Tianjin Andon Health Company Limited and its subsidiary company launched an announcement which said it signed an investment agreement with Xiaomi. Andon will adjust its global iHealth relating business to the new built independent entity (draft name is iHealth Inc), Xiaomi is about to invest $25 million to it, after which it will own 20% of the shares, and one director will be appointed from Xiaomi to the board of directors of the joint venture company.
The announcement shows that iHealth will become Xiaomi’s partner in mobile health fields, Xiaomi will carry out deep cooperation in user experience, Xiaomi e-commerce and cloud services with iHealth, jointly creating a mobile health cloud platform.
As we have learnt, after the capital investment from Xiaomi, 10% of the total shares will be saved as treasury shares, which will be used as stock ownership incentive to the employees in the future, while 70% of the total shares are owned by Andon.
Andon will set a new wholly-owned subsidiary company in abroad, and the existing oversea companies (including that in Hongkong, France, America) will all be allocated to the new one, as well as the related personnel, patents, trademarks, proprietary technologies and so on.