Today, February 9, Xiaomi announced yesterday’s debut of its subsidiary and the smart wearable maker Huami on the New York Stock Exchange (NYSE) via its first Initial Public Offering (IPO). This was as well the first NYSE IPO notched by a Chinese company in 2018.
The IPO was priced at 10 million American Depositary Shares at 11 US dollars, “well within the planned 10 to 12 dollars per share range.” The joint book runners are Citigroup, China Renaissance, and Credit Suisse.
Yesterday itself, the shares of Huami went up to 2.27% in closing at 11.25 dollars apiece. Three major indices rose, with Dow averaging over 1,000 points for a closure of 4.15% lower at 23,860.46.
According to the company’s Founder, Chairman, and CEO, Huang Wang, they are biometric and data-driven. He added that the raised money would be primarily invested in research for more wearable devices that are being developed at Huami’s lab.
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Wang also pointed out the ascending global demand for wearable devices, which makes them open to expanding while targeting the Southeast Asian market to start with. Xinhua, the Chinese news agency, reports that Wang envisions leading in the wearable device industry by enhancing healthy lifestyle perception.
As far as bringing changes in perceptions and implementations of a healthy lifestyle, China is enjoying rapid growth with ‘significant momentum in terms of wearable devices. Huami sold about 11.6 million units of the devices in first nine months of last year. Frost & Sullivan reveals that this was a record accomplished by Huami surpassing every other wearable device maker.