Zimi, a company that makes smartphone accessories and was backed by Xiaomi, is now wholly owned by the Chinese brand. Xiaomi Group stated in its performance announcement that the company is acquiring a 50.09 percent stake in Zimi.
The acquisition comes at a cost of $205 million. Prior to this, Xiaomi already owned 49.91 percent equity in Zimi. With this latest transaction, Zimi becomes the wholly-owned subsidiary of Xiaomi.
Making the announcement, Xiaomi said that the company believes that Zimi’s technology, as well as Research & Development capabilities in the power supply and multiple IoT fields, can improve Xiaomi’s technical competitiveness in the smart field, and achieve product power standardization to save costs.
During 2014 and 2018, the cumulative sales of Xiaomi’s mobile power supply exceeded 100 million units. Zimi has its own lineup in the form of ZMI and the company says that it is committed to high-end smartphone accessories, including chargers, wireless chargers, data cables, smart home appliances, and more.
Zimi was established in the year 2012 as Jiangsu Zimi Electronic Technology Co., Ltd., and in the year 2013, it became a member of the Xioami industrial ecology chain. The company was responsible for the development of Xiaomi mobile power supplies and related products in the category. Zhang Feng, the founder of Zimi, later served as a Partner and Vice President of the Xiaomi Group.
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