On June 10, 2026, Shenzhen Fengyi Technology Group Co., Ltd. (hereinafter referred to as "Fengyi Technology"), headquartered in Nanshan District, Shenzhen, Guangdong Province, filed a prospectus with the Hong Kong Stock Exchange, intending to list on the Main Board of the Hong Kong Stock Exchange.
Prospectus link for Fengyi Technology
Main Business
Fengyi Technology, founded in 2017 as a subsidiary of SF Holding (002352.SZ), has grown under the leadership of its management team into an AI‑driven retail enterprise. It is China's first—and only—operator of smart retail lockers that achieve autonomous operations through proprietary algorithms. The company operates an extensive network of smart retail lockers, offering consumers a seamless grab-and-go shopping experience and stocking a wide range of products, primarily food and beverages.
According to Frost & Sullivan, by 2025, Fengyi Technology will be China's largest smart locker operator, measured by both the number of installed lockers and gross merchandise value, having achieved scalable, networked operations across more than 100 retail settings. As of December 31, 2025, Fengyi Technology operates over 180,000 smart lockers in 72 cities nationwide, serving a cumulative total of more than 80 million end consumers.
Fengyi Technology offers a highly diversified and continuously evolving product portfolio through its smart retail cabinets, primarily comprising beverages and packaged foods. Unlike traditional vending machine operators, the company strategically incorporates a significant share of niche and long-tail products, catering to the diverse, rapidly changing, and location-specific demands of light‑touch consumption scenarios. This strategy is underpinned by the company's proprietary FLOW Pilot intelligent system. By analyzing vast datasets, the system automates operational decision‑making, dynamically tailoring the optimal product mix for each specific location and enabling rapid new‑product iteration with minimal human intervention. The company also leverages ongoing A/B testing to deploy interactive marketing campaigns and establishes strategic online‑to‑offline闭环 integrations with local lifestyle platforms. Complemented by dynamic pricing strategies, this approach strikes an optimal balance between cost‑plus pricing and competitive market rates, ensuring sustainable profitability while supporting the company's scaling efforts.
Fengyi Technology's revenue is primarily derived from product sales through its smart retail lockers and advertising on the digital displays of these lockers.
Shareholder Structure
The prospectus indicates that, prior to its IPO, Fengyi Technology's shareholder structure was as follows:
Mr. Dan Xinning, through both direct and indirect means as well as voting‑rights proxy arrangements, collectively controls 43.28% of the voting rights and is the controlling shareholder.
Directors and Senior Executives
The Board of Directors of Fengyi Technology consists of nine directors, including:
Five executive directors:
Mr. Dan Xinning (Chairman and Chief Executive Officer);
Mr. Yuan Shengbiao (Honorary Chairman);
Mr. Zhu Tao (Chief Operating Officer)
Mr. Cai Liang (Chief Technology Officer);
Ms. Zhao Yu (Employee Representative Director, Director of Corporate Planning);
1 non-executive director:
Ms. Guo Xindi (Vice President of Investments at SBVA CORP);
Three independent non-executive directors:
Mr. Liu Xun (Chairman of Shenzhen Xintongfang Private Equity);
Ms. Shi Yanting (Assistant Professor with tenure at HEC Paris);
Mr. Xu Jianhuan (Associate Professor, School of Economics, Singapore Management University).
In addition to the executive directors, the senior management includes:
Ms. Zhang Xiaoshuang (Chief Financial Officer and Chair of the Board).
Company Performance
Financial data show that in 2023, 2024, and 2025, Fengyi Technology's operating revenues were RMB 1.244 billion, RMB 1.652 billion, and RMB 2.009 billion, respectively, with corresponding net profits of RMB 68.489 million, RMB –17.258 million, and RMB –37.220 million.
Brokerage Team
The principal underwriting and advisory team for Fengyi Technology's IPO includes:
ABC International serves as its exclusive sponsor and overall coordinator;
CICC and China Merchants Securities International serve as its overall coordinators;
PwC serves as its auditor;
Tongshang serves as the firm's China counsel;
Ke Lü is counsel for the company in Hong Kong and the United States;
Jingtian & Gongcheng serves as its China securities lawyer;
Haiwen (Hong Kong) serves as its securities firm's Hong Kong and U.S. counsel;
Jialin Capital serves as its compliance advisor;
Frost & Sullivan serves as its industry advisor.