Welcome to our dedicated page for Viomi Technology Co., Ltd. news (Ticker: VIOT), a resource for investors and traders seeking the latest updates and insights on Viomi Technology Co., Ltd. stock.
Viomi Technology Co., Ltd (VIOT) drives innovation in IoT-enabled smart home ecosystems and AI-powered water purification systems. This dedicated news hub provides investors and industry observers with essential updates on corporate developments, technological breakthroughs, and market positioning strategies.
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Key updates cover R&D investments, manufacturing optimizations at Viomi's Gigafactory, and consumer-focused innovations in home automation. Bookmark this page for verified information directly from corporate communications and trusted financial analysis sources.
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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