By Amy Lam
HONG KONG (Jan 29) -- Chinese smart wearable technology company Huami Corp. said it expects to raise up to $120 million in gross proceeds from an initial public offering in the U.S.
The company is offering 10 million American Depositary Shares in an indicative price range of $10 to $12 apiece, according to a filing with the U.S. Securities and Exchange Commission.
Huami makes Chinese smartphone maker Xiaomi's Mi smart wrist band, and also designs and manufactures smart wearable products under the brand Amazfit. The company reported a profit of 95.4 million yuan ($15.1 million) for the nine months ended Sep. 30 following a loss of 19.1 million yuan a year ago. Revenue for the period jumped 37% to 1.30 billion yuan.
The company expects to use proceeds from the offering for research and development, selling and marketing and general working capital, including potential acquisitions.
Huami has applied for its ADSs to be listed on the New York Stock Exchange under the symbol HMI.
- By Amy Lam; firstname.lastname@example.org; +852 39605150
- Edited by Suzannah Benjamin
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