#China #Shenzhen #Taoping Inc. #Yunti #Elevator Services

Taoping Announces Acquisition Intent of Yunti: A Transformational Move

In a significant step forward, Taoping Inc. (Nasdaq: TAOP), a pioneer in smart cloud platform services, has declared its intention to acquire Shenzhen Yunti Internet of Things Co., Ltd. This acquisition is poised to not only enhance Taoping's annual revenue but also significantly expand its addressable market.

Strategic Implications of the Acquisition

The non-binding letter of intent specifies that Yunti's shareholders will trade their ownership for newly issued ordinary shares from Taoping. The particulars surrounding the valuation and timing of the acquisition will be assessed based on an evaluation conducted by an independent third party, with completion projected within the next year. This strategic acquisition aims to consolidate Taoping's presence in the elevator equipment and service sector, which has shown promising growth prospects.

Founded in 2016, Yunti has carved a niche in providing comprehensive smart elevator solutions, encompassing sales, installation, repair, and maintenance. By leveraging its robust Software as a Service (SaaS) platform, Yunti has established connections with an extensive customer base amid China’s expansive elevator market, which houses over 10 million elevators.

Overview of Yunti's Operations

Yunti’s innovative offerings extend to two core platforms: 'Tishibao,' a cloud service management platform for elevators, and 'Tishibang,' which serves as China’s inaugural private elevator internet service platform. The SaaS model enables Yunti to generate revenue through monitoring and maintenance, positioning it favorably to digitize the traditional equipment operation landscape.

As per the State Administration for Market Regulation, the total number of elevators in China is expected to exceed 10.6 million by the end of 2023. Additionally, the China Elevator Industry Business Yearbook indicates that the market size for this vital industry surpassed 494.3 billion RMB in 2023, demonstrating substantial growth potential.

Outlook for the Future

Jianghuai Lin, Chairman and CEO of Taoping, expressed enthusiasm regarding the acquisition, emphasizing its alignment with the company's long-term growth strategy and commitment to enhancing shareholder value. Lin stated, “We are excited about the proposed acquisition of Yunti, which aligns strategically with our Smart City product portfolio, customer base, and geographic footprint.” Upon integration, the acquisition is anticipated to facilitate Taoping's entry into more profitable segments of the elevator equipment market, driven by increasing demand.

This transformative acquisition holds the potential to unlock significant value for Taoping's shareholders, aligning with the company's vision of continuous innovation in smart solutions. As the fast-evolving technology landscape beckons, Taoping is poised to leverage this strategic move to capitalize on emerging opportunities in the market.

Conclusion

Taoping Inc.'s proposed acquisition of Yunti signals a bold leap towards expanding its market share and optimizing revenue channels in the booming elevator service industry. As the integration process unfolds over the coming months, stakeholders will closely monitor how this partnership enhances Taoping's capacity to deliver innovative and effective solutions tailored to the ever-increasing demand in China's urban infrastructure.

For further updates on Taoping's growth strategies and service portfolios, please look forward to future communications.

About Taoping Inc.

Taoping Inc., listed on Nasdaq (TAOP), is dedicated to innovating solutions that empower private and public sector clients to reach their desired marketing goals through cutting-edge technology.

Stay updated on Taoping's journey in smart cloud solutions and strategic ventures by visiting Taoping's official site.