Xiaomi’s Wearable Brand Huami Raises $110 Million in NYSE IPO

You are reading a story from PhoneRadar.

Xiaomi will be going public later this year with an expected valuation of $100 billion. It will most likely choose the Hong Kong for the IPO listing. The company also made significant investments in several Chinese startup companies. The Xiaomi’s subsidiaries contribute a significant share to the Mi ecosystem. Huami is one of the largest subsidiaries of Xiaomi. Apart from selling the fitness devices under the Mi brand, the company also has an in-house brand called Amazfit for selling other wearables.

Even before Xiaomi going public, Huami is now listed on the New York Stock Exchange as HMI. It already raised more than $110 million by selling 10 million shares. According to TechCrunch, Xiaomi has a 19.3% stake in Huami, and its CEO Lei Jun owns additional 20.4%. Since its inception in 2013, the company has sold more than 45 million devices to date. The Mi Band, Mi Band 1s, and Mi Band 2 are manufactured by Huami for Xiaomi.

With the brand following of Xiaomi and affordable pricing, the majority of the contribution for its dominating market share comes from Mi Bands. Back in August 2017, Xiaomi became the largest Wearable brand in the world after shipping 3.7 million units in Q2 2017. Fitbit and Apple with 3.4 million and 2.8 million shipments respectively limited to the second and third place. Earlier this week, the company launched the Amazfit Bip smartwatch for $99.

It is compatible with both Android and iOS devices and needs to be paired with Xiaomi’s Mi Fit app. With the always-on display, this new smartwatch is mentioned to give more than 30 days of battery life. Apart from showing time and notifications, the Amazfit Bip also counts your steps, distance, speed, elevation, calories burnt, and more. You can find all the Mi and Amazfit branded wearables from our “Everything Xiaomi“ list.

This story appeared first on PhoneRadar. Join the PhoneRadar Forums to discuss, meet experts & share your experiences. We have now launched a Hindi Website for the latest news in Hindi. Click here to read PhoneRadar Hindi