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Viomi Technology Co., Ltd. reports developments tied to its Nasdaq-listed ADSs and its home water solutions business. The company focuses on AI-enabled drinking-water products, including water purification systems, filters and related residential water hardware, and describes an “Equipment + Consumables” model built around purifier sales, filter replacement and water quality monitoring.
Recurring news covers half-year and annual financial results, Form 20-F reporting, special dividends, ADS repurchase activity and board changes. Company updates also discuss the completed 2024 reorganization that removed most IoT@Home portfolio products from continuing operations, while retaining categories such as range hoods, gas stoves and water heaters alongside the core home water systems business.
Viomi Technology Co., (NASDAQ: VIOT), a leading IoT @ Home technology company in China, has announced it will report its unaudited financial results for the first half of 2024 on Monday, August 26, 2024, before the U.S. markets open. The company will host an earnings conference call at 8:00 A.M. U.S. Eastern Time on the same day.
Investors can access the call via various toll-free and international numbers. A live and archived webcast will be available on Viomi's investor relations website. A replay of the conference call will be accessible by phone for one week after the live call, until September 2, 2024.
Viomi Technology Co., (NASDAQ: VIOT) announced a strategic business reorganization on July 19, 2024. The company will divest part of its IoT@Home business and related assets for RMB65 million to focus on its home water solution business. This restructuring aims to optimize operating structure, improve efficiency, and maximize core advantages. Viomi's CEO, Chen Xiaoping, highlighted four major advantages in the water purification industry:
1. Leading R&D in filtration technology
2. Advanced AI technology applications
3. Integrated Water Purifier Gigafactory
4. Global talent and strong channel expansion
The reorganization is expected to be completed by August 2024, positioning Viomi as a tech company providing AI-driven drinking water solutions globally.
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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