Lei Jun is the CEO of Xiaomi. (Photo : Getty Images)
Huang Wang, the CEO of Anhui Huami Information Technology Co Ltd, offered a toast to business partners at a banquet during the launch of the company's latest products.
He said, "The Xiaomi band reminds us of the success and glory we have achieved, while the smartwatch represents our ambitions for the future."
Huami produced 20 million units of the Mi Band under the Xiaomi brand. Because of this, the company is now the second largest manufacturer of wearables. The biggest manufacturer is the American company Fitbit Inc.
The Chinese company totaled sales revenue of 1 billion yuan or $151.5 million in 2015. Their expected sales for this year is 1.5 billion yuan.
Huami was established in 2014 and was financed by Xiaomi and Shunwei Capital Partners. Their headquarters are found in Hefei.
Banyan Capital, Sequoia Capital, and Morningside Ventures put in another $35 million into Huami in December of that year. The company is gearing up for another round of financing that will amp up the company's value to $800 million.
Huang was recruited after college by Huawei after graduation from University of Science and Technology of China. He joined the formation of the research and development center of the company.
"It was the experience in Huawei that gave me some basic ideas of how to run a company of my own," said Huang.
He left the company in 1998 to start his own company in Hefei. He has started four companies ever since.
"It was the experience in Huawei that gave me some basic ideas of how to run a company of my own," said Huang.
He then formed Hefei Huaheng Electronics Technology Ltd in 2009 to manufacture tablets and wearable gadgets.
He admitted, "To start with the tablet computer or smartwatch would be too risky. Back then, we didn't have enough feedback from the consumers for the much more sophisticated products, while a fitness band is much easier and has a much lower cost."
