Taoping Inc. a provider of blockchain technology and smart cloud services, announced that it has entered into a share purchase agreement to acquire 95.56% equity interest in Zhenjiang Taoping IoT Technology Limited (“Zhenjiang Taoping”), aiming to accelerate the Company’s smart charging pile and digital media businesses in East China.
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After the closing of the acquisition, Zhenjiang Taoping is expected to become an important part of Taoping Digital Culture East China Operation Center. While continuing to grow the current business, Zhenjiang Taoping plans to take advantage of its regional influence and existing channels to expand the business of large-screen splicing displays, smart charging piles, etc. At present, Zhenjiang Taoping already has completed a smart charging pile project in certain communities and is actively exploring other smart community-related businesses in the region.
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“With a high level of economic development and urbanization, the target market of our East China Operation Center has great potential in the construction of new smart communities,” said Mr. Jianghuai Lin, Chairman and CEO of TAOP. “The acquisition of Zhenjiang Taoping will help the Company to quickly deploy smart charging pile and digital media businesses in East China market. We believe this transaction would bring value for our shareholders and optimize TAOP’s business structure.”
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