SHENZHEN SDMC TECHNOLOGY CO., LTD. (00901.HK) has launched its Hong Kong IPO. The offer period runs from May 18 to May 21, with a proposed global offering of 19,207,300 H shares, subject to a 15% over-allotment option (offer size adjustment option). The offer price is HK$32.80 per H share, with a board lot size of 100 shares and an entry subscription fee of approximately HK$3,313.08. The company is expected to be listed on the Main Board of the Stock Exchange of Hong Kong on May 27. China Securities (International) Corporate Finance Company Limited acts as the sole sponsor.

SDMC Technology: World’s Eighth Largest Enterprise Smart Home Product Provider

Offering Structure: Approximately 10% of the global offering will be allocated to the Hong Kong public offering (1,920,800 H shares), while approximately 90% will be allocated to the international offering (17,286,500 H shares), subject to reallocation.

Offer Price: HK$32.80 per share; board lot size of 100 shares; entry fee approximately HK$3,313.08.

Offer Period: May 18–21 (expected pricing date: May 21).

Listing Date: May 27.

IPO Sponsor: China Securities (International) Corporate Finance Company Limited.

Company Overview

SDMC Technology is a smart home product provider serving enterprise customers, dedicated to enhancing home application experiences through intelligent technologies. Under customers’ own brands, the company develops and sells digital video products, including streaming devices, projectors, cameras, and AI speakers, as well as network communication products such as optical network terminals, Wi-Fi routers, and cable modems. The company also provides system platforms, including Cedar, a home AI agent platform, XMediaTV streaming platform, and XHome smart home device management platform.

According to Frost & Sullivan, based on revenue in 2024, SDMC Technology ranked as the world’s eighth largest enterprise smart home product provider and the third largest provider in mainland China, with a market share of approximately 2.7%. In terms of shipment volume, the company was the world’s largest supplier of Android TV smart terminals.

Financial Information

According to the prospectus, SDMC Technology recorded revenue of approximately RMB2.367 billion, RMB2.541 billion, and RMB3.368 billion for 2023, 2024, and 2025, respectively. Net profit for the same periods was approximately RMB191 million, RMB137 million, and RMB239 million, respectively.

Based on the offer price of HK$32.80 per share and assuming the over-allotment option is not exercised, the company expects to raise net proceeds of approximately HK$570 million. The proceeds are intended to be used for enhancing market position and developing new products (approximately 25%), investing in AI Home-related technologies (approximately 35%), expanding global operations (approximately 20%), investing in upstream and downstream AI and algorithm-related participants (approximately 10%), and for working capital and general corporate purposes (approximately 10%).

uSMART launches “HK IPO Fee-Waiver Offer” – subscribe to new shares at zero cost

Margin subscription: 0 % interest, leverage up to 10×

Cash subscription: HK$0 handling fee

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* 0 % interest applies to margin subscription amounts of HK$20 million or below.

^ All handling fees are waived for cash subscriptions.

This promotion is effective from 5 December 2025 until further notice. Certain high-profile IPOs may be excluded. The actual interest rates and fees charged are those shown in the uSMART App subscription interface; statutory government and exchange levies will still apply. The company reserves the right to amend, suspend or terminate the above offer or its terms and conditions at any time without prior notice, and its interpretation shall be final.

How to Subscribe for SDMC Technology via uSMART HK

The uSMART HK App features an IPO Centre with exclusive perks, allowing clients to subscribe instantly to public offerings. After logging into the app, tap "Trade" at the bottom-right, go to "IPO Subscription," select SDMC Technology, tap "Public Offer," enter your subscription quantity, and submit your order.

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