IPO Timeline Raw facts
Broker Deadline
Morning deadline
HKEX Deadline
Noon deadline
Broker Results (T-2)
Some brokers release in afternoon
Grey Market (T-1)
Afternoon
HKEX Allotment (T-1)
Evening
Registrar Allotment (T-1)
Evening
Listing Day (T)
First day of trading
Company Overview
| Stock Name | Sunmi Tech-W |
|---|---|
| Stock Code | 06810 |
| Company Full Name | Sunmi Technology Co., Ltd. |
| Industry | Information Technology |
| Principal Activities | proprietary Android-based operating system that supports the deployment and use of a wide range of business applications catering to merchants’ evolving needs |
| Listing Date | 2026-04-29 |
| Listing Rules Era | New Rules (after Aug 2025) |
| Listing Rules Chapter | 8A不同投票權 |
| Weighted Voting Rights (WVR) | Yes |
| Registered Address (Mainland China) | 上海市 楊浦區 淞滬路388號7號樓6樓 |
| Business Address (Hong Kong) | 香港 銅鑼灣 勿地臣街1號 時代廣場 二座31樓 |
| Place of Incorporation | To be extracted |
| Listing Method | To be extracted |
| Listing Board | Main Board |
| Website | sunmi.com |
| Share Registrar | 香港中央證券登記有限公司 (Computershare Hong Kong Investor Services Limited) |
| Registrar Contact | (852)2862 8628 |
| A-Share/US Dual Listing | No |
Offering Information
| Offering Mechanism | Mechanism B |
|---|---|
| Offer Price | HK$ 24.86 / shares |
| Offer Price Range | Final offer price only, no range |
| Lot Size | 100 shares |
| Entry Threshold | HK$ 2,486 |
| Par Value | RMB 1.0 / shares |
| Offer Period | 2026-04-21 to 2026-04-24 |
| Global Offering Shares | 42,626,800 shares |
| HK Public Offer Shares (Initial) | 4,262,700 shares (10.0%) |
| Public Offer Lots (Initial) | 42,627lots (Pool A21,313lots，Pool B21,314lots) |
| International Placing Shares (Initial) | 38,364,100 shares (90.0%) |
| Offer Ratio | ~10.59% |
| Total Shares Post-IPO | 402,626,800 shares |
| Greenshoe (Over-allotment Option) | No |
| Stabilizing Manager (Greenshoe) | — |
| Cornerstone Share | 27.0% |
| Clawback Tiers | Mechanism B: no clawback |
| Reallocation Option | No |
| Total Global Offering Size | HK$ 1,059,702,248 |
Subscription Tiers
Minimum subscription unit: 1 lot. Subscription amount ≤ HK$5,000,000 is Pool A, > HK$5,000,000 is Pool B.
Pool A
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 1 lots | 100 | HK$ 2,486 |
| 2 lots | 200 | HK$ 4,972 |
| 3 lots | 300 | HK$ 7,458 |
| 4 lots | 400 | HK$ 9,944 |
| 5 lots | 500 | HK$ 12,430 |
| 6 lots | 600 | HK$ 14,916 |
| 7 lots | 700 | HK$ 17,402 |
| 8 lots | 800 | HK$ 19,888 |
| 9 lots | 900 | HK$ 22,374 |
| 10 lots | 1,000 | HK$ 24,860 |
| 15 lots | 1,500 | HK$ 37,290 |
| 20 lots | 2,000 | HK$ 49,720 |
| 25 lots | 2,500 | HK$ 62,150 |
| 30 lots | 3,000 | HK$ 74,580 |
| 35 lots | 3,500 | HK$ 87,010 |
| 40 lots | 4,000 | HK$ 99,440 |
| 45 lots | 4,500 | HK$ 111,870 |
| 50 lots | 5,000 | HK$ 124,300 |
| 60 lots | 6,000 | HK$ 149,160 |
| 70 lots | 7,000 | HK$ 174,020 |
| 80 lots | 8,000 | HK$ 198,880 |
| 90 lots | 9,000 | HK$ 223,740 |
| 100 lots | 10,000 | HK$ 248,600 |
| 200 lots | 20,000 | HK$ 497,200 |
| 300 lots | 30,000 | HK$ 745,800 |
| 400 lots | 40,000 | HK$ 994,400 |
| 500 lots | 50,000 | HK$ 1,243,000 |
| 1,000 lots | 100,000 | HK$ 2,486,000 |
| 1,500 lots | 150,000 | HK$ 3,729,000 |
| 2,000 lots | 200,000 | HK$ 4,972,000 |
Pool B
| Lots Subscribed | Shares Subscribed | Subscription Amount (HKD) |
|---|---|---|
| 2,500 lots | 250,000 | HK$ 6,215,000 |
| 3,000 lots | 300,000 | HK$ 7,458,000 |
| 3,500 lots | 350,000 | HK$ 8,701,000 |
| 4,000 lots | 400,000 | HK$ 9,944,000 |
| 4,500 lots | 450,000 | HK$ 11,187,000 |
| 5,000 lots | 500,000 | HK$ 12,430,000 |
| 6,000 lots | 600,000 | HK$ 14,916,000 |
| 7,000 lots | 700,000 | HK$ 17,402,000 |
| 8,000 lots | 800,000 | HK$ 19,888,000 |
| 9,000 lots | 900,000 | HK$ 22,374,000 |
| 10,000 lots | 1,000,000 | HK$ 24,860,000 |
| 15,000 lots | 1,500,000 | HK$ 37,290,000 |
| 21,313 lots | 2,131,300 | HK$ 52,984,118 |
Stock Connect Inclusion Analysis
| Inclusion Pathway | Weighted Voting Rights (WVR) |
|---|---|
| Est. Threshold | --- |
| Analysis Result | HK market cap met, expected inclusion ~2027-03-08 |
Valuation & Financials
| Market Cap (at Offer Price) | HK$ 10,009,302,248 |
|---|---|
| H-Share Market Cap (at Offer Price) | HK$ 7,558,497,146 |
| Pre-IPO Valuation (Last Round) | Not disclosed |
| P/E Ratio | Not applicable (profitable, but no P/E information provided) |
| Profit/Loss Status | Net profit RMB 222.6 million |
| Period-End Cash Balance | RMB 1,470.89 million |
