A HKD 10 billion (USD 1.3 billion) share repurchase plan pushed up Xiaomi’s Hong Kong-listed stock by almost 10% on Friday morning, to later close the session 4.12% higher at HKD 22.75. The smartphone vendor, together with its affiliate Shunwei Capital, also announced that both invested in the Series C round of Shanghai-based company I-Fitness, contributing more than RMB 100 million (USD 15 million).
I-Fitness, founded in 2013, designs courses for bodybuilders. It has developed more than 480 programs so far—with over 200 of them trademark-protected—and updates them every three months. The startup began cooperating with gyms in Shanghai in 2018 and expanded into more cities including Beijing, Zhengzhou, and Xi’an the year after.
The centers use GX-Master, a software developed by I-Fitness to purchase the courses and assign coaches to their customers. I-Fitness has signed up more than 40,000 instructors, but only employs 6 people to maintain the system.
During the pandemic, the company propped up its online services with an app called Aidong Jianshen that offers various free and paid courses that learners can attend online or at a nearby gym. Bodybuilders can use it to order equipment and clothes. Xiaomi will be able to build on this channel to distribute its IoT products—smart wearables, scales, and blue-tooth earphones.