Hanshow Technology Co., Ltd.

Hanshow Technology is a retail digitalization company built around electronic shelf labels, which it treats as the foundational layer for digitizing physical stores — a bet that paid off with an IPO: it listed on Shenzhen's ChiNext on March 11, 2025 under ticker 301275, offering 42.24 million shares at 27.50 yuan apiece, per a Heart Capital piece marking the occasion . Founded in 2012, it had grown into a global smart-retail leader by then, serving 400-plus customers across more than 50 countries with close to 30% of the global ESL market and top-three worldwide share; revenue went from roughly 100 million yuan at the time of Heart Capital's 2017 early investment to over 4 billion . Its technical moat, as Heart Capital partner Zhao Jing describes it, lies in wireless communication protocols and chip architecture — reliably running up to 100,000 labels across tens of thousands of square meters of supermarket floor — and its globalization came early and deliberately, with a 2017 partnership with France's Auchan opening Europe and local subsidiaries built out abroad rather than simple export sales .