Millet Department, which had previously insisted on not IPO, eventually took the first step under the stimulus of rapid growth in the smart wearable market.
On the evening of February 8, WMI Technologies was listed on the New York Stock Exchange (NYSE) (stock code: HMI) as the first listed company in the United States.
According to the listing data, this time, the meter technology ADS (ADS) 11 US dollars per share pricing, the initial public offering of 10 million ADS, the total financing of more than 110 million US dollars, underwriters Credit Suisse, Citigroup As well as Huaxing Capital.
It is understood that, as Xiaomi's ecological chain business, WMI Technology was founded in 2013, mainly producing smart bracelets and smart scales Xiaomi brand, own-brand smart watches and bracelets, etc. 2016 sales of more than 1.5 billion yuan. As of September 30, 2017, millet bracelet total shipments exceeded 40 million.
According to statistics, coupled with the underwriter can perform the over-allotment part, without deducting commissions and other expenses, Wami initial public offering of the largest fund-raising amount of 126.5 million US dollars.
Equity, the prospectus shows that the founder and CEO of WMI Technology Co., Ltd. Huangwang, holding 39.4%, is the first single largest shareholder of WEM Technologies. Other institutional investors include Shunyi Capital, Xiaomi's People Better limited, China fir and so on.
In addition, according to a supplement to the prospectus submitted by Hua Mi to the U.S. Securities and Exchange Commission, the company will adopt a dual ownership structure and issue 4 shares of Class A ordinary shares for every ADS issued in the initial public offering. Each A-share common stock owns 1 voting right.
In addition, the company also owns Class B ordinary shares, each B-share common stock will have 10 voting rights at the completion of the initial public offering, the existing shareholders of all the shares will be converted into B-share ordinary shares, the total number of 197,736,467 shares, assuming that the underwriters will not exercise the over-allotment, the said shares will represent 83.2% of the total negotiable share capital of Hua Mi and 98.0% of the voting rights.
Huang Wang said that after the listing, WMI will increase its investment in technology and product research and development, making it possible to gather and analyze a wider and more diverse set of biometrics and activity data and to promote the smart wearable market Innovative and rapid development.
In response, industry insiders told reporters that, with the listing of millet-based companies, including Lei Jun and its Department of Shun-capital, 'Partners' Sequoia China and other investment agencies, will enter the harvest season.
Data show that the first day of listing, China's stock price closed at 11.25 US dollars, 11 US dollars higher than the issue price of 0.25 US dollars, or 2.27%.
Nonetheless, insiders still told reporters that, due to the limited development platform of the millet platform, whether or not the China-meter technology after the listing in the future will be broken by this situation still deserves discussion in the industry.
More typically, Wami Technology is listed, but the information in the prospectus shows that WAM's sales are still largely dependent on the millet platform.
After the listing of China's future technology will break the single sales channel development dilemma, this reporter will continue to pay attention.