Luokung Announces Acquisition of Beijing Hongda Jiutong Technologies Growth Co., Ltd

BEIJING, March 29, 2022 /PRNewswire/ — Luokung Technologies Corp. (NASDAQ: LKCO) (“Luokung” or the “Organization”), a top spatial-temporal intelligent big data providers enterprise and service provider of interactive locale-dependent products and services (“LBS”) and high-definition maps (“Hd Maps”) in China, currently introduced the signing of an arrangement pursuant to which the Firm’s working affiliate, Beijing Zhong Chuan Shi Xun Technology Limited, has agreed to obtain Beijing Hongda Jiutong Technologies Improvement Co., Ltd (“Hongda Jiutong”). The Enterprise expects to close this transaction by the stop of the second quarter of 2022.  

Hongda Jiutong is a top big information provider company for smart transportation and connected autos in China and owns 29 patented systems and copyrights covering aspects of automatic generation of Hd Map details, assisted driving and information investigation products of connected cars. By the solutions it provides to OEMs, Hongda Jiutong’s smart algorithm reaches 10 million autos and handles streets nationwide, enabling the firm to provide safe and sound, vitality-effective and clever transportation products and services to its OEM shoppers, together with actual-time automobile procedure details investigation and automobile energy-conserving methods. Hongda Jiutong’s clients involve much more than 20 domestic and global OEMs and linked enterprises these types of as FAW Team, Dongfeng Motor and Foton Motor.

Mr. Xuesong Song, Luokung’s Chairman and CEO, mentioned, “We are extremely happy to welcome Hongda Jiutong and its set up standing within the transportation significant facts business beneath the Luokung umbrella. We consider that Hongda Jiutong’s expert technological staff will supply our Company with aggressive strengths in both clever transportation and OEM significant knowledge assessment. Hongda Jiutong’s CEO, Dr. Chuanjiu Wang, is extensively acknowledged for his academic and small business accomplishments in Computerized Terminal Details Service (ATIS) and massive facts analysis of the Net of Vehicles, and the Luokung leadership workforce and I appear forward to functioning with him intently to integrate Hongda Jiutong’s protected and experienced auto info processing abilities into Luokung’s current assistance portfolio. We believe Hongda Jiutong’s knowledge in the underlying knowledge of autos will empower Luokung to obtain speedier industrial implementation in autonomous driving and motor vehicle-street collaboration (‘V2X’).”

Mr. Tune included, “We feel leveraging Hongda Jiutong’s technological capabilities with Luokung’s spatial-temporal large information processing and analysis platform will tremendously enhance our smart expressway and highway information administration method abilities, which is based mostly on Hd Maps. We think this acquisition is a strategic participate in in the extensive-phrase improvement of Luokung’s good transportation business enterprise by introducing slicing-edge aggressive positive aspects, which we foresee will push long term small business expansion and income growth.”

Dr. Wang commented, “We are pretty delighted to be a element of Luokung’s Clever Transportation small business. We are self-assured that our deep skills in highway issue details and vehicle-conclude fundamental knowledge will aid Luokung in optimizing its V2X system and accelerate the implementation of V2X-based autonomous driving in many modes of transportation. Combined with Luokung’s electronic base and spatial-temporal large data engine, Hongda Jiutong intends to operate intently with Luokung to provide diversified companies similar to underlying spatial-temporal significant knowledge to its partners and end buyers in the fields of autonomous driving, assisted driving and smart transportation.”

About Luokung Technological innovation Corp.

Luokung Technological know-how Corp. is a foremost spatial-temporal clever major details services firm, as effectively as a foremost supplier of LBS and High definition Maps for many industries in China. Backed by its proprietary technologies and expertise in Hd Maps and multi-sourced intelligent spatial-temporal major knowledge, Luokung founded town-stage and industry-degree holographic spatial-temporal electronic twin systems and actively serves industries including intelligent transportation (autonomous driving, wise freeway and car-road collaboration), pure source asset administration (carbon neutral and environmental defense remote sensing info service), and LBS sensible business purposes (cell Internet LBS, intelligent journey, smart logistics, new infrastructure, sensible cities, crisis rescue, amongst other people). The Corporation routinely delivers important updates on its website: https://www.luokung.com.

ABOUT HONGDA JIUTONG

Hongda Jiutong Technological know-how Improvement Co., Ltd. is a main significant-tech business in China targeted on exploring the value of big info for clever transportation and connected autos. Hongda Jiutong collects traffic details and discrete information of related motor vehicles, and by investigation and processing, gives a multi-dimensional portfolio of facts application items in transportation, logistics, car, insurance plan, cellular Online, finance and other industries. As a result of its in-depth knowledge benefit exploration, Hongda Jiutong offers prospects with huge information solutions and alternatives.

CAUTIONARY Assertion Relating to Ahead-Searching STATEMENTS

This push release consists of particular forward-seeking statements. Forward-searching statements involve, but are not constrained to, statements regarding our or our management’s expectations, hopes, beliefs, intentions or techniques relating to the long run and other statements that are other than statements of historical fact. In addition, any statements that refer to projections, forecasts or other characterizations of long run activities or situation, including any fundamental assumptions, are forward-looking statements. The phrases “foresee”, “imagine”, “carry on”, “could”, “estimate”, “hope”, “intend”, “could”, “might”, “approach”, “probable”, “likely”, “ought to”, “would” and identical expressions may possibly identify forward-seeking statements, but the absence of these terms does not suggest that a statement is not ahead-on the lookout.

The forward-searching statements in this push launch are based upon numerous assumptions, several of which are centered, in flip, upon more assumptions, including with no limitation, management’s examination and evaluation of the present regulation, guidelines and laws and other knowledge accessible from third parties. Though we consider that these assumptions had been affordable when created, for the reason that these assumptions are inherently subject to substantial uncertainties and contingencies which are hard or unachievable to forecast and are further than our manage, we can’t guarantee you the assertion herein will be correct. As a end result, you are cautioned not to depend on any forward-wanting statements.

Get hold of:

The Corporation:
Mr. Jay Yu
Main Financial Officer
Tel: +86-10-6506-5217
Electronic mail: [email protected]

Trader Relations:
Ms. Carolyne Sohn
Vice President
The Equity Group Inc.
Tel: 415-568-2255
E mail: [email protected]

Resource Luokung Technologies Corp.