Shanghai Sunmi Technology Co., Ltd.

Date of Prospectus: April 21, 2026

Shanghai Sunmi Tech IPO: High-Demand Listing with Strategic Investors, Robust Lock-Ups, and Growth-Driven Ambitions

IPO Snapshot: Key Details for Investors

Shanghai Sunmi Technology Co., Ltd. (“SUNMI TECH-W”, Stock Code: 6810) launches its Hong Kong IPO with outstanding subscription demand and sizable institutional and cornerstone participation. The offering underscores strong investor confidence in the company’s business model, sector prospects, and growth strategy.

Use of Proceeds: Net proceeds of HK\$922.0 million will support future plans, including R&D, product development, expansion, and other growth-driven initiatives. Details are available in the “Future Plans and Use of Proceeds” section of the official website (see below).

Dividend Policy: No explicit dividend commitment or payout ratio target disclosed.

IPO Placement Structure:

• Hong Kong Public Offering: 4,262,700 H Shares (10%)
• International Offering: 38,364,100 H Shares (90%)

Lock-Up: Major controlling shareholders, pre-IPO investors, and cornerstone investors are subject to lock-up undertakings as detailed below.

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Oversubscription Metrics: Exceptional Demand in Both Tranches

Hong Kong Public Offering: Subscribed at an extraordinary 2,003.16 times (204,939 valid applications for 4,262,700 shares). No claw-back was triggered.
International Offering: Subscribed at 7.91 times (181 placees for 38,364,100 shares).

Implication: The high oversubscription, especially in the retail tranche, signals robust investor appetite and sets the stage for potential first-day price momentum.

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Investor Participation & Book Quality: Strategic Cornerstones and Connected Clients

Cornerstone Investors:

• China Orient Enhanced Income Fund – 1,575,100 H Shares (3.70% of Offer Shares; 0.52% of issued H Shares post-listing)
• XINWUTANG CO., LIMITED – 9,945,700 H Shares (23.33% of Offer Shares; 3.27% of issued H Shares post-listing). XINWUTANG is a close associate of an existing minority shareholder and invests under waiver/consent from the Stock Exchange.

Connected Clients (via waivers):

• CITIC Securities Asset Management Company Limited – 7,000 H Shares (0.01642% of Offer Shares)
• China Asset Management (Hong Kong) Limited – 2,000 H Shares (0.00469% of Offer Shares)
• ABCI Asset Management Limited – 1,300 H Shares (0.00305% of Offer Shares)

Book Quality: The presence of high-quality, strategic, and cornerstone investors, along with significant oversubscription, suggests strong institutional support and likely robust first-day trading.

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Deal Parties & Structure: Leading International Investment Banks and Sponsors

Joint Sponsors, Overall Coordinators, Joint Global Coordinators, Bookrunners, and Lead Managers:
A syndicate of top-tier international investment banks and securities firms is engaged in the offering (specific names listed in the prospectus).

Stabilization/Greenshoe: No stabilization manager appointed; no stabilization activities planned. This means price performance will be determined purely by market supply and demand, without post-listing price support.

Underwriting: The Joint Sponsors and Overall Coordinators have the right to terminate their obligations if certain events occur prior to 8:00 a.m. on the Listing Date.

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Company Overview: Technology-Driven Growth with a WVR Structure

Shanghai Sunmi Technology Co., Ltd. is a PRC-incorporated, technology-focused company controlled through a weighted voting rights (WVR) structure. The company’s core business, revenue streams, products, customer segments, and geographic reach are detailed in the prospectus.

Business Model & Monetization: The company’s revenue model, key products/services, and main customer groups are described in the prospectus. It operates in the technology sector, serving both domestic and international markets.

Industry Position: Market position, share, and competitive advantages are addressed in the company’s materials, with WVR structure granting significant influence to the founder and major shareholders.

