On the 12th, US Eastern Time, the US Securities and Exchange Commission (SEC) showed that Xiaomi Ecological Chain Company Huami Technology has submitted an IPO prospectus.
This version of the prospectus shows that there is no specific pricing yet. According to its content, Huami Technology's revenue for the first three quarters of 2017 was 1.296 billion yuan and its net profit was 95.37 million yuan. In the same period of 2016, the revenue was 943 million yuan, and the annual revenue was 1.556 billion yuan. The loss during the same period was 19.04 million yuan, and the annual profit was 23.94 million yuan. In addition, revenue of 474 million yuan in the third quarter of 2017 increased by 27% year-on-year, but decreased by 3% quarter-on-quarter.
On the shareholder side, the prospectus shows that Huami Technology CEO Huang Wang holds 39.4% of the shares, which is the first single major shareholder of Huami Technology; Shunwei Capital holds 20.4%, which is the second largest shareholder; Xiaomi's fund, People Better Limited The stock was 19.3%, and the company controlled by Lei Jun was 39.7%, higher than Huangwang.
On December 27, 2013, Huami Technology was jointly established by Xiaomi Company and Hefei Huaheng Electronics, dedicated to smart wearable devices. In 2014, Huami Technology received a huge investment from Lei Jun and Shun Capital. The millet bracelet and the millet weight scale are all from the hands of Huami. In addition, Huami also has its own brand Huami AMAZFIT sports watch series products and AMAZFIT Oclean one smart toothbrush series products.
According to the prospectus, millet-related products such as millet bracelets account for a large proportion of Huami technology. In the first three quarters of 2017, millet products such as Xiaomi bracelets contributed 10.68 in Huami Technology. 100 million yuan, accounting for 82.4%. In the same period, the revenue from products of its own brand was 34.23 million yuan, accounting for 17.6%.
In the “Risk Descriptionâ€, Huami Technology also wrote that Xiaomi is the most important customer and distribution channel of Huami. The deterioration of the relationship between Huami and Xiaomi or the decrease in sales of millet wearable products may have a material adverse effect on Huami's operating results. As of September 30, 2017, Xiaomi's wearable products sales contributed 97.1%, 92.1% and 82.4% of Huami's revenue, respectively.
Huami Technology also talked about the importance of commercialization. “If we fail to develop new products, services and technologies in a timely and timely manner and commercialize them, our business results may be materially and adversely affected.†Huami Technology said that its growth depends on whether it can be developed and introduced in time. A new generation of existing product lines and new smart wearable technologies, with enhanced functionality and value-added services. In other words, Huami should make greater efforts in independent innovation and its own brand management.
Before the listing of Xiaomi, Xiaomi Ecological Chain Company may have to go public before the listing of Xiaomi, which will undoubtedly make Xiaomi more valuable and play a certain pricing role.
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