significant challenge arises from a legal dispute with the largest customer in Brazil, which has filed for arbitration claiming 354 million USD (approximately 2.55 billion yuan), equivalent to 73.8% of the company's total revenue for 2024 [3][9]. Group 3: Supply Chain and Production Model - The company relies heavily on OEM production, with 96.7% of its manufacturing outsourced, leaving only 3.3% produced in-house, which constrains profit margins [4][10]. - The top five suppliers account for 66.3% of procurement, and reliance on single-source components poses a risk of supply chain disruptions [4][10]. - The company plans to build a factory in Mexico to mitigate geopolitical risks, but it remains exposed to policy uncertainties until the factory is operational in 2026 [4][10]. Group 4: IPO and Future Outlook - The IPO is seen as a critical move for the company, which previously withdrew its application for the Sci-Tech Innovation Board due to concerns over its gross margin and other issues [4][10]. - The company aims to address its hardware dependency and customer concentration risks through a strategy of "hardware export + software enhancement," with approximately 35% of the IPO proceeds allocated for BIOT research and development [4][10]. - The competitive landscape is intensifying, with rivals achieving gross margins of 35.2%, and the company must increase its software revenue share to over 5% within 12 months post-IPO to maintain its growth narrative [4][10].

Core Viewpoint - Shanghai Sunmi Technology Group Co., Ltd. has re-submitted its IPO application to the Hong Kong Stock Exchange after the previous application expired, with Deutsche Bank, CITIC Securities, and Agricultural Bank of China International as joint sponsors [1] Company Overview - Sunmi Technology focuses on providing smart commercial devices and integrated "end-cloud" services, forming a product and service system consisting of smart commercial devices, commercial operating systems, and IoT cloud management platforms [1] - The company's Business IoT (BIoT) solutions include smart devices and a BIoT PaaS platform, with each smart device supported by its proprietary commercial operating system, SUNMIOS, enabling merchants to efficiently manage and optimize transactions and operations [1] Market Position - According to Zhaoshang Consulting, Sunmi Technology is currently the largest provider of Android-based BIoT solutions globally, holding over 10% market share based on projected 2024 revenue [1] - The company has served over 70% of the top 50 food and beverage companies worldwide and has achieved over 70% coverage of the top 100 restaurant brands and over 60% coverage of the top 100 chain stores in China [1] Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first nine months of 2025 were approximately CNY 3.404 billion, CNY 3.071 billion, CNY 3.456 billion, and CNY 2.241 billion, respectively [2] - The corresponding profits for the same periods were approximately CNY 160 million, CNY 101 million, CNY 181 million, and CNY 56.079 million [2] Funding History - The founder, Lin Zhe, started with selling POS machines and received support from major tech companies like Xiaomi, Meituan, and Ant Group during the entrepreneurial journey [3] - In 2013, Lin Zhe extended the business into the internet sector, establishing a company that launched an O2O smart hardware system, receiving angel investment of CNY 5 million in 2014 [3] - Subsequent funding rounds included investments from various firms, with significant contributions from Ant Group and Meituan, totaling CNY 2.92 billion and CNY 6.8 billion in 2019 [4] Shareholding Structure - As of March 2024, Lin Zhe holds 27.38% of the shares and has 79.04% voting rights, while other significant shareholders include Ant Group (27.27% shareholding, 7.87% voting rights) and Meituan (8.20% shareholding, 2.37% voting rights) [5]

Core Viewpoint - Shanghai Sunmi Technology Group Co., Ltd. (referred to as "Sunmi Technology") has re-submitted its IPO application to the Hong Kong Stock Exchange after its previous application expired, with Deutsche Bank, CITIC Securities, and Agricultural Bank of China International as joint sponsors [1]. Group 1: Market Position and Business Model - Sunmi Technology focuses on providing smart commercial devices and integrated "end-to-cloud" services, forming a product and service system consisting of smart commercial devices, commercial operating systems, and IoT cloud management platforms [3]. - The company is currently the largest provider of Android-based BIoT solutions globally, holding over 10% market share, with expectations for explosive growth in the Android BIoT solutions market over the next five years [3][2]. Group 2: Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first nine months of 2025 is approximately RMB 3.404 billion, RMB 3.071 billion, RMB 3.456 billion, and RMB 2.244 billion respectively, with net profits of RMB 160 million, RMB 101 million, RMB 181 million, and RMB 56 million for the same periods [4][5]. Group 3: Client Base and Market Coverage - Sunmi Technology has established partnerships with over 44,000 global commercial partners as of December 31, 2022, projected to grow to approximately 58,000 by December 31, 2024, and further to about 64,000 by September 30, 2025 [3]. - The company's solutions have been implemented in over 200 countries and regions, covering more than 90% of the global market, including all G20 countries, and spanning over 100 industry verticals such as restaurants, supermarkets, and logistics [3]. Group 4: Shareholding Structure - The founder Lin Zhe holds a 27.38% stake in the company, with significant voting power, while major shareholders include Ant Group, Meituan, and Xiaomi, holding 27.27%, 8.20%, and 7.78% respectively [12][13].

