SUNMI Technology Co., Ltd.

Date of Prospectus: April 21, 2026

SUNMI Technology’s 2026 Hong Kong IPO: Growth, Financials, and Market Prospects for Global BIoT Investors

SUNMI Technology Co., Ltd. is launching its high-profile IPO on the Hong Kong Stock Exchange, offering investors a significant opportunity to participate in the world’s largest Android-based Business Internet of Things (BIoT) solution provider. With robust financials, a strong market position, and a clear growth roadmap, this IPO is drawing attention from institutional and retail investors alike.

IPO Snapshot: SUNMI Technology’s Hong Kong Listing

The SUNMI IPO is structured to maximize market reach, with a competitive offer price, sizeable issue, and clear growth objectives.

• IPO Symbol: Not provided
• Offer Price: HK\$24.86 per Offer Share
• Total Offer Size: HK\$1,060 million (implied from 42,626,800 shares at HK\$24.86 each)
• Number of Shares Offered: 42,626,800 H Shares (10.59% of enlarged share capital post-IPO)
• Post-IPO Outstanding Shares: 402,626,800 Shares
• Expected Market Capitalization: HK\$10,009 million
• H Shares Market Cap Post-IPO: HK\$7,558 million
• Offer Period: April 21, 2026 (9:00 a.m.) to April 24, 2026 (12:00 noon)
• Expected Listing Date: April 29, 2026

Use of Proceeds: Driving BIoT Innovation and Global Expansion

SUNMI is channeling IPO proceeds into growth-centric initiatives, with a focus on R&D, supply chain, global market expansion, and working capital.

This allocation signals a strong growth story, prioritizing technology leadership, production capabilities, and international market reach.

Dividend Policy: Flexibility and Performance-Driven Payouts

SUNMI has not set a fixed dividend payout ratio or timetable. Dividend distribution post-IPO will depend on business and financial performance, capital and regulatory requirements, and available profits. There is no guarantee of dividends immediately following the IPO.

Offer Allocation: Public, Institutional, and Cornerstone Participation

• Hong Kong Public Offering: 4,262,700 H Shares (10% of total offer, ~1.06% of enlarged share capital)
• International Offering: 38,364,100 H Shares (90% of total offer, ~9.53% of enlarged share capital)
• Cornerstone Investors: 11,520,800 H Shares (US\$36.57 million/approx. HK\$286.41 million), representing 27.03% of total Offer Shares and 2.86% of post-IPO shares
• Unlisted Shares Converted to H Shares: 261,415,724 (subject to 1-year trading lock-up)

Investor Participation and Book Quality

The IPO secured significant cornerstone investment, indicating strong institutional confidence. The cornerstone tranche is fully allocated with no preferential rights except guaranteed allocation at the offer price. Cornerstone investors include China Orient Enhanced Income Fund, among others. No pre-listing disposals by major shareholders are disclosed. Book quality, as evidenced by cornerstone support and institutional allocations, suggests solid first-day trading interest.

Deal Parties, Underwriting, and Structure

The IPO is backed by a syndicate of leading global financial institutions, enhancing deal credibility and execution quality.

• Joint Sponsors: Named but not listed in detail (see full prospectus for list)
• Overall Coordinators: As named in prospectus
• Joint Global Coordinators, Bookrunners, Lead Managers: Deutsche Bank AG, Hong Kong Branch; CLSA Limited; ABCI Securities Company Limited; CMB International Capital Limited; Shenwan Hongyuan Securities (H.K.) Limited; Yue Xiu Securities Company Limited; Yellow River Securities Limited; Tiger Brokers (HK) Global Limited; Futu Securities International (Hong Kong) Limited; Tianda Securities Limited; Webull Securities Limited; Yuen Meta (International) Securities Limited; West Bull Securities Limited; Livermore Holdings Limited
• Underwriting: Both the Hong Kong and International Offerings are fully underwritten, with commissions totaling up to 4% of offer proceeds (2.75% fixed, 1.25% discretionary)
• Stabilization/Greenshoe: Over-allotment option up to 15% of the number of H Shares issued

The stature and breadth of the syndicate, combined with a fully underwritten structure and over-allotment facility, support robust listing day performance.

Company Overview: SUNMI’s BIoT Leadership

SUNMI Technology is a global leader in Business Internet of Things (BIoT), integrating smart hardware, software, and data insights for digital transformation across offline commercial scenarios.

