Chengdu XGIMI Technology Co., Ltd. Exceeds CNY 26.5 Billion Market Value on First Day of Trading on the STAR Market
CHENGDU, P.R.C. - MARCH 3rd, 2021. Chengdu XGIMI Technology Co., Ltd. (‘XGIMI’, under the stock code ‘688696), a leading domestic projection equipment manufacturer, was listed today on the Shanghai sci-tech innovation board. By the end of trading, the company's share closing price was 530.01 CNY/share, up 296.33% from the initial offering of 133.73 CNY/share, bringing the company's total market value to 26.5 billion CNY.
Founded in 2013, XGIMI's main products and services include smart projector products, laser TVs, projector-related accessories, and value-added internet services. XGIMI has a highly qualified R&D team, laying a deep foundation for the company's technological and product development. As of June 30th, 2020, XGIMI has grown to include 351 R&D staff, covering algorithm development, hardware development, software development, software testing, industrial design, among other areas. The company's core technical personnel have more than ten years of R&D experience respectively, in the optical and display fields.
Some of the rapid increase in share price is due to XGIMI’s core technology patents. As of August 31st, 2020, XGIMI holds 34 computer software copyrights and 330 patents, including 22 invention patents and 158 invention patents under application, therefore building a strong competitive advantage. XGIMI has an established online and offline omni-channel marketing network in China, which provides a wide channel for the company's sales. XGIMI products and services are present on major e-commerce platforms such as JD and T-mall, as well as retail channels, distributors and XGIMI flagship stores. As of June 30th, 2020, XGIMI had opened 48 XGIMI branded stores in central business districts of major cities in China. IDC data shows that in 2018, 2019, and the first half of 2020, XGIMI's shipments ranked as No.1 in China domestic projection equipment market, and the market share reached 13.2%, 14.6%, and 22.2%, respectively.
XGIMI’s initial public offering includes its "Smart projector and laser TV series R&D upgrade and industrial optimization project". The R&D project consists of upgrading and industrialization of their smart projector and laser TV series products containing two parts: R&D and promotion of new projection products and development of innovative exploratory products. On the one hand, XGIMI will adopt advanced industry technology such as smart voice and IoT technology to create better performance and more applicable scenarios in response to user needs. On the other hand, the company will actively develop innovative and exploratory products, combine future technology development changes with a forward-looking layout, and expand more application scenarios and functions.
“Implementing our R&D project of upgrading and industrialization of our smart projectors and laser TVs will further enrich our company’s product series and optimize our product structure,” says Shi Xiao, XGIMI Chief Executive Officer. “This move will further improve our product’s market competitiveness and deliver smart projection devices powered by high-end scientific research and a superior user experience,” he added.
Trusted by more than 1.5 million users, XGIMI designs and manufactures high-performance multi-functional smart projectors and laser TV” and is determined to improve viewers’ audio-visual experience. XGIMI has created a series of game-changing giant screen projection products with critical partners like Harman/Kardon, Google, Texas Instruments, and Baidu. By constantly recreating its products, XGIMI optimizes its portfolio and provides the most technologically advanced and user-first experience for consumers. The small, compact devices are incredibly powerful to create an outstanding immersive home theater experience. In recent years, XGIMI has won international awards such as CES Best Innovation Award, iF Design Awards, Red Dot Design Award, and Good Design Award 31 times.