The commercial Internet of Things solution company, Sangmi, plans to go public in Hong Kong, with shareholders including Alibaba and Meituan

AASTOCKS
2026.02.16 02:37

Mainland commercial Internet of Things (BIoT) solution provider Shanghai Shangmi Technology has passed the listing hearing at the Hong Kong Stock Exchange. According to the information, the company's BIoT solutions mainly include smart devices and BIoT PaaS platforms. The company's shareholders include Ant Group under Alibaba (09988.HK), Meituan (03690.HK), and Xiaomi (01810.HK).

According to data from ZhiShi Consulting, based on revenue in 2024, the company is currently the largest Android-based BIoT solution provider in the world, holding over 10% of the market share. Additionally, the company serves over 70% of the top 50 global food and beverage companies.

The company recorded revenues of approximately RMB 3.404 billion, RMB 3.071 billion, and RMB 3.456 billion from 2022 to 2024, with net profits of RMB 160 million, RMB 101 million, and RMB 181 million during the same period

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