Viomi Technology announces business restructuring agreement with CEO

On July 19, Viomi Technology announced that in order to implement its “Focus” strategy, the company has signed a business restructuring agreement with Mr. Xiaoping Chen, the founder and CEO, and an entity controlled by Mr. Xiaoping Chen, to divest part of the company’s IoT@Home business and related assets for a total cash consideration of RMB 65M. Upon completion of the reorganization, the company will mainly focus on its home water solution business. “About the impact of the restructuring, according to the company, this major restructuring is the company’s overall strategic plan to optimize operating structure, improve overall efficiency, focus on its core business of home water solutions, and maximize the major advantages. The company will strategically focus on the household water solution business and related products, utilizing AI technology to provide better drinking water solutions for household users. With the divestment of some loss-making businesses, the company’s overall operation will also enter a benign status,” the company stated.