On February 16, Lockin Technology (Beijing) Co., Ltd. officially submitted its application for listing on the Hong Kong Stock Exchange, with China Galaxy International acting as the sole sponsor. According to data from Frost & Sullivan, Lockin Technology holds the distinction of being the first company worldwide to achieve large-scale production of vein recognition smart locks. In 2024, it led the global market in shipments of such locks, securing a market share of 10.5%. Furthermore, the company ranks fourth globally and third in mainland China in terms of overall smart lock shipments. Its revenue streams are primarily derived from its own-brand consumer products, ODM (Original Design Manufacturer) services, and commercial solutions under the Yun Ding brand. However, the company exhibits a high level of dependency on Xiaomi's ODM contract manufacturing business, which contributed to over 60% of its revenue in the first three quarters of 2025.