SUNMI TECH-W (06810), referred to as the first global leader in commercial physical AI, officially commenced its share offering on April 21. The subscription period will run until April 24. The company plans a global offering of 42.6268 million H shares, with approximately 10% available for the Hong Kong public offering and around 90% for the international offering. The final offer price has been set at HKD 24.86 per share. Trading of the H shares on the Hong Kong Stock Exchange is expected to begin on Wednesday, April 29, 2026, with a board lot size of 100 shares.
SUNMI TECH-W is the world's largest provider of commercial Internet of Things (IoT) infrastructure. It operates the world's largest enterprise-grade application market. Leveraging its foundation of IoT terminals, its AIOS, and a cloud platform, the company has built an end-cloud collaborative AI engine to empower the digital transformation of commercial entities. It already provides real-time services to developers and merchants in over 200 countries and regions worldwide, facilitating the comprehensive digitization of the physical world. The company's BIoT solutions are deeply integrated into daily life, supporting activities from food delivery and transactions to order placements.
The company holds a prominent position as a global leader in Business IoT (BIoT). Since launching the world's first BIoT all-in-one machine, the V1, its consistent innovation enabled it to achieve global revenue exceeding USD 100 million within just three years. SUNMI TECH-W pioneered and introduced the industry's first AI programming tool, the Sunmi Big Program. This is a low-code, modular platform based on AI programming that allows businesses and developers to efficiently build, manage, and upgrade software applications for their smart devices.
According to data from CIC, SUNMI TECH-W was the world's largest BIoT solutions provider by revenue in 2024, holding a market share of over 10%. The same source indicates that the Android-based BIoT solutions market is expected to grow significantly over the next five years, with a compound annual growth rate (CAGR) of 23.7% from 2024 to 2029. The company's listing comes at a time just before an anticipated industry boom.
As of September 30, 2025, SUNMI TECH-W's end-to-end BIoT solutions served approximately 64,000 commercial partners globally. Within China, the company has achieved a coverage rate of over 70% among the top 100 restaurant brands and over 60% among the top 100 chain stores. By the same date, its solutions were deployed in more than 200 countries and territories, covering over 90% of the global market, including all G20 nations.
The company's rapid ascent has been supported by long-term backing from top-tier capital investors. As early as 2016, Xiaomi Technology participated in its Series B funding round. Subsequently, strategic investors including Ant Group and Meituan also joined. Pre-IPO shareholding disclosures show Ant Technology Group holding 27.27%, Meituan holding 8.2%, and Xiaomi Group holding 7.78%. Other well-known institutions like Shenzhen Capital Group are also among its shareholders.
Financially, SUNMI TECH-W reported revenues of RMB 3.071 billion in 2023 and RMB 3.456 billion in 2024. Revenue for 2025 reached RMB 3.812 billion, representing a revenue CAGR of over 10% from 2023 to 2025. The company's gross margin has shown continuous improvement, rising further to 31.3% in 2025. With the increasing proportion of revenue from AI-related software and services, the gross margin is expected to rise further. The company has maintained positive operating cash flow for three consecutive years, with cash on the balance sheet exceeding RMB 1 billion, indicating a healthy financial structure.
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