Filing Overview
Viomi Technology Co., Ltd. filed a Form 6-K for April 2023, dated April 25, 2023. The filing is a supplemental submission under Item 16I(a) of Form 20-F regarding the Holding Foreign Companies Accountable Act (HFCAA).
Business Context and Reporting Period
The filing does not report operating results or cover a quarterly or annual financial reporting period. It addresses the Company’s ownership and control structure in mainland China-related HFCAA disclosures.
Financial and Capital Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, liquidity, guidance, or other operating metrics.
HFCAA Status and Ownership
- The SEC conclusively identified Viomi as a Commission-Identified Issuer on May 26, 2022, because its 2021 Form 20-F included an audit report issued by PricewaterhouseCoopers Zhong Tian LLP, a mainland China-based registered public accounting firm.
- The PCAOB vacated its determination regarding the inability to inspect or investigate registered public accounting firms headquartered in mainland China in December 2022.
- Viomi states that it is not owned or controlled by a governmental entity in mainland China and is not aware of any mainland Chinese governmental entity having the power to direct its management or policies.
- Mr. Xiaoping Chen controlled 60.8% of the Company’s aggregate voting power as of February 28, 2023.
- Viomi Limited, wholly owned by a trust established for Mr. Chen and his family, held 34.0% of outstanding shares and 59.9% of voting power.
- Shunwei Talent Limited held 15.5% of outstanding shares and 2.8% of voting power. Its ultimate controlling individual is identified as Mr. Koh Tuck Lye, a Singapore citizen.
- Red Better Limited, ultimately owned by Xiaomi Corporation, held 16.5% of outstanding shares and 29.9% of voting power. The Company states that Xiaomi Corporation is not owned or controlled by a mainland Chinese governmental entity, to its knowledge.
Material Changes, Outlook, and Risks
The filing does not provide financial guidance or an operational outlook. The principal regulatory risk concerns HFCAA compliance and the potential consequences of PCAOB access and inspection requirements for U.S.-listed companies using auditors in jurisdictions where inspection access is restricted. The filing notes that the PCAOB’s prior mainland China inspection determination was vacated in December 2022.
Key Facts to Verify
- Whether Viomi’s auditor remains subject to PCAOB inspection requirements and whether future inspections remain available.
- The Company’s continued classification under the HFCAA and any subsequent SEC or PCAOB determinations.
- The ownership and voting percentages as of the latest reporting date.
- The detailed ownership disclosures in Item 6.E of the Company’s 2022 Form 20-F filed April 25, 2023.