Text/Leju Finance Jin Wenyu
More than a year ago, with the support of Xiaomi, a shareholder, he sold smart mattresses, smart beds and other products to young people.(301336.SZ) successfully entered the capital market.
This is a company established in 2014, focusing on the research and development, design, production and sales of sleep technology and bedding products, and committed to becoming a provider of sleep products and sleep improvement solutions. Its main brand is "8H", which means "Let’s sleep well for 8 hours every day".
Its founder is Li Yong, who worked as a member of Sanshui Base Management Office in Guangzhou Marine Geological Survey. After resigning, he went to Guangdong Kelon Electric Appliance Co., Ltd. Marketing Company and Guangdong Midea Refrigeration Household Appliances Group as office managers and sales branch managers respectively, and then resigned in October 2007. Three years later, Li Yong worked as the general manager of Chengdu quanu Sales Co., Ltd., but only for six months.
In 2014, when he was unemployed at home, he was inspired by Casper model of American company, entered the home furnishing industry with mattress as the breakthrough point and started his own entrepreneurial road. It is understood that the latter had a subversive transformation of the mattress industry in that year. It is combined with online sales through offline experience stores, and mattresses can be rolled up and packed into cartons to facilitate logistics and transportation. At the same time, the brand also promised users that it can be returned for free within 100 days.
Fun sleep technology can develop rapidly in the early days, thanks to Xiaomi. Less than a year after its establishment, Fun Sleep Technology received 10 million angel round financing from Xiaomi and became a member of Xiaomi Eco-chain Enterprise.
When it was listed on the Growth Enterprise Market in 2022, Xiaomi Department Shunwei Capital and Tianjin Jinmi held a total of 12.0055%, second only to Li Yong, CEO of Fun Sleep Technology, with a share of 32.6648%. Up to now, although it has reduced its holdings many times, Shunwei Capital is the second largest shareholder with a 7.65% stake in Fun Sleep Technology.
In addition, investors in Fun Sleep Technology can be described as "numerous stars", and Liu Qiangdong-controlled JD.COM Technology and Qianshu Capital have also successively increased their capital and invested in shares. Subsequent rounds of financing have also received Hongzhang Capital, Shangshi Capital, Hu Haiquan Haiquan Fund,Investment by institutions and individuals such as Guangxin Capital.
In May 2017, Shunwei Investment andSigned the Equity Transfer Agreement, which stipulated that Shunwei Investment would transfer its 3% equity of Fun Sleep Limited to Xilinmen at a price of 27.57 million yuan. On the eve of submitting the prospectus for the first time, Yi Jianlian, a famous basketball player in China, also appeared in the list of shareholders of Fun Sleep Technology.
Up to now, Li Yong, as a major shareholder and actual controller, holds 24.5% of the shares of Fun Sleep Technology, and Xilinmen holds 2.19% of the shares in Fun Sleep Technology.
According to Leju Finance, Fun Sleep Technology adopts a light asset model, neither building factories nor opening physical stores. Products are manufactured by major mattress companies, and sales channels are concentrated online. Xiaomi’s e-commerce platform and JD.COM are the most important sales channels for products of Fun Sleep Technology.
Fun Sleep Technology once said that technological innovation, application of new materials, standardization and high cost performance together constitute the four unique labels of the company’s products. However, at the time of IPO, the company was repeatedly criticized for its low R&D investment, insufficient technology content and no subversive breakthrough in patents obtained.
In January this year, according to the disclosure of the State Administration of Market Supervision, a batch of "8H wireless intelligent massage headrest" with the specification model of "AF" of Fun Sleep Technology was found to be unqualified in the sampling inspection, and the unqualified items were structures (excluding the test in Article 22.46).
According to Leju Finance, the 8H products of Fun Sleep Technology have been complained many times due to quality problems, false propaganda and after-sales problems.
For example, on April 3rd, a consumer said on the platform of Black Cat Complaint [Download Black Cat Complaint Client] that the promotion of purchasing 8 hours pillows is not easy to age, and the customer service did not admit that the product material was aging for one and a half years, but it was not accepted within the two-year warranty.
In addition, on March 11th, some consumers complained that they bought 8H silent 95% white goose down quilt (antibacterial version) with 95% white down quilt core Y1C champagne color of 150*200cm (filled with 750g) in the official flagship store of 8H home in JD.COM on March 2nd. After receiving the goods on March 6th, they found that it was inconsistent with the advertisement description, and there was no washing label and green certification card necessary for Lenzing Tencel, and they passed the commodity washing.
On social sharing platforms such as Xiaohongshu, many users also spoke about 8H products. For example, on April 1st, some users also mentioned the false propaganda of 8H honeycomb TPE pillows, which only took one and a half years to cause aging problems. The customer service acknowledged the aging problem of pillow materials, but refused to accept after-sales.
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