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The firm distributes products through franchisers, its official website, and flagship stores on e-commerce platforms such as Alibaba’s Tmall and JD.com. Hu added that the new financing will replenish JMGO’s working capital, as the company scales up its operations and increases investments in technological innovation, product R&D, distribution channel expansion, and brand promotion. In November 2020, the firm had closed an RMB-denominated, seven-digit investment led by Wuhu Construction Investment, a state-owned investment management firm in eastern China’s Anhui Province. Founded in 2011, JMGO provides consumers with smart projectors and laser TVs largely priced from a few thousands to up to about 40,000 yuan ($6,300.6). “JMGO does have a listing plan in mind, but it will not be the final destination of the company,” said Hu. As its pre-IPO round, JMGO is a step behind some of its counterparts in tapping the public market for funding. Chengdu-based XGimi went public on Shanghai’s Nasdaq-style STAR Market in March 2021, after raising almost 1.7 billion yuan ($267.6 million) in an IPO.
