Huami, makers of the Amazfit smartwatch line as well as Xiaomi’s Mi Band line has filed for a $150 million US IPO. The company filed with the US Securities and Exchange Commission on Friday.
Huami which was founded in 2013 will list as HMI on Nasdaq. It is reported to have filed confidentiality in November, 2017. Credit Suisee, Citi, and China Renaissance are listed as underwriters.
In the SEC filing, Huami revealed that it is the sole partner of Xiaomi for the design and manufacture of Xiaomi-branded smart bands, watches, scales, and associated wearables with the exception of children watches and quartz watches.
Huami goes on to say that Xiaomi which owns 19.3% of the company’s shares is the sole customer and distribution channel for Xiaomi wearables. Sales of Xiaomi products contributed 97.1% in 2015, 92.1% in 2016, and 82.4% for the nine months ended on September 30 in 2017 to its revenue.
Huami also sells its own products which are not made for Xiaomi under the “Amazfit” brand. Products under the Amazfit brand cater to the middle and high-end market.
It is also important to mention that Huami doesn’t handle the production (their’s and Xiaomi’s) themselves. According to the listing, the production of the Mi Band and Mi Smart Scale series is contracted out to a number of manufacturers while theirs is assigned to a corresponding manufacturer.