Welcome to our dedicated page for Viomi Technology Co. American Depositary Shares news (Ticker: VIOT), a resource for investors and traders seeking the latest updates and insights on Viomi Technology Co. American Depositary Shares stock.
Viomi Technology Co., Ltd (NASDAQ: VIOT) is a forward-thinking company pioneering in the Internet of Things (IoT)-enabled smart home sector. Founded in 2014 and headquartered in Guangzhou, China, Viomi specializes in developing and selling a wide range of smart home products. The company's core business revolves around creating an IoT Home platform that integrates various smart devices for a seamlessly connected home environment.
Viomi's product portfolio includes smart water purification systems, smart kitchen appliances such as refrigerators, oven steamers, dishwashers, and gas stoves, as well as other smart products like air conditioning systems, washing machines, water heaters, smart water kettles, and sweeper robots. The company also offers smart locks and interactive smart screens, enhancing both security and convenience for consumers.
In addition to these hardware products, Viomi provides a suite of complementary consumables and value-added services, aiming to enrich the user experience and ensure product longevity. The company's strategic partnership with Xiaomi Corporation has significantly bolstered its market presence and product development capabilities.
Viomi’s sales channels are diverse, including direct consumer sales through its official website, the Viomi Store mobile app, and major e-commerce platforms like JD.com, Tmall, and Suning. The company also operates offline experience stores to provide customers with hands-on demonstrations of their products.
Recent achievements include Viomi's participation in prominent industry conferences and the extension of its share repurchase plan, reflecting its commitment to enhancing shareholder value. The company has also elevated its water purification business to a strategic business unit, showcasing its focus on high-quality and sustainable development. This initiative is led by industry veteran Mr. Qi Chen, who brings extensive experience from A.O. Smith (China) Water Heater Co., Ltd.
Viomi's financial health remains robust, with significant investments in research and development to maintain its competitive edge. The company reported a significant reduction in operating expenses and net losses for the second half and full year of 2023, demonstrating its strategic focus on operational efficiency and cost management.
Looking forward, Viomi is poised to continue its growth trajectory by expanding its product offerings, enhancing its IoT technology park, and strengthening its global distribution network. The company's mission is to redefine the future home through innovative IoT solutions, making daily life more convenient and enjoyable for its users.
Viomi Technology Co., (NASDAQ: VIOT) has announced a strategic divestment of certain IoT@Home businesses to focus on home water solution businesses. The company has entered into definitive agreements with its Founder, Chairman, and CEO, Mr. Xiaoping Chen, to sell these assets for RMB65 million in cash. The transaction involves terminating existing VIE arrangements and establishing new ones, resulting in Mr. Chen controlling Foshan Viomi and its subsidiaries.
A special committee of independent directors led the evaluation and negotiation, with Kroll serving as an independent financial advisor. The Board has approved the transaction, deeming it in the company's best interest. The deal is expected to close by the end of August 2024, subject to certain conditions. Post-transaction, Viomi will focus on its home water solution business, leveraging AI technology to enhance drinking water solutions for households.
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