Shangmi Technology (06810) sounded the gong, setting a new benchmark for the AI commercial IoT track in the Hong Kong stock market.

In the first quarter of 2026, the fundraising scale of Hong Kong IPOs reached an astonishing 109.926 billion Hong Kong dollars, surpassing Nasdaq and the New York Stock Exchange, claiming the top spot globally. Both the number and amount of fundraising set near-five-year highs. In this wave of IPOs dominated by "hard tech," companies with global competitiveness and core technological barriers have become the focus of capital chasing. Shangmi Technology (06810), known as the "number one stock in AI business IoT," has undoubtedly become the most recognizable scarce target in this technology IPO boom. Data shows that Shangmi Technology was warmly welcomed during the public offering phase, with a 2003.16 times oversubscription in Hong Kong public offerings, with subscription amounts exceeding 210 billion Hong Kong dollars. The company's gray market trading performance was equally impressive. Futu data shows that Shangmi Technology opened high in the gray market, soaring 342.48% at one point, reaching a high of 110 Hong Kong dollars, closing up 282.14% at 95 Hong Kong dollars, with a turnover of 348 million Hong Kong dollars. In view of this strong market response, it not only confirms investors' high recognition of its business model and technological prospects but also clearly demonstrates to the market its unique value path from being an intelligent IoT device manufacturer to becoming a platform company with operating systems, developer ecosystems, and AI capabilities. Looking back at Shangmi Technology's growth path, its strategic determination and industry insight are impressive. While the industry was still focusing on upgrading C-end smart device applications, Shangmi was the first to introduce the Android system to the B-end market, launching smart devices with SUNMI OS, breaking the isolation between devices and applications. This is not just a hardware upgrade but a reconstruction of the underlying logic - making commercial terminals extensible, connectable, and intelligent. This crucial strategic positioning has laid the foundation for Shangmi to build the underlying capabilities of "terminal-cloud integration" and a platform for the interconnection of commercial data. When AI big model technology broke out and the market was still discussing its commercial landing scenarios, Shangmi Technology quickly integrated top-notch big model capabilities into the new generation of SUNMI AI OS-based POS terminals with its early layout of SUNMI OS and global developer ecosystem, which first realized the large-scale deployment of AI Agents in the commercial IoT field. From being the "first to use Android" to being the "first to integrate big models," Shangmi Technology has demonstrated not just simple technological stacking but its underlying platform architecture's natural ability to absorb and empower new technologies. If Shangmi Technology is simply defined as an ordinary IoT device company, it undoubtedly underestimates the deep value of its business model. What Shangmi truly builds is a tight loop of "smart hardware + SUNMI OS operating system + BIoT PaaS platform." Currently, this ecosystem has gathered approximately 42,000 developers, supporting over 33,000 commercial applications, and deeply penetrated more than 200 countries and regions in more than a hundred industries through 66,000 global ecological partners. This deep integration of software and hardware has erected a high competitive moat for Shangmi. Compared to general consumer electronics, commercial IoT has a high threshold for stability, security, and custom scenarios. Once it forms scale effects and ecological stickiness, it is difficult to replace. More importantly, Shangmi's highly decentralized To B developer ecosystem has an urgent demand for efficiency tools and naturally possesses the transformation attribute of being "AI ready." When Shangmi encapsulates AI capabilities as standardized services, developers can quickly migrate and integrate, achieving commercial closure. From aspiring to be the "Apple of the commercial field" to realizing the vision as a product in the era of big models, Shangmi is using unified hardware standards and operating systems to create an intelligent application distribution and operation hub for global offline businesses. Financial data not only confirms Shangmi Technology's leading position but also reveals the solid results of its transformation. It is understood that from 2023 to 2025, the company's revenue steadily increased from 3.071 billion yuan to 3.812 billion yuan; more remarkably, there was a structural leap in the quality of profitability, with the gross profit margin rising from 26.7% to 31.3%, demonstrating strong premium capacity brought by high value-added businesses. At the same time, the company has achieved positive operating cash flow for three consecutive years, with the net amount reaching 210 million yuan in 2025, displaying strong self-sustainability. Currently, Shangmi's overseas revenue accounts for 75%, successfully creating a model of "Chinese R&D + global sales." As a global leader with a market share exceeding 10%, Shangmi will benefit deeply from the future 23.7% compound high growth of the global BIoT market in the next five years. With continued penetration of high-value industries, its long-term growth space has been fully opened. In summary, Shangmi Technology's successful listing not only reserves ample ammunition for its future R&D innovation and global expansion but also signifies deep market recognition of its "software-hardware integrated" ecological value. At this crucial turning point when AI technology transitions from the cloud to physical entities, Shangmi, with its clear profit path and global barriers, has become a scarce quality target in the "AI+ commercial" track. Its listing will undoubtedly open a new chapter for Chinese technology companies to expand their AI ecosystem internationally, bringing investors long-term returns with great imagination space.