• Business Model: BIoT solution provider, offering Android-based smart devices, software platforms (PaaS), and data services
• Key Revenue Streams: Device sales, software/PaaS subscriptions, after-sales and data analytics services
• Key Products/Services: Smart POS, payment terminals, inventory/order management platforms, workforce management solutions
• Customer Segments: Retailers, restaurants, hospitality, logistics, and service businesses globally
• Geographic Reach: Global operations, with worldwide market penetration
• Market Position: Largest Android-based BIoT solution provider by revenue in 2024; over 10% global market share
• Industry Size: Android-based BIoT market projected to grow at 23.7% CAGR (2024-2029)

Financial Performance: Robust Growth and Improving Margins

SUNMI demonstrates healthy revenue growth, margin expansion, and prudent capital management, positioning itself as a scalable global BIoT platform.

Net proceeds from the IPO of approximately HK\$908.7 million will further enhance R&D, manufacturing, and global expansion capacity.

Market Position and Competitive Advantages

• Global Leader: #1 Android-based BIoT solution provider by 2024 revenue, surpassing 10% market share
• Innovation Track Record: Strong in smart device design, engineering, and PaaS development
• Growth Sector: BIoT market growing at 23.7% CAGR (2024-2029)

Management and Governance

The management team comprises experienced professionals in technology, business development, and finance (see full names and roles in the prospectus). The company is controlled through a weighted voting rights (WVR) structure, with key controlling shareholders named as Mr. Lin, Woyou ESOP, Woyou Partnership, and Ningbo Woyou.

Industry Trends, Timing, and Market Environment

SUNMI operates in the fast-growing global BIoT sector, driven by digital transformation of offline enterprises in retail, hospitality, and logistics. The IPO launch aligns with sustained demand for integrated smart hardware and data-centric solutions.

• Sector Trend: Offline businesses rapidly adopting BIoT for payment, membership, order, and workforce management
• Timing: IPO launch April 21-24, 2026; listing April 29, 2026
• Macro Environment: Prospectus notes robust industry growth, with no negative macro indicators highlighted

The timing appears favorable, given sectoral tailwinds and company-specific momentum.

Risk Factors and Exposure

Investors should note several key risks highlighted by SUNMI:

• WVR Structure: Weighted voting rights give significant influence to controlling shareholders, which may not align with minority interests
• Immediate Dilution: Offer price exceeds net tangible assets per share, causing immediate dilution for new investors
• Potential Future Dilution: Further equity fundraising or share issuance could dilute existing shareholders
• Dividend Uncertainty: No guarantee on dividend payouts post-IPO
• Market Volatility: Share price may be affected by overall market conditions and investor sentiment
• Operational Risks: New public company compliance demands, competitive threats, customer concentration, global expansion challenges
• Legal/Regulatory: Full compliance with Hong Kong and PRC listing requirements and ongoing regulatory changes

Growth Strategy: Expansion and Innovation

SUNMI’s post-IPO strategy targets:

• Enhanced R&D in BIoT hardware/software and AI
• Supply chain and production facility upgrades, including overseas expansion
• Global market expansion initiatives
• Continued investment in working capital and general corporate needs

R&D, production, and global market expansion will be staged between 2026 and 2029, with clear allocation plans for each year.

Ownership and Lock-Up Structure

• Pre-IPO Shareholding: Controlled by Mr. Lin, Woyou ESOP, Woyou Partnership, and Ningbo Woyou
• Post-IPO Shareholding: 402,626,800 total shares outstanding
• Lock-Up Periods: Pre-IPO shares subject to 1-year lock-up; cornerstone investors subject to 11-month lock-up; further lock-up undertakings by company, controlling shareholders, and major investors as described
• ESOPs: Employee share ownership plans (e.g., Woyou ESOP) included; details on new post-IPO incentive plans subject to further regulatory registration

Listing Outlook: SUNMI’s Potential on the Hong Kong Exchange

Based on cornerstone investor demand, full underwriting, strong sector growth, and robust financial trends, SUNMI’s IPO appears positioned for strong first-day performance and sustained investor interest. The offer price is above net tangible assets, but the company’s global leadership, growth strategy, and market expansion plans underpin a compelling case. Weighted voting rights pose a governance consideration, but institutional book quality and syndicate strength support a positive outlook. First-day trading is likely to be strong relative to the offer price, barring significant market volatility.

Prospectus Access

The full prospectus and related documents are available at: www.hkexnews.hk and https://www.sunmi.com

How to Apply for SUNMI Technology IPO Shares

Application for Hong Kong Offer Shares must be made electronically. No physical application channels are provided.

• Application Channels:
  • Online via the White Form eIPO service at www.eipo.com.hk
  • Through HKSCC EIPO channel by instructing your broker or custodian (if they are HKSCC Participants) to use the FINI system
• Application Window: Opens 9:00 a.m. April 21, 2026; closes 12:00 noon April 24, 2026
• Eligibility: Applicants must be 18 or older, have a Hong Kong address (for White Form eIPO), be outside the U.S. (unless a qualified investor), and not PRC nationals unless qualified institutional investors

For full application instructions and eligibility criteria, visit www.eipo.com.hk