Use key2="client_action_multi"
in act_window to add submenu to “Action” button (“More” in previous Odoo versions). Reference here
<act_window name="New Sub menu"
res_model="product.product"
src_model="product.product"
key2="client_action_multi"
view_mode="form" target="new"
view_type="form"
id="act_new_sub_menu" />
solved How to add a button to the Action menu?