Luokung Announces Acquisition of Beijing Hongda Jiutong Technology Development Co., Ltd
BEIJING, March 29, 2022 /PRNewswire/ — Luokung Technology Corp. (NASDAQ: LKCO) (“Luokung” or the “Company”)a leading intelligent spatial and temporal big data service company and provider of location-based interactive services (“LBS”) and high-definition maps (“HD Maps”) in China, today announced the signing of an agreement under which the Company’s operating subsidiary, Beijing Zhong Chuan Shi Xun Technology Limited, has agreed to acquire Beijing Hongda Jiutong Technology Development Co., Ltd (“Hongda Jiutong”) . The Company expects to complete this transaction by the end of the second quarter of 2022.
Hongda Jiutong is a leading provider of big data services for intelligent transportation and connected vehicles in China and owns 29 patented technologies and copyrights covering aspects of automatic HD Map data generation, assisted driving and connected car data analysis models. Through the services it provides to OEMs, Hongda Jiutong’s intelligent algorithm reaches 10 million vehicles and covers the country’s roads, enabling the company to provide safe, energy-efficient and intelligent transportation services to its customers. OEM, including analysis of real-time vehicle operating data and vehicle energy saving solutions. Hongda Jiutong’s customers include more than 20 domestic and international OEMs and related companies such as FAW Group, Dongfeng Motor and Foton Motor.
Mr. Song XuesongChairman and CEO of Luokung, said, “We are very pleased to welcome Hongda Jiutong and her established reputation in the transportation big data industry under the Luokung umbrella. We believe Hongda Jiutong’s experienced technical team will provide our company with competitive advantages in both transportation and OEM big data analytics. Hongda Jiutong’s CEO, Dr. Chuanjiu Wang, is widely recognized for his academic and business achievements in Automatic Terminal Information Service (ATIS) and vehicular internet big data analysis, and the Luokung’s management team and I look forward to working closely with him to integrate Hongda Jiutong’s secure and professional vehicle data processing capabilities into Luokung’s existing service portfolio. We believe that Hongda Jiutong’s expertise in underlying vehicle data will enable Luokung to accelerate the industrial implementation of autonomous driving and on-road vehicles. (‘V2X’).”
Mr. Song added, “We believe that utilizing Hongda Jiutong’s technology capabilities with Luokung’s spatiotemporal big data processing and analysis platform will greatly enhance the capabilities of our intelligent data management system.” highways and highways, which is based on HD maps. We believe this acquisition is a strategic role in the long-term development of Luokung’s intelligent transportation business by introducing cutting-edge competitive advantages, which we believe will drive future business expansion and growth. revenue growth. »
Dr. Wang commented, “We are very happy to be part of Luokung’s Smart Transportation business. We are confident that our deep expertise in road condition information and underlying vehicle data will help Luokung optimize its V2X system and accelerate the implementation of V2X-based Autonomous Driving in various modes of transportation. Combined with Luokung’s digital base and spatiotemporal big data engine, Hongda Jiutong intends to work closely with Luokung to provide diversified services related to underlying spatiotemporal big data to its partners and end users. in the fields of autonomous driving, assisted driving and intelligent transport.”
About Luokung Technology Corp.
Luokung Technology Corp. is a leading spatiotemporal intelligent big data service company, as well as a leading provider of LBS and HD boards for various industries in China. Relying on its proprietary technologies and expertise in HD maps and multi-source intelligent spatial and temporal big data, Luokung has established holographic spatial-temporal digital twin systems at the city and industry levels and actively serves industries such as smart transportation (autonomous driving, smart highway, and vehicle-road collaboration), natural resource management (carbon-neutral remote sensing data service and environmental protection), and LBS smart industrial applications (LBS mobile internet, travel smart, smart logistics, new infrastructure, smart cities, emergency rescue, among others). The Company regularly provides important updates on its website: https://www.luokung.com.
ABOUT HONGDA JIUTONG
Hongda Jiutong Technology Development Co., Ltd. is a leading high-tech company in China focused on exploring the value of big data for intelligent transportation and connected vehicles. Hongda Jiutong collects traffic information and discrete connected vehicle data and, through analysis and processing, offers a multi-dimensional portfolio of data application products in the transportation, logistics, automotive, insurance, mobile Internet, finance and other industries. Through deep exploration of the value of data, Hongda Jiutong provides customers with big data services and solutions.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding our or our management’s expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are not statements of historical fact. In addition, any statement that refers to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, is a forward-looking statement. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “could”, “plan”, ” likely”, “potential”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of such words does not mean that a statement is not forward-looking.
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Mr. Jay Yu
E-mail: [email protected]
M/s. Caroline Sohn
Equity Group Inc.
E-mail: [email protected]
SOURCE Luokung Technology Corp.