Group 1 - The core point of the article is that Shanghai Sunmi Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Deutsche Bank, CITIC Securities, and Agricultural Bank of China International as joint sponsors [1] - Sunmi Technology is recognized as a leading provider of Business Internet of Things (BIoT) solutions globally, and it holds over 10% market share in the Android-based BIoT solutions sector as of 2024 [1]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 12 companies, including Sunmi Technology, regarding their overseas listing applications [1] - Sunmi Technology submitted its listing application to the Hong Kong Stock Exchange on June 25, 2025, with Deutsche Bank, CITIC Securities, and Agricultural Bank of China International as joint sponsors [1] - The CSRC has requested Sunmi Technology to clarify its business operations related to value-added telecommunications services and compliance with foreign investment regulations [2] Group 2 - Sunmi Technology is recognized as a leading provider of Business Internet of Things (BIoT) solutions, integrating smart hardware, software, and data insights to enhance digital transformation in various offline business scenarios [3] - The company holds over 10% of the global market share for Android-based BIoT solutions, making it the largest provider in this segment as of 2024 [3] - Sunmi Technology has deployed its solutions in over 200 countries and regions, with active smart devices increasing from approximately 3.2 million at the end of 2022 to an estimated 4.9 million by the end of 2024 [3]

Core Viewpoint - The company, Shangmi Technology, is aiming for an IPO on the Hong Kong Stock Exchange after previously withdrawing its application for the A-share market. The company has faced challenges such as revenue fluctuations and customer attrition, which are magnified in the competitive landscape of the commercial IoT sector [1][4]. Group 1: Company Background and Development - Shangmi Technology was founded in 2013, evolving from a POS machine manufacturer to a leading provider of commercial IoT solutions, capitalizing on the growth of the food delivery market [2][4]. - The company launched its first smart POS machine in 2016, achieving over $100 million in global revenue within three years [2]. - By 2024, Shangmi is projected to hold over 10% of the global market share in the Android-based BIoT solutions sector, serving approximately 61,000 commercial partners worldwide [4]. Group 2: Financial Performance - Shangmi's revenue decreased from 34.04 billion RMB in 2022 to 30.71 billion RMB in 2023, with a slight recovery expected to 34.56 billion RMB in 2024, indicating a net revenue growth of only 52 million RMB over three years [9][10]. - The net profit for 2022, 2023, and 2024 was reported at 1.60 billion RMB, 1.01 billion RMB, and 1.81 billion RMB, respectively, with gross profit margins fluctuating between 26.7% and 28.9% [9][10]. - The decline in revenue is primarily attributed to a drop in sales from smart device sales, which accounted for 98% of total revenue [10]. Group 3: Market Position and Competition - The competitive landscape includes major players like Xiaomi, Ant Group, and Meituan, all of whom have invested in Shangmi Technology [5][6]. - The company has experienced a reduction in its customer base, dropping from 2,506 in 2022 to 2,262 in 2024, highlighting the challenges of maintaining client relationships in a competitive market [13]. - Shangmi's reliance on a few major clients is evident, with the top five clients contributing 42.3%, 28.8%, and 41.1% of revenue over the reporting period [13]. Group 4: Future Plans and Funding - The company plans to use the funds raised from the IPO for R&D in BIoT hardware and software solutions, enhancing supply chain operations, and global market expansion [8].

Core Viewpoint - Shanghai Sunmi Technology Co., Ltd. (商米科技) is seeking to go public through an IPO on the Hong Kong Stock Exchange, having appointed a new overall coordinator while maintaining existing sponsors [1][2] Company Overview - Founded in December 2013, the company transitioned from providing delivery solutions for the restaurant industry to becoming a leading provider of Business Internet of Things (BIoT) solutions, with over 10% market share in the global Android-based BIoT solutions market by 2024 [2][3] - As of the application date, the company serves approximately 61,000 commercial partners globally, an increase from about 44,000 at the end of 2022 [2] Financial Performance - The company reported revenues of approximately CNY 34.04 billion, CNY 30.71 billion, and CNY 34.56 billion for the years 2022, 2023, and 2024, respectively, with net profits of CNY 1.59 billion, CNY 1.01 billion, and CNY 1.81 billion [4] - The gross margin fluctuated from 28.1% in 2022 to 26.7% in 2023, then rebounded to 28.9% in 2024, attributed to increased sales in Europe and improved cost management [4] Revenue Structure - The company's revenue heavily relies on smart device sales, which accounted for 99.5%, 98%, and 99.5% of total revenue in 2022, 2023, and 2024, respectively [6] - The concentration of revenue from major clients is significant, with the top five clients contributing 42.3%, 28.8%, and 41.1% of total revenue during the same period [6] Production and Supply Chain - The company primarily operates on an OEM/ODM model, with over 92% of its smart devices produced by third-party manufacturers [7][8] - The company has increased its own production capacity from 52,800 units in 2023 to approximately 290,000 units in 2024, yet this still represents only 8% of the total sales volume for that year [7] Market Position and Challenges - The company has a broad business network across over 100 industry verticals, including restaurants, supermarkets, and logistics [3] - Despite a strong shareholder base, including Ant Group and Xiaomi, there are concerns regarding the company's technological capabilities due to its reliance on the OEM model, which may affect its valuation and growth prospects in the IPO process [8]