IDC releases 2019 China market share report on high-precision maps, EMG is one of the top players

Rhea-AI Summary

Luokung Technology