Heart Capital Portfolio Company Sunmi Technology Officially Lists on Hong Kong Exchanges and Clearing Limited, Global Leader in Commercial IoT | Heart Star PORTFOLIO

Today, SUNMI Technology — a Heart Capital portfolio company and the global leader in commercial IoT — officially listed on the Hong Kong Stock Exchange under ticker 6810.

Heart Capital invested in SUNMI in 2017, making it one of the earliest and largest positions in the first RMB fund managed by founding partner Yan Han. Heart Capital has consistently believed in SUNMI's vision of a commercially intelligent world built on physical AI infrastructure. Nine years of partnership — an honor to share in this milestone.

Yan Han, founding partner of Heart Capital, attended the listing ceremony in person to congratulate SUNMI: "Congratulations to the captain! Congratulations to SUNMI on a successful IPO! As one of Heart Capital's earliest investments, the SUNMI team has consistently demonstrated deep understanding of commercial scenarios and relentless pursuit of product excellence. From the first intelligent commercial device to a commercial IoT ecosystem spanning over 200 countries and regions, SUNMI has proven the broader trend of Chinese tech companies born in China becoming global enterprises. Heart Capital looks forward to continuing our partnership with SUNMI — connecting the world through technology, and connecting people through warmth."

Brokerage data shows that SUNMI's public offering attracted over 2,000 times oversubscription, with total bids exceeding HK$210 billion — making it this year's most oversubscribed Hong Kong IPO in the AI hard tech sector. Global renowned long-only funds including Millennium, Schonfeld, Orix, QRT, Marshall Wace, North Rock, Weiss, and Jump Trading actively participated.

The company is offering 42.6268 million shares globally at HK$24.86 per share, raising approximately HK$1.06 billion. Proceeds will be directed primarily toward AI technology R&D, global market expansion, and ecosystem platform development.

Behind this Hong Kong listing, SUNMI Technology — as a pioneer and leader in the commercial IoT (BIoT) industry and the world's largest BIoT solutions provider — stands at the forefront of the "physical AI" wave. As the sector leader, SUNMI is leveraging physical AI to unlock commercial intelligence and is well-positioned to capture incremental industry growth.

Physical AI Opens New Growth Space for Commercial Intelligence

Commercial IoT is entering its golden age. As AI technology accelerates from the digital world into the physical realm, the era of physical AI is opening new growth opportunities for offline commercial intelligence.

SUNMI founder and CEO Jack Lin offered a more forward-looking assessment at the 2026 Chinashop SUNMI Ecosystem Partner Dinner: "All past innovations may pale in comparison to the rapidly evolving AI transformation underway — its impact will exceed the sum of the past decade-plus of change."

According to CIC data, SUNMI Technology is currently the world's largest Android-based BIoT solutions provider, commanding over 10% market share. The global market is expected to grow at a 23.7% CAGR from 2024 to 2029.

This is the "golden tailwind" SUNMI occupies.

Tracing its origins, SUNMI was born in 2013 amid the mobile internet revolution. At that time, traditional commerce-centric hardware was typically closed, fragmented, and outdated — functionally limited, poorly designed, and lacking interconnectivity. SUNMI precisely identified these pain points and has since advanced across intelligent device design and engineering, edge-cloud collaborative platforms and software technology, and AI-driven data analytics to deliver digital solutions for commercial application scenarios.

It was through this process that the investors who best understood commercial scenarios converged on SUNMI.

Xiaomi participated in SUNMI's Series A and B rounds, followed by strategic investments from Meituan and Ant Group. According to the prospectus, pre-IPO Ant Group held 27.27% equity, Meituan 8.2%, and Xiaomi 7.78%, with Shenzhen Capital Group, Heart Capital, and other notable institutions also as significant shareholders.

In fact, since launching the world's first BIoT all-in-one device V1, this sustained innovation drove the company to surpass $100 million in global revenue within just three years, establishing its industry leadership.

To date, SUNMI Technology has served over 70% of the world's top 50 food and beverage enterprises. Domestically, it covers over 70% of China's top 100 restaurant brands and over 60% of top 100 chain stores. Its products and services reach across 200+ countries and regions, spanning 100+ industry verticals including dining, retail, logistics, healthcare, and transportation. With over 66,000 global ecosystem partners, the company has built an enterprise-grade app marketplace hosting 33,300+ apps with cumulative downloads exceeding 200 million.

SUNMI V3. Image source: SUNMI Technology

Why Has SUNMI Made the "BIoT + AIOS" Business Model Work?

Imagine a chain restaurant: cash registers, POS terminals, queue management systems, membership software, food delivery terminals, inventory management systems — from different suppliers, none connected, data siloed. The manager spends hours daily switching between systems, with operational decisions driven more by intuition than data.

This is the real pain point of offline commerce. SUNMI's solution isn't "selling another better device" — it's deepening edge-cloud integration and commercial data interconnectivity, providing the proprietary SUNMI OS to streamline software integration, and strengthening data infrastructure through SUNMI DMP and Hyper-Wi-Fi. This aligns with the future development of "AI agents," with market space expected to expand accordingly.

Behind this solution lies a more fundamental question: why could SUNMI solve these pain points? The answer lies in its innovative business model and multiple proprietary technologies.

Currently, the BIoT industry has evolved through three stages: BIoT 1.0, 2.0, and 3.0. BIoT 3.0 is characterized by cloud-edge collaboration and AI-enabled low-code/no-code development, creating new business opportunities through greater openness, enhanced software-hardware integration, and elevated cloud intelligence applications.