| Listing Expenses | ~HK$ 150,980,000 |
| Listing Expenses / Funds Raised | ~14.25% |
| Total Pre-IPO Investment | To be extracted |
| First Day Close | HK$ 84.8 |
|---|---|
| First Day Open | HK$ 97.5 |
| First Day Change | 241.11% |
| First Day Volume | 11753400.0 |
| First Day Turnover | 1092450000.0 |
| Use of Proceeds | 1、約363.5百萬港元（或約40.0%）用于為BIoT軟硬件解決方案的研發提供資金；
2、約272.6百萬港元（或約30.0%）用于撥付加強供應鏈及生產運營；
3、約181.7百萬港元（或約20.0%）用于撥付實施全球市場擴張計劃；
4、約90.9百萬港元（或約10.0%）將用于營運資金及其他一般公司用途。 |
Underwriting Syndicate
Joint Sponsors (3)
Overall Coordinators (4)
Joint Bookrunners (14)
Deutsche Bank AG, Hong Kong Branch CE AAK077
CLSA LIMITED CE AAB893
ABCI Securities Company Limited CE ACX411
CMB International Capital Limited CE AVM940
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
YUE XIU SECURITIES COMPANY LIMITED CE ABQ722
Yellow River Securities Limited CE BIX927
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Futu Securities International (HONG KONG) Limited CE AZT137
SkyVast Securities Limited CE AVT666
WEBULL SECURITIES LIMITED CE BNG700
Yuen Meta (International) Securities Limited CE BIL855
WEST BULL SECURITIES LIMITED CE BHT553
Livermore Holdings Limited CE BJN764
Joint Lead Managers (14)
Deutsche Bank AG, Hong Kong Branch CE AAK077
CLSA LIMITED CE AAB893
ABCI Securities Company Limited CE ACX411
CMB International Capital Limited CE AVM940
SHENWAN HONGYUAN SECURITIES (H.K.) LIMITED CE AAC927
YUE XIU SECURITIES COMPANY LIMITED CE ABQ722
Yellow River Securities Limited CE BIX927
TIGER BROKERS (HK) GLOBAL LIMITED CE BMU940
Futu Securities International (HONG KONG) Limited CE AZT137
SkyVast Securities Limited CE AVT666
WEBULL SECURITIES LIMITED CE BNG700
Yuen Meta (International) Securities Limited CE BIL855
WEST BULL SECURITIES LIMITED CE BHT553
Livermore Holdings Limited CE BJN764
Cornerstone Investors
| # | Investor Name | Investment Amount | Shares Subscribed | % of Offer Shares | % of Total Shares | Lock-up Period | Est. Unlock Date |
|---|---|---|---|---|---|---|---|
| 1 | China Orient Enhanced Income Fund | 39,156,986 HKD | — | 3.70% | — | 6 months | 2026-10-29 |
| 2 | XINWUTANG CO., LIMITED | 247,250,102 HKD | — | 23.33% | — | 6 months | 2026-10-29 |
Directors & Management
| Position | Chinese name | English Name |
|---|---|---|
| Chairman | 林喆 | — |
| Company Secretary | 陳肖旌 | — |
No director data available.
Major Shareholders
| Major Shareholders & Holdings | Mr. Lin directly holds 98,584,276 Class A shares and, through 沃郵合夥, 沃有合夥 and 寧波握友, controls a total of 41,251,282 Class B ordinary shares, representing in aggregate 79.63% (excluding reserved matters and special matters) and 34.73% (reserved matters and special matters) of the voting rights in the issued share capital immediately after completion of the Global Offering. 雲鑫創投 holds 98,182,427 Class B ordinary shares (32.29%), 漢濤諮詢 holds 29,515,358 shares (9.71%), 金星創投 holds 28,011,271 shares (9.21%), and 深創投集團 holds 24,777,737 shares (8.15%). |
|---|
AI
AI Analysis
AI interpretation
deepseek-v4-pro · AI-generated
Market Sentiment
The Sunmi Technology-W IPO attracted massive demand with an oversubscription ratio of 2003.16 times, underscoring strong investor enthusiasm for the commercial IoT sector. However, the reported hit rate of 0.0% despite over 204,000 valid applications points to either negligible retail allocations or a potential data anomaly. (This is AI-generated commentary based on historical data. Past patterns do not guarantee future outcomes. Not financial advice.)
Tier Analysis
A notable tier inefficiency appears at the boundary: 甲尾 applicants with 200,000 lots expected just 0.0547 lots, while 乙头 applicants with 250,000 lots expected 0.3486 lots—a disproportionate jump. This makes the top of Tier A exceptionally cost-inefficient relative to the marginal increase in application size, especially after factoring in broker fees. (This is AI-generated commentary. Data may contain errors; verify against HKEX filings. Not financial advice.)
Demographics
Demographic breakdowns such as mainland China participation and regional distribution are unavailable for this IPO, as the dataset reports zero values across total holders and geographic percentages. This limits insights into the investor profile, particularly the typically influential mainland retail interest for tech listings. (This is AI-generated commentary. Data gaps exist; always refer to official filings. Not financial advice.)
