On the evening of February 8 (Beijing time), Huami Technology was listed on the New York Stock Exchange with the stock symbol HMI. The listing makes Huami the first company within the Xiaomi eco-system to list in the U.S. This is also the second ShunWei Capital-funded company to list in the U.S. (after 51Talk in 2016) as well as the second ShunWei Capital-funded company to list on the same day (click here for the report on Yujiahui, the first ShunWei-funded company to achieve an A-share listing).
Click to watch video clip of the moment of Huami’s listing at the NYSE, Feb 8
Lei Jun, founding partner and chairman of ShunWei Capital, promptly congratulated Huami on its listing on the NYSE via Weibo:
Congratulations to Huami Technology on its listing on the NYSE. Huami is the first company in the Xiaomi eco-system to list in the U.S. Huami’s successful listing in the U.S. is a tremendous moment of victory for the Xiaomi ecology model!
A big “thank you” to Huang Wang for his leadership of the Huami team, which has developed outstanding products such as the Mi Band and the Xiaomi body fat scale. We also thank fans of Xiaomi for their support!
Said Koh Tuck Lye, founding partner and CEO of ShunWei Capital:
Huami is the world’s largest wearables company, and has, from the very beginning, been committed to creating “hit products” for consumers. ShunWei Capital has been on this journey with Huami since 2014. The public listing of Huami is the first instance of a successful U.S. listing by a company in the Xiaomi eco-system. We believe that a number of enterprises that have seen joint investment by ShunWei Capital and Xiaomi will go on to show IPO potential.
Cheng Tian, partner at ShunWei Capital (R); Duan Yu, vice-president at ShunWei Capital (L)
This time, Huami was listed at the price of USD11 per ADS, with 10 million ADSes with a total value of USD110 million issued publicly for the first time. The offering was underwritten by Credit Suisse, Citigroup and Huaxing Capital.
Huami Technology, founded in 2013, is a wearables company that is driven by its deep experience in biometrics and fitness data. The company is in possession of vast amounts of biometrics and fitness data and is able to provide users with various services, including general assessments and analysis.
Products by Huami include Xiaomi-branded fitness bracelets (the Mi Band) and smart weighing scales, and smartwatches and fitness bracelets under its Amazfit brand. In 2016, the company sold more than CNY1.5 billion worth of its products. As of Sep 30, 2017 over 40 million Mi Bands have been shipped, and the number of registered users on two Xiaomi fitness apps developed by Huami has reached 49.6 million.
At the listing ceremony, Huami founder and CEO Huang Wang said:
Since the very beginning, Huami Technology has been committed to the improvement of people’s lives through the seamless integration of man’s true emotions and activities into the internet world. Following its public listing, Huami will seek to diversify its technology and product development operations by means of greater investment so that it will be possible to collect and analyze even broader range of biometrics and activity data. This way, Huami will be able to contribute to continued innovation in, and the swift development of, the wearables market as a whole.
