New stock news: Zhi Rent IoT submitted its application to Hong Kong Stock Exchange to establish a battery exchange network covering over 90 cities in China.

According to the disclosure on May 29th by the Hong Kong Stock Exchange, Smart Rent Technologies Group Limited (referred to as Smart Rent) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Shenwan Hongyuan Group Hong Kong as its exclusive sponsor. As of December 31, 2025, Smart Rent has established a battery-swapping network covering over 90 cities in China (through self-operated sites and business partners), installed approximately 22,400 smart battery swap cabinets, and deployed 416,180 sets of batteries. As of December 31, 2025, the company has accumulated approximately 7 million registered users, with a total of approximately 650 million battery swaps, supporting over 22.1 billion kilometers of travel. Company Overview The prospectus shows that Smart Rent is a leading provider of battery-swapping solutions in China, focusing on providing safe, efficient, convenient, green, and intelligent battery-swapping solutions for light electric vehicle riders. According to Frost & Sullivan's data, based on revenue in 2025, Smart Rent is the fourth largest battery-swapping solution provider for light electric vehicles in China, with a market share of 5.8%. Smart Rent has built an integrated business model with intelligent battery-swapping solutions as the core, supported by the Smart Rent Cloud platform and hardware sales. By leveraging the company's integrated software and hardware operational infrastructure, the company primarily provides battery-swapping solutions through self-operated sites and partnerships with local businesses interested in entering the battery-swapping industry ("business partners"). The company has been actively exploring diversified businesses and revenue sources, including selling battery-related hardware such as self-developed lithium batteries, chargers, and adapters. Company's hardware network includes batteries and battery swap cabinets. The company's software infrastructure is the Smart Rent Cloud platform, which includes two sub-platforms: (i) a cloud-based smart IoT platform - the Smart Rent Battery Swap Mobile App Platform, which is the cornerstone of the company's battery-swapping solution, supporting full-stack management of operational assets and data; and (ii) an algorithm-based decision-making platform - Smart Rent Brain, which is responsible for multidimensional intelligent operational decision-making. Smart Rent Cloud platform, as the core digital operational hub of the company's battery-swapping solution, integrates IoT, AI and algorithms, and big data analysis technologies to achieve seamless connection between battery swap cabinets, smart batteries, and riders, providing the technical foundation for intelligent management of the entire lifecycle of battery-swapping solutions, allowing the company to provide efficient, stable, and safe battery-swapping services. Smart Rent entered the Shanghai market in January 2019, established its market position, and gradually formulated a global operational strategy. According to Frost & Sullivan's data, the company is one of the first market participants to produce batteries that have passed the mandatory certification of national standards; in addition, the company has launched the world's first electric bicycle battery swap pilot station using all solid-state batteries in Beijing. The company expanded its global business map to Southeast Asia in March 2026. Financial Data Revenue In the fiscal years of 2023, 2024, and 2025, the company achieved revenues of approximately RMB 696 million, RMB 735 million, and RMB 739 million respectively. Gross Profit and Gross Profit Margin In the fiscal years of 2023, 2024, and 2025, the company recorded gross profits of approximately RMB 97.987 million, RMB 199 million, and RMB 196 million, with corresponding gross profit margins of 14.1%, 27.0%, and 26.6% respectively. Annual Profit In the fiscal years of 2023, 2024, and 2025, the company recorded annual profits of approximately -RMB 44.612 million, RMB 5.927 million, and RMB 8.155 million respectively. Industry Overview Driven by the dual-carbon economy, platform economy, and sharing economy, China continues to promote the electrification of short-distance transportation, and the energy supplement system is accelerating towards higher efficiency, safety, and compliance. By 2025, the number of two-wheeled electric vehicles in China has exceeded 400 million, covering diverse scenarios such as personal commuting and real-time delivery, forming a market pattern where residential charging, public charging stations, and battery swapping methods are developing simultaneously. In 2025, the overall market size of China's light electric vehicle energy supplement market