Shanghai Sunmi Technology passes HK listing hearing

Shanghai Sunmi Technology, a Business Internet of Things solutions provider backed by Alibaba (9988) and Meituan (3690), has passed its Hong Kong listing hearing.

Its BIoT solutions include smart devices and a PaaS platform, serving over 70 percent of the world’s top 50 food and beverage companies, with operations spanning more than 200 countries and regions and covering over 90 percent of global markets.

At present, Ant, a subsidiary of Alibaba, holds a 27.3 percent stake in Sunmi, while Meituan holds 8.2 percent and Xiaomi (1810) holds 7.8 percent.

Last month, International Financing Review cited sources as saying that the company could launch its Hong Kong initial public offering as early as February, seeking to raise about US$150 million (HK$1.17 billion). The joint sponsors are Deutsche Bank, CITIC Securities and ABC International.

Cynthia ZHONG