Xiaomi Corporation (1810.HK, “Xiaomi”) announced closing of its $1.0284 million acquisition of 27.44% shares of ZIMI International Incorporation (“Zimi”) on June 16, 2020, resulting in Xiaomi holding accumulatively 49.91% shares of Zimi post-closing.
Specialized in the R&D and manufacturing of portable power banks and multiple IoT products, Zimi is one of the first investments made within Xiaomi ecosystem. This acquisition is expected to help enhance the technological and product competitiveness of Xiaomi in the field of 5G + AIoT, accelerate product power standardization to improve cost efficiency, and synergistically enhance the competitiveness of Xiaomi products within the ecosystem.
GLO has rendered comprehensive legal services throughout this project serving as the Chinese Legal Counsel to Xiaomi Corporation, including conducting legal due diligence, designing and evaluating the transaction structure, drafting and negotiating transaction documents, facilitating the closing, etc. The GLO team is led by our partners Jinrong Liu and Shifang Guo, assisted by Sijing Zhang, Peizhe Sun, Chao Meng, Ting Liang, and Yuxin Wu.