Meiwu Technology's AI skincare platform needs one thing above all: clients. On August 20, the company agreed to buy them.
The target is Xiamen Hemeitong, a functional skincare distributor active across southern and eastern China with access to roughly 1,600 brand owners, retailers and beauty salons. In a 6-K filed with the SEC on August 26, Meiwu said that once the deal closes, Hemeitong's network will bring business clients into its MOBO platform and accelerate the collection of user interaction data the AI tools need to develop.
For a shareholder, the thing to register is what MOBO is at this point. The filing describes its intended functions — skincare evaluation, product recommendations, e-commerce and data analytics for brand owners and salons — but discloses no current user count, no platform revenue, and no conversion rate from distributor contacts to active platform clients. The acquisition buys access to a network. Whether that network generates platform users is a question the agreement does not answer.
Meiwu's subsidiary Xiamen Chunshang Health Technology is paying RMB 235.2 million — about $35 million — in cash for 100% of Xiamen Hemeitong's equity. An independent valuation by Beijing Yingyue Asset Appraisal, completed August 17, put Hemeitong's full equity at RMB 239.4 million; the agreed price sits just below that. Payment runs in two tranches, and the agreement notes that RMB 34.251 million had already been transferred to the two sellers in May, months before the formal contract was signed, and counts toward the first instalment.
Shares closed 33.47% higher at $3.3100 on August 28, two days after the filing, on dollar volume of about $57 million.
The parties aimed to complete the equity registration by August 31. The closing remains subject to standard conditions including shareholder approval at the target company. At the time of filing, neither the number of active MOBO users nor any revenue from the platform had been disclosed.