BEIJING, Jan. 5, 2021 /PRNewswire/ -- Huami Corp.
(NYSE: HMI) today announced that it has entered into an agreement
to acquired 29.99% of the outstanding shares of Jiangsu Yitong
Hi-Tech Co., Ltd., (Shenzhen:
300211) for an aggregate consideration of RMB959.68 million (US$147.08 million) in cash. Leveraging Huami's
core capabilities, as well as Yitong's access to the Chinese
domestic capital market, Huami and Yitong is expect to expand the
healthcare ecosystem for Chinese market in the long term.
"This new partnership with Jiangsu Yitong is an investment in
the future of our business in China," said Mr. Wang
Huang, chairman, CEO and founder of Huami Corp. "Our
equity stake in Yitong will allow us to drive growth and
shareholder value for investors in both companies."
The transaction is subject to the approval of shareholders
meeting and filling with the stock exchange, among other customary
closing conditions. We expect the transaction to close before the
first half of 2021.
About Huami Corporation
Huami's mission is to connect health with technology. Since its
inception in 2013, Huami has developed a platform of proprietary
technology including AI chips, biometric sensors, and data
algorithms, which drive a broadening line of smart health products
for consumers, and analytics services for industry. In 2019, Huami
shipped 36.6 million units of smart watches and fitness bands,
including its own Amazfit brand, and products developed and
manufactured for Xiaomi, comprising 23% of global category
shipments1. Huami Corporation is based in Hefei, China, with U.S. operations,
Huami-USA, based in Cupertino, Calif.
1 IDC, Correcting and Replacing Shipments of Wearable
Devices, 3/10/20
Exchange Rate
The Company's business is primarily conducted in China and the significant majority of revenues
generated are denominated in Renminbi ("RMB"). This announcement
contains currency conversions of RMB amounts into U.S. dollars
("US$") solely for the convenience of the reader. Unless otherwise
noted, all translations from RMB to US$ are made at a rate of
RMB6.5250 to US$1.00, the effective noon buying rate for
December 31, 2020 as set forth in the H.10 statistical release
of the Federal Reserve Board. No representation is made that the
RMB amounts could have been, or could be, converted, realized or
settled into US$ at that rate on December 31, 2020, or at any
other rate.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements.
Statements that are not historical facts, including statements
about the Company's beliefs and expectations, are forward-looking
statements. Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to whether all the closing
conditions to the transaction described in this announcement can be
satisfied and whether the transaction can be ultimately
consummated. Further information regarding these and other risks is
included in the Company's filings with the United States Securities
and Exchange Commission. All information provided in this press
release and in the attachments is as of the date of this press
release, and the Company undertakes no obligation to update any
forward-looking statement, except as required under applicable
law.
For Huami media inquiries:
Lydia Huang,
lydia.huang@huami-usa.com, c: 407-800-5625
For Huami investors:
U.S. - Brad Samson,
brad.samson@huami-usa.com, c: 714-955-3951
China – Grace Zhang, zhangyujia@huami.com
View original
content:http://www.prnewswire.com/news-releases/huami-enters-in-definitive-agreement-to-acquire-a-minority-stake-in-jiangsu-yitong-high-tech-co-ltd-to-expand-the-healthcare-ecosystem-for-chinese-market-301200978.html
SOURCE Huami Corporation