New Stock News | Boantong has submitted an application to the Hong Kong Stock Exchange's Growth Enterprise Market as a supplier of IoT wireless communication and PCBA solutions.

According to the Hong Kong Stock Exchange's disclosure on August 30, Bo'an Tong Internet of Things Technology Luoyang Co., Ltd. (abbreviated as: Bo'an Tong) has submitted a listing application to the Growth Enterprise Market of the Hong Kong Stock Exchange, with Yuexiu Finance as its sole sponsor. Company Profile The prospectus shows that the company is a well-known supplier of Internet of Things wireless communication and PCBA solutions in China, focusing on wireless modules, antennas, and PCBA solutions. With over 20 years of experience in the general Internet of Things wireless communication industry, the company provides comprehensive solutions covering consumer electronics, industrial electronics, and energy electronics. Leveraging its expertise in these industries, the company is in a strong position to drive R&D and the implementation of wireless communication technologies to address various Internet of Things application scenarios. The companys wireless communication solution portfolio includes: (a) Wireless modules, primarily used for converting digital data into radio signals and processing received radio waves back into data, enabling cloud connectivity and data transmission for devices such as smart thermostats and smart locks. The company also provides SDK development kits, including coding tools, hardware drivers, libraries, and software templates, to support product development and integration with the companys modules; (b) Antennas, mainly used to capture radio waves received from the air and to radiate signals into space to enhance signal strength and stability of wireless communication for outdoor routers and asset trackers; and (c) Printed circuit board assembly, which carries electronic components such as wireless modules and antennas, serving as a fully functional unit in smart products like carbon monoxide sensors, temperature-controlled pots, and alarm clocks. As of the last feasible date (August 18, 2026), the company offers over 160 specifications of solutions and serves more than 1,500 customers annually, enabling it to provide comprehensive solutions that address compatibility and connectivity issues between clients' end products and their respective systems. Financial Information Revenue For the six months ended June 30 in 2024, 2025, and 2026, the companys revenues were approximately RMB 174 million, RMB 194 million, and RMB 110 million respectively. Loss For the six months ended June 30 in 2024, 2025, and 2026, the companys annual/period (loss) and total comprehensive (expense) amounts were RMB 134,000, RMB 2.779 million, and RMB 1.152 million respectively. Industry Overview From 2021 to 2025, the Chinese general Internet of Things wireless communication module market is expected to grow steadily from RMB 10.7 billion to RMB 13.6 billion, with a compound annual growth rate of 6.2%. Cellular modules (including 2G, 3G, 4G LTE, 5G, NB-IoT, and eMTC) will dominate the market, accounting for 69.1% of the total market size by 2025, growing from RMB 7 billion in 2021 to RMB 9.4 billion, achieving a compound annual growth rate of 7.6%. This growth is primarily driven by the large-scale deployment of smart metering, asset tracking, smart cities, and industrial applications, supported by government policies promoting the infrastructure rollout of NB-IoT, Cat.1bis, and 5G. Non-cellular modules (including Wi-Fi, Bluetooth, LoRa, Zigbee, UWB, and GPS/GNSS) will account for 30.9% of the total market size by 2025, growing from RMB 3.7 billion in 2021 to RMB 4.2 billion in 2025, with a compound annual growth rate of 3.2%. This sub-market is driven by demand in localized scenarios such as smart homes, consumer electronics, and private industrial networks, benefiting from low power consumption and high cost-effectiveness. It is expected that from 2026 to 2030, the market size will accelerate from RMB 15 billion to RMB 22 billion, with a compound annual growth rate of 10.0%. Cellular modules are projected to increase from RMB 10.5 billion in 2026 to RMB 15.3 billion in 2030, representing a compound annual growth rate of 9.9%. This expansion will be driven by the commercialization of 5G RedCap, widespread adoption of Cat.1bis (especially in electric two-wheelers and utilities), smart city directives, industrial Internet of Things expansion, and connected automotive technologies. With support for AIoT integration in smart homes, agriculture, and short to medium-distance applications, non-cellular modules are expected to grow from RMB 4.5 billion to RMB 6.7 billion, with a compound annual growth rate of 10.5%, despite experiencing relatively slower growth due to competition from cellular wide-area solutions. The upward trend reflects policy-driven digital transformation, the convergence of 5G and edge computing, and cost reductions, enabling broader adoption in manufacturing, energy, and public service sectors. Industrial electronics will be the largest sub-market during this period, growing from approximately RMB 3.5 billion in 2021 to about RMB 4.6 billion in 2025, with a compound annual growth rate of 7.1%. This strong growth is primarily driven by national digital economy initiatives under the 14th Five-Year Plan, large-scale smart city and smart grid projects, and acceleration in industrial automation and smart manufacturing. Between 2021 and 2025, market growth will be predominantly driven by national digital economy initiatives under the 14th Five-Year Plan, as well as large-scale smart city, smart grid, and industrial automation projects. Key demand will come from the extensive deployment of smart metering in utilities, the expansion of the industrial Internet of Things in manufacturing (including predictive maintenance, real-time monitoring, and production line automation), and increased adoption of connected devices in commercial and logistics sectors, all supported by favorable government policies regarding mobile Internet of Things and infrastructure upgrades. Industrial electronics is expected to reach approximately RMB 7.9 billion by 2030, followed by energy electronics and consumer electronics at RMB 4.4 billion, commercial electronics at RMB 3.2 billion, and others at RMB 2.1 billion. This faster growth will be propelled by deeper integration of edge computing, endpoint AI, and advanced sensing technologies, along with ongoing development of smart cities, private 5G networks, industrial 4.0 initiatives, and the large-scale application of renewable energy, logistics, and smart manufacturing. Looking ahead, China's extensive standardized Internet of Things deployments, strong policy support, and ongoing technological upgrades are driving sustained market expansion that often exceeds global averages, transitioning noticeably towards higher-value smart modules. Board Information The companys board consists of seven directors, including three executive directors, one non-executive director, and three independent non-executive directors. The board is responsible for the management and operation of the group and holds general authority. Shareholding Structure As of the last feasible date, Mr. Fu has the right to directly exercise voting rights attached to approximately 27.0877% of the total number of shares of the company. Intermediary Team Sole Sponsor: Yuexiu Finance Limited; Legal Advisors: Lepu Law Firm Limited Liability Partnership, Beijing Dachen (Shenzhen) Law Firm; Legal Advisors of the Sole Sponsor: Chen Haoming Law Firm and Beijing Shihui (Hong Kong) Law Firm Jointly, Shihui Law Firm; Reporting Accountant: Da Hua Ma Shi Yun Accounting Firm Limited Liability Company; Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch; Transfer Pricing Consultant: Xinyong Zhonghe Tax and Business Consulting Co., Ltd.; Compliance Advisor: Yuexiu Finance Limited.