Shanghai Sunmi Technology's retail tranche oversubscribed 7.6 times

Shanghai Sunmi Technology, a Business Internet of Things solutions provider backed by Alibaba (9988) and Meituan (3690), was oversubscribed by 7.6 times in its retail tranche for its Hong Kong initial public offering on Tuesday. 

The company drew HK$910 million from margin loans.

Sunmi Technology plans to offer 42.63 million H shares, raising HK$1.06 billion. The offer price is HK$24.86 per share. Each board lot of 100 shares has an entry fee of HK$2,511.

It is scheduled to debut on April 29.