Viomi Technology has entered into definitive agreements to sell its IoT@Home portfolio businesses to CEO Xiaoping Chen for RMB65 million in cash. The transaction will be executed through the termination of existing VIE arrangements between Yunmi Hulian Technology and Foshan Viomi, giving Chen full control of Foshan Viomi and its subsidiaries.The deal, expected to close by end of August 2024, was evaluated by a special committee of independent directors and received a fairness opinion from Kroll LLC. The payment will be made through Foshan Viomi via a registered capital increase to Guangzhou Interconnect at closing.Post-transaction, Viomi will strategically focus on its home water solution business and related products, leveraging AI technology to enhance drinking water solutions for households. The company will maintain control of Guangzhou Interconnect through new VIE contractual arrangements between Zhumeng Hulian Technology and Guangzhou Interconnect.

Viomi Technology has entered into definitive agreements to sell its IoT@Home portfolio businesses to CEO Xiaoping Chen for RMB65 million in cash. The transaction will be executed through the termination of existing VIE arrangements between Yunmi Hulian Technology and Foshan Viomi, giving Chen full control of Foshan Viomi and its subsidiaries.The deal, expected to close by end of August 2024, was evaluated by a special committee of independent directors and received a fairness opinion from Kroll LLC. The payment will be made through Foshan Viomi via a registered capital increase to Guangzhou Interconnect at closing.Post-transaction, Viomi will strategically focus on its home water solution business and related products, leveraging AI technology to enhance drinking water solutions for households. The company will maintain control of Guangzhou Interconnect through new VIE contractual arrangements between Zhumeng Hulian Technology and Guangzhou Interconnect.