New stock news | Sunmi Technology plans to list in Hong Kong. The China Securities Regulatory Commission requires supplementary explanation of the previous A-share application and withdrawal situation.

On September 5, the China Securities Regulatory Commission (CSRC) announced the "Supplementary Materials Requirements for Overseas Issuance and Listing Filings (August 29, 2025 - September 4, 2025)", with the CSRC International Department issuing supplementary material requirements for 12 companies. Among them, Smartmi Technology was requested to provide additional explanations on previous A-share declarations and withdrawals. It is reported that on June 25, 2025, Smartmi Technology submitted its listing application to the Hong Kong Stock Exchange, with Deutsche Bank, CITIC SEC, and Agricultural Bank International acting as joint sponsors. The CSRC requested Smartmi Technology to provide explanations on the following matters, and to have lawyers verify and provide clear legal opinions: 1. The company and its subsidiaries are involved in Class 2 value-added telecommunications services and hold value-added telecommunications business licenses. Please provide detailed explanations on the business operations in relation to relevant policies and the reasons why the business operations do not involve areas prohibited or restricted to foreign investment, and issue a clear conclusion on whether it complies with the "Special Administrative Measures for the Access of Foreign Investment (Negative List) (2024 Edition)" before and after this issuance and listing. 2. Please provide the company with (1) explanations on the specific functions and application scenarios of the company's main products and services in relation to the top five customers and their business types during the reporting period; (2) supplementary explanations on the development and operation of websites, apps, mini-programs, etc., the scale of user information collected and stored, data collection and usage, whether it involves providing personal user information to third parties, and arrangements or measures for personal information protection and data security before and after listing; (3) supplementary explanations on whether actual advertising design, agency, production, and publication businesses are conducted and necessary qualifications are obtained, and whether the business management complies with the requirements stipulated in the "Notice on Carrying out In-depth Rectification of Internet Advertising" and other regulations; (4) supplementary explanations on the specific compliance of overseas subsidiaries with overseas investments, foreign exchange registration, and regulatory procedures, and issue conclusive opinions on compliance. 3. Please provide the company with explanations on (1) whether special voting rights shares or similar arrangements will be retained after this issuance and listing, whether there will be changes in control, and the basis for such determination; (2) the pricing basis for each capital increase and equity transfer in the past, whether the capital contributions have been actually made, whether there were nominee holdings in the historical evolution, whether the establishment and each equity change were legal and compliant; (3) whether the failure of shareholder Hantao Consulting to report concentrative operating entities in accordance with the law would constitute an obstacle to this issuance and listing. 4. Please provide further explanations on the previous A-share declaration and withdrawal status, whether there are plans to continue promoting an A-share listing and specific arrangements, and whether there are circumstances that would have a significant impact on this issuance and listing. 5. Please provide further explanations on whether the shares held by shareholders intending to participate in the "total circulation" have any pledge, freeze, or other defects in rights. According to the prospectus, Smartmi Technology is a leading global provider of Business IoT (BIoT) solutions. The company's solutions integrate smart hardware, software, and data insights, empowering numerous offline commercial scenarios to achieve digital transformation and enhance core business operations processes (such as payments, member management, order fulfillment, inventory control, and employee management efficiency). According to Zhaoshi Consultancy data, based on 2024 revenue calculations, the company is currently the world's largest provider of Android BIoT solutions, holding over 10% market share. The company has deployed solutions in over 200 countries and regions, with the widest business network globally. The number of monthly active smart devices increased from around 3.2 million as of December 31, 2022, to approximately 4.9 million as of December 31, 2024.