IoT appliances supplier VIOMI debuted on Nasdaq on Tuesday, slumped over 8% on Wednesday

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Chinese smart-home manufacturer Viomi Technology (NAS: VIOT) debuted on NASDAQ on Tuesday, as an important member of the Xiaomi ecological chain enterprises, Viomi becomes the first stock of family IoT concept.

‘V’ is from the first letter of Yunmi’s English name Viomi, “IoT” stands for “Internet of Things”.

Shares of Viomi started trading at $9.50 per share, up 5.56% from its IPO price, but fall to $8.35 per share on Wednesday.

According to the public filing, the net sales of Yunmi in 2017 reached 873 million yuan ($126.88 million), a year-on-year increase of 179.4%.

In the first half of 2018, the net sales of Yunmi have exceeded the level of last year, reaching 1.04 billion yuan.

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In 2014, Chen Xiaoping founded the ‘Yunmi Whole House Internet Appliances’, which took less than four years from the beginning of its establishment to its official listing.

Xiaomi has 19.5 percent stake in Viomi.

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