Management Team:

• Mr. Lin Zhe – Executive Director, Chairman of the Board, and General Manager
• Mr. Chen Xiaojing, Mr. Zhang Jinpu, Mr. Chen Guihong – Executive Directors
• Mr. Wang Huan, Ms. Zhang Yi – Non-Executive Directors
• Mr. Li Shihong, Ms. Wang Xia, Mr. Poon Wing Shing, Anthony – Independent Non-Executive Directors

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Financial Health: Proceeds and Expenses

Inferred from the prospectus: Other detailed financials (revenue, gross profit, net profit, margins, cash/debt) are available in the company’s official filings.

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Trends, Timing & Market Environment: Sector Momentum and Listing Date

Sector/Regional Trends: The company is positioned in a high-growth technology segment, with demand drivers and market trends discussed in the official materials.

IPO Timing: Application period and offer details lead to a listing date of April 29, 2026. Market conditions, as described, include a strong appetite for technology IPOs, reflected in the high subscription rates.

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Risk Factors: WVR Structure, Shareholder Concentration, and Regulatory Exposures

Key Risks:

• WVR structure allows certain shareholders to exert significant control, potentially misaligning interests with public shareholders
• High concentration of shareholding in a small number of shareholders: Top 10 shareholders will own 93.51% of share capital post-listing
• PRC Company Law restricts transferability of pre-IPO shares for one year from listing
• Other risks include market, regulatory, and operational exposures as detailed in the “Risk Factors” section of the official website

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Growth Strategy: Innovation, Expansion, and R&D

Use of Proceeds: The majority of net proceeds are earmarked for R&D, product development, market expansion, and related growth initiatives. This is a clearly growth-driven story.

Expansion Plans: Plans for capacity additions, new product launches, and potential new market entries are outlined in the company’s strategic roadmap.

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Ownership & Lock-Ups: Alignments and Release Schedules

Employee Incentives: Woyou ESOP and related partnerships hold 13.57% of share capital, locked for one year post-listing.

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Valuation and Peer Comparison

No P/E, P/B, EV/EBITDA, sector peer, or direct competitor valuation metrics were disclosed. Peer comparison tables and sector performance are not available.

Recent Developments & Sector Performance

Other IPOs, sector performance, and 10-day comparable company data were not disclosed in the materials.

Research Coverage & Analyst Opinions

No explicit analyst opinions, research coverage, or price targets are included in the prospectus.

IPO Allotment Result: Final Allocations and Shareholder Breakdown

Institutional and Cornerstone Allocations: The top 1, 5, 10, and 25 placees received 31.91%, 65.95%, 71.59%, and 85.87% of international allocation, respectively.
Concentration: Top 10 shareholders will hold 93.51% of total share capital post-listing, highlighting potential for swift price movements on low trading volumes.
Retail Tranche: 32,542 successful applications, with Pool A and Pool B allocation results detailed in the company’s allotment results section.
Public Float: 54.14% of H Shares counted as public float post-listing; free float (not subject to lock-up) is 10.23% of H Shares, or approximately HK\$773 million market cap.

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Listing Outlook: Market Debut Prospects and Trading Range Estimate

Based on oversubscription, cornerstone participation, and limited free float, the IPO is likely to debut strongly, with the potential for substantial price volatility. The high concentration of shareholding and robust book quality suggest upward price momentum, especially in the early days of trading. However, investors should exercise caution due to the WVR structure and potential for sharp price movements on relatively low volumes.

Estimated First-Day Range (Inferred): Based on the extremely high retail subscription and strong institutional demand, the shares could trade at a premium to the offer price of HK\$24.86, though the magnitude will depend on real-time market conditions.

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Prospectus Access

The full prospectus and allotment results are available at www.eipo.com.hk/eIPOAllotment and on the company’s official communications channels.

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How to Apply

Applications for the IPO were accepted through designated brokers, banks, and the e-IPO platform (www.eipo.com.hk), with the allocation and application process described in the company’s official materials.

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