exceeded RMB 100 billion, providing vast development space for various energy supplement models. From a market structure perspective, residential charging has the largest existing foundation, with expenditures reaching RMB 45.5 billion in 2025. However, "flying line charging" and other illegal behaviors pose significant safety risks, making it difficult to standardize and commercialize operations. Public charging stations are a compliant energy supplement mode, with a market size of RMB 42.3 billion in 2025, but this method still has certain limitations in terms of site supply, layout density, queue times, and recharge durations. Its suitability for high-frequency and high-turnover scenarios is relatively limited, making it difficult to meet high-frequency and efficient energy supplement demands. In 2025, the battery swapping market size reached RMB 12.3 billion. With advantages such as rapid energy supplementation, centralized safety management, and intelligent full-chain operations, battery swapping addresses the core needs of both enterprise and individual customers, possessing substantial substitution potential and penetration potential in a market exceeding RMB 1 trillion. From 2021 to 2030, China's light electric vehicle battery swapping market is showing a fast-growing market size and continuous increase in penetration rate, transitioning from the early exploration stage to the stage of large-scale penetration and high-quality development. The continuous replacement effect of traditional energy supplement modes is becoming apparent, indicating vast long-term growth potential for the industry. From 2025 to 2030, the Southeast Asian light electric vehicle battery swapping market is expected to show a rapid expansion trend. Overall, the Southeast Asian light electric vehicle battery swapping industry is still in the transition from early introduction to accelerated development towards scale. Although the market size of light electric vehicle battery swapping is still relatively small, the growth potential is relatively prominent. In terms of market size, the market size of the Southeast Asian light electric vehicle battery swapping market reached RMB 400 million in 2025 and is expected to further increase to RMB 2.1 billion by 2030, with an estimated compound annual growth rate of 42.4% from 2026 to 2030. Overall, as local demand for light electric vehicle energy supplementation continues to grow, the commercial feasibility of battery swapping models is gradually being validated, and industry participants continue to advance localization operations and network replication, the Southeast Asian light electric vehicle battery swapping market is expected to maintain a rapid expansion trend with vast future development space. Board of Directors Information The company's board of directors consists of seven directors, including three executive directors, one non-executive director, and three independent non-executive directors. The board of directors is responsible for managing and operating the company's business and has general power. Ownership Structure As of the last practicable date, the company's issued share capital amounts to 100,133,457 shares of unlisted shares. As of the last practicable date, Mr. Li directly beneficially owns 27,750,000 shares of the company's stock, and respectively, through Shanghai Xingchi and Shanghai Smart Rent, controls 8,950,840 shares and 2,500,000 shares as a general partner. Therefore, the group of single largest shareholders composed of Mr. Li, Shanghai Xingchi, and Shanghai Smart Rent collectively hold approximately 39.15% of the company's issued share capital. Mr. Li is a general partner of Shanghai Xingchi and Shanghai Smart Rent. Therefore, under the Securities and Futures Ordinance, Mr. Li is deemed to have an interest in 8,950,840 H shares held by Shanghai Xingchi and 2,500,000 H shares held by Shanghai Smart Rent. Ms. Wang is Mr. Li's spouse. Therefore, under the Securities and Futures Ordinance, Ms. Wang is considered to have the same number of shares as Mr. Li. Ms. Zhang is Mr. Du's spouse. Therefore, under the Securities and Futures Ordinance, Ms. Zhang is considered to have the same number of shares as Mr. Du. Intermediary Team Exclusive Sponsor: Shenwan Hongyuan Group Financing (Hong Kong) Limited Company Legal Advisors: Regarding Hong Kong law: Jointly operated by Zhou Junxuan Law Firm and Tongshang Law Firm; Regarding Chinese law: Tongshang Law Firm; Regarding Chinese Network Security and Information Privacy Protection Law: Tongshang Law Firm Exclusive Sponsor Legal Advisors: Regarding Hong Kong law: Fangda Law Firm; Regarding Chinese law: Jincheng Law Firm Auditors and Reporting Accountants: Deloitte Touche Tohmatsu Certified Public Accountants Industry Consultants: Frost & Sullivan Compliance Advisors: Bright Capital Limited