Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 12 companies, including a request for Shangmi Technology to clarify its previous A-share application and withdrawal situation [1][2]. Group 1: Regulatory Requirements - The CSRC has requested Shangmi Technology to provide detailed explanations regarding its business operations, specifically concerning its involvement in the second category of value-added telecommunications services and compliance with the 2024 Foreign Investment Access Negative List [1][2]. - The company is required to clarify the functionality and application scenarios of its main products and services, as well as the scale of user information collected and stored, and any third-party sharing of personal user information [2]. - Shangmi Technology must also disclose the status of its overseas subsidiaries regarding foreign investment and foreign exchange registration compliance [2]. Group 2: Company Overview - Shangmi 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 in the Android-based BIoT solutions sector, making it the largest provider in this category as of 2024 [3]. - The number of active smart devices deployed by the company is projected to increase from approximately 3.2 million as of December 31, 2022, to about 4.9 million by December 31, 2024 [3].

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]