HK Recently Listed Stocks Watch | SUNMI TECH-W (06810.HK) over 11.5 million cornerstone shares to be unblocked on 29 March 2027, 2026 PT Expo China opens in Beijing

NewTimeSpace News, on 23 September 2026, business IoT shares traded with volatility while SUNMI TECH-W (06810.HK) weakened. As of 13:50, the company quoted HKD 58.300, down 2.02%.

On the news front, the 2026 China International Information and Communication Exhibition (PT Expo China 2026) was held at the China National Convention Center in Beijing from 22 to 24 September 2026. Under the theme "Strong Networks, Flourishing Computing, Intelligent Ecosystem" and its core proposition of "technology for people", the exhibition brought together nearly 200 companies from across the industry chain across an exhibition area of about 30,000 square metres, focusing on frontier tracks such as computing infrastructure, 6G, 5G-A, artificial intelligence and data centre interconnection, and showcasing the new directions, capabilities and opportunities of the digital intelligence industry built on information and communication technology.

In addition, on 22 September 2026, the Ministry of Culture and Tourism held the home event of the 2026 National Day Culture and Tourism Consumption Month, officially launching the consumption month. Running from late September to the end of October, the consumption month will see localities expand the supply of quality culture and tourism products around demand such as travel, Mid-Autumn reunions, autumn leisure, the night-time economy and intangible cultural heritage cuisine, hosting more than 20,000 culture and tourism events and issuing over RMB 310 million in consumption vouchers and other consumption subsidies.

SUNMI TECH-W (06810.HK) listed on the Main Board of the Hong Kong Stock Exchange on 29 April 2026 at an offer price of HKD 24.86, with 42,626,800 shares issued.

Regarding its shareholding structure, the lock-up period of both of the company's two cornerstone investors is six months, and XINWUTANG CO., LIMITED voluntarily extended its lock-up, originally expiring on 28 October 2026, by five months on 7 August 2026 based on confidence in the company's future prospects and long-term value; the last day of the lock-up undertakings of both cornerstone investors is 28 March 2027, with the nearest release date falling on 29 March 2027, when a total of 11,520,800 shares will be released from lock-up, representing 27.03% of the shares under the global offering (before exercise of the over-allotment option) and approximately 3.79% of the company's total issued H Shares immediately following completion of the global offering. In addition, the 12-month lock-up undertakings of the company's Pre-IPO investors are expected to be released from lock-up in late April 2027, and the lock-up undertaking of the company's controlling shareholder Mr. Lin, after a voluntary five-month extension on 7 August 2026, is expected to be released from lock-up in late September 2027.

In terms of financial performance, the company disclosed its first interim results after listing on 31 August 2026. For the first half of 2026, revenue was RMB 1.762 billion, up 25.8% year on year; gross profit was RMB 566 million, up 26.4% year on year; and gross margin was 32.1%, broadly flat against 32.0% a year earlier. By business segment, smart mobile devices contributed RMB 609 million or 34.6% of revenue, smart financial devices RMB 487 million or 27.6%, smart desktop devices RMB 479 million or 27.2%, accessories and parts RMB 173 million or 9.8%, and the PaaS platform and customised services RMB 14.597 million. By geography, revenue from Europe was RMB 584 million, up 54.8% year on year, from the Middle East and Africa RMB 244 million, up 106.3%, and from North America RMB 179 million, up 132.3%, with overseas markets accounting for more than 80% of revenue. The company recorded a loss of RMB 69.996 million for the period, compared with a profit of RMB 15.929 million a year earlier, mainly affected by intermediary fees related to the Hong Kong listing and exchange losses arising from the depreciation of the US dollar against the renminbi; excluding these items, adjusted net loss was RMB 11.854 million, compared with adjusted net profit of RMB 50.552 million a year earlier.

SUNMI TECH-W (06810.HK) focuses on the business IoT (BIoT) sector, built around smart hardware devices and a BIoT PaaS platform, and offers integrated solutions for the digital transformation of offline businesses. Its products cover smart desktop devices, smart mobile devices, smart financial devices and accessories, supported by its commercial operating system SUNMIOS and BIoT PaaS platform services; its business spans more than 15 industries and over 100 vertical segments including food and beverage, retail, healthcare and logistics, across more than 200 countries and regions worldwide. Based on 2024 revenue, the company is the world's largest Android-based BIoT solution provider with a market share of over 10%.

CITIC SECURITIES believes that the biggest difference between agentic commerce and the mobile internet is that the initiator of transactions expands from people to agents, and the entry point shifts from pages, search and recommendations to intent expression and task execution; every conversation, every decision and every device may become the starting point of a transaction. The institution notes that the role of payment therefore changes, no longer merely the end point of a commercial process but the infrastructure connecting decision-making and fulfilment in the intelligent economy.

GUOSHENG FINANCE believes that the investment peak driven by AI infrastructure build-out is expected to be reached in 2027 to 2028, after which computing capacity expansion will probably slow; the investment peak does not mean the end of AI industry development but rather a handover of growth drivers, with the growth focus gradually shifting downstream to applications, and lower usage costs set to accelerate the penetration of artificial intelligence in sectors including manufacturing, finance, healthcare, transportation and professional services.

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