Chinese smart wearable device maker Huami debuts on NYSE

Updated 2018-02-09 09:45:07 Xinhua

Chinese smart wearable device maker Huami Corporation rang the New York Stock Exchange (NYSE) opening bell Thursday in celebration of its Initial Public Offerings, notching the first NYSE IPO of a Chinese company this year.

Huami, trading under the ticker symbol of "HMI," priced its IPO of ten million American Depositary Shares at 11 U.S. dollars, well within the planned 10 to 12 dollars per share range.

Credit Suisse, Citigroup and China Renaissance are the joint book runners.

Shares of Huami rose 2.27 percent to close at 11.25 dollars apiece on Thursday. All three major indices plunged on the day, with the Dow plummeting more than 1,000 points to close 4.15 percent lower at 23,860.46.

Huang Wang, Founder, Chairman and CEO of Huami, defined his company as a biometric and activity data-driven one. He said the money raised will be primarily used in research as there are many more types of wearable devices being developed in the company's lab.

Huang added that as global demand for wearable devices has been increasing rapidly, the company is eyeing for global expansion. The major growth driver for the company will be the Southeast Asia market.

He told Xinhua that the company's vision is to lead the trend of global wearable devices and the changing perception of healthy lifestyle.

Smart wearable market has been growing rapidly in China with significant growth momentum. The company shipped 11.6 million units of smart wearable devices in the first nine months of 2017, more than any other company in the world, according to Frost & Sullivan.

Huami has been the sole partner of Xiaomi Corporation, a mobile Internet company and global consumer electronics brand. Xiaomi is now one of the largest unicorn companies in the world and is expected to go public in 2018. Xiaomi and its affiliated funds are major shareholders of Huami.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58March 18 2018 08:16:40

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16March 18 2018 08:16:40

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18March 18 2018 08:16:40

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords