BRIEF: Sunmi Technology shares leap in Hong Kong trading debut

Shares of business IoT solutions provider Shanghai Sunmi Technology Co. Ltd. (6810.HK) more than tripled in their Hong Kong trading debut on Wednesday, following an even stronger debut for another company a day earlier as investors embraced new technology listings.

Sunmi’s stock opened at HK$97.50, nearly quadruple its IPO price of HK$24.86, before easing slightly during the morning session to close at HK$93.80 by the midday break, up 277%. The company raised HK$922 million ($118 million) by selling 42.6 million shares. At the latest price, the company has a market value of HK$37.8 billion.

The Hong Kong portion of the listing for local investors was more than 2,000 oversubscribed, while the international portion was nearly seven times oversubscribed. The company plans to use 30% of the IPO proceeds to further develop its business IoT hardware and software, another 30% to strengthen its supply chain and manufacturing operations, and 20% for its global expansion plans.

Sunmi’s revenue rose 10% last year to 3.81 billion yuan ($558 million) from 3.46 billion yuan in 2024, while its profit over that period rose 23% to 223 million yuan from 181 million yuan.

Sunmi’s strong performance came a day after another tech firm, optical connectivity and computing company Shanghai Xizhi (1879.HK), made an even stronger debut as its shares rose nearly five times from their IPO price on its first trading day in Hong Kong.

By Doug Young

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