On one hand, SUNMI developed an innovative business model — the world's only integrated BIoT solution combining intelligent devices with a self-developed PaaS platform. This consolidates all core digital functions required for daily merchant operations into a single central device, supporting software application development and deployment within these BIoT devices. It delivers cross-industry vertical adaptability while ensuring consistent customer experiences across regions and fostering an interconnected ecosystem that supports continuous BIoT device improvement and upgrades.

The cloud-based DMP system processes hundreds of millions of data interactions daily, connecting millions of intelligent devices across 100+ industry verticals. This continuous stream of real business data — barcodes, produce, vegetables, and more — is uploaded to the cloud for AI model training, then deployed to edge devices via OTA updates, forming a powerful feedback loop.

On the other hand, SUNMI has built proprietary technology around the core layers of the IoT ecosystem, primarily IoT hardware (intelligent devices and their operating systems) and the IoT PaaS platform with its software applications.

The company pioneered the industry's first PaaS platform — SUNMI Mini Programs, a low-code modular platform enabling enterprises and developers to efficiently build, manage, and upgrade software applications for their intelligent devices. Comprising over 1,000 modules across 20+ verticals, SUNMI Mini Programs had been adopted by over 20,000 enterprises from approximately ten countries and regions as of December 31, 2025.

If the multidimensional innovations described above form a virtuous cycle of "hardware shipment → platform stickiness → ecosystem amplification," then against a capital market backdrop of rising demands for earnings certainty, robust "cash cow" businesses combined with AI-driven profit elasticity provide the company with a more stable and expansive foundation for development.

Financial data shows consistent profitability during the reporting period with sustained positive operating cash flow, demonstrating sound operational capability and risk resilience. Revenue for 2023, 2024, and 2025 was RMB 3.071 billion, 3.456 billion, and 3.819 billion respectively, with net profits of RMB 101 million, 181 million, and 223 million — maintaining continuous profitability with overseas revenue accounting for approximately 75%.

What emerges is clear: SUNMI Technology has precisely addressed the pain point of fragmented offline commercial data. Through a virtuous cycle of "intelligent hardware + self-developed PaaS platform + AI ecosystem," it has formed a unique edge-cloud integrated moat, validating the feasibility and growth potential of its "BIoT + AIOS" business model through sustained profitability and robust cash flow.

From Hardware to Platform, Embracing the Commercial AI Era

Building on millions of deployed intelligent devices and an open-source platform architecture, SUNMI Technology is now advancing toward the next decade of BIoT — AI-driven BIoT evolution — using technological innovation to continuously propel the digital and intelligent transformation of global commerce.

According to the prospectus, IPO proceeds will fund AI technology R&D, global market expansion, and ecosystem platform development. SUNMI has long made forward-looking investments in artificial intelligence. As one of the industry's first movers to deeply integrate AI capabilities into BIoT solutions, SUNMI will continue increasing AI investment across both software and hardware layers, unlocking deeper intelligent value and building smarter, more flexible, more adaptive digital solutions for global merchants.

The company's previously disclosed development strategy also emphasized its commitment to accelerating the intelligent digital transformation of global commerce, industrializing BIoT software-hardware solutions, strengthening global supply chain capabilities, enhancing market penetration through vertical expansion and geographic growth, and unlocking synergies through strategic partnerships and investors.

SUNMI Technology's deep global footprint and localized layout continue building longer-term competitiveness and market expansion space. The company has established localized sales networks worldwide, with its on-the-ground presence accelerating.

Indeed, SUNMI's future AI strategy and long-term value continue gaining high recognition from global institutions — a signal clearly conveyed by the cornerstone investors participating in this listing.

For this IPO, cornerstone investors China Orient Enhanced Income Fund and XINWUTANG CO., LIMITED have agreed to subscribe for an aggregate of approximately US$36.57 million of offer shares at the offer price.

Looking ahead, as the BIoT market experiences explosive growth over the next five years, SUNMI as the sector leader is positioned to be a prime beneficiary.

SUNMI Technology has already developed proprietary AI algorithms, gesture control, facial tracking, and other mature AI intelligent tools. Leveraging its integrated moat of "intelligent hardware + BIoT PaaS platform" and stable profitability, SUNMI is positioned to deeply capture industry growth dividends and unlock long-term expansion.

Lin stated that as a global leading commercial IoT platform, SUNMI has evolved from an enabler of commercial digitalization to a leader in the commercial AI era, using edge AI as its engine to attract over 40,000 developers and 60,000+ partners worldwide.

"SUNMI's third-generation products are fully equipped with SUNMI AI edge capabilities. The upcoming Magic AI and SUNMI CLAW intelligent agents will empower every transaction, every service, and every business decision across our global developer ecosystem and offline commerce in 200+ countries — together, embracing the commercial AI era," Lin said.

Founded in 2022, Heart Capital is a China-based early-stage venture capital fund focused on technology and digitalization. The team is led by Yan Han, founding partner of Lightspeed China, alongside core investors, a CFO, and seasoned investors from industry backgrounds. Past investments include Xpeng Motors (NYSE: XPEV, 09868.HK) at Series A, Full Truck Alliance (NYSE: YMM), MetaX (688802.SH) at Pre-A, as well as RoboSense (02498.HK), FinVolution (NYSE: FINV), LandSpace, Micro-Nano Starry Sky, Huitian, Xi Wang, ROX Motor, SUNMI, World Logistics, Baichuan, Manbang Cold Chain, Fan Deng Reading, Lanhu, Starfield, and others. Rooted in China with a global outlook, Heart Capital seeks true value in non-consensus. The firm honors the value of "people" and champions the potential of "heart," aspiring to accompany more young Chinese entrepreneurs in strengthening China and going global.