Xiaomi Group will acquire 50.09% of Zimi International Corp for US$205 million, making the popular power bank maker its wholly-owned subsidiary.
Zimi has technology and R&D capabilities in power supply as well as several IoT areas, which can enhance Xiaomi's technological competitiveness in the smart field and standardize product power supplies to save costs, said Xiaomi's announcement on the Hong Kong Stock Exchange.
Zimi also has excellent industry resources and operational experience, which can simultaneously synergize and enhance the competitiveness of the Company's future eco-chain products, Xiaomi said.
Xiaomi had acquired 27.44 percent of Zimi for US$103 million in May last year, and the group owns 49.91 percent of Zimi after the transaction is completed.
Founded in 2012, Zimi manufactures smartphone accessories and smart hardware including mobile power, chargers, wireless chargers, data cables, and smart small home appliances.
Xiaomi's Q4 revenue up 24.8% year-on-year to 70.46 billion yuan, missing estimates
