WIMI Hologram Cloud Inc.("WIMI" or the "Company") (NASDAQ:WIMI),today announced that its wholly-owned Hong Kong subsidiary, WiMi Hologram Cloud Limited ("WiMi Hong Kong")is setting up a joint-ventureto explore opportunitiesin the semiconductor sector.
The Company believes that the application demand of holographic 3D vision in the semiconductor sectoris growing rapidly, representing huge market potentials. The establishment of the joint-venture is conducive to the expansion of the semiconductor sectorand the rapid integration of market resources. Furthermore, it will facilitatethe Company's strategies of extending the holographic 3D vision software from the application layer to the chip field and combining software and hardware through the holographic 3D vision software solution, namely, the strategic derivative upgrade to the semiconductor sector.The Company has accumulatedtechnological capabilities in the field of holographic 3D visual software technology, with hundreds of related patents and software copyrights. In the future,the Company plans to explore opportunities inthe semiconductor sectorthroughintegratingwith IC design companieswith core technology advantage, or through establishing aresearch and development joint venturewith chip factoryto implement the supply chain upstream of the semiconductor research and development design, technical service and, marketing strategies.
In addition to facilitating therapid growth of the Company's performance, the Company believes that integration with high-quality semiconductor assets or cooperation with chip companies with strong technology will greatly enhance the Company's competitiveness and consolidate the Company's position in the industry of holographic 3D vision software application, thus supporting the itssustained growth in the medium and long term. At present, many technology companies, such asQualcomm, Mediatek, Nvidia and other companies, have explored opportunities in artificial intelligence, 5G technology, the Internet of things, and other ecological systems. The market demand for upstream suppliers is no longer limited to simple electronic components or products supply. The market has put forward higher requirements of the suppliers' technical service ability, as well as their ability to provide comprehensive solutionsand one-stop value-added services. With the increasing demand for holographic 3D vision-related semiconductor application solutions, the Company plans tocombine holographic 3D vision application demand scene to provide corresponding semiconductor solutions to meet the market demand, and promote the application and popularization of holographic 3D vision technology in the semiconductor sector.
WIMI plans to invest in the semiconductor sector,acquire semiconductor assets and cooperate with chip factory in the future, so as to enhance the Company's technical service capability and retain current customers.At the same time, based on higher added value of technology, the Company will continue to improve its revenue capacity. In the next three years, the Company expects that the joint venture will develop relevantoperations in the semiconductor sector, and WIMI is expected to embrace a new development.
About WIMI Hologram Cloud Inc.
WiMi Hologram Cloud, Inc.(NASDAQ:WIMI), whose commercial operations began in 2015, operates an integrated holographic AR application platform in China and has built a comprehensive and diversified holographic AR content library among all holographic AR solution providers in China. Its extensive portfolio includes 4,654 AR holographic contents. The company has also achieved a speed of image processing that is 80 percent faster than the industry average. While most peer companies may identify and capture 40 to 50 blocks of image data within a specific space unit, WiMi collects 500 to 550 data blocks.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company's annual report on Form 20-F and current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable laws.
For more information, please visit http://ir.wimiar.com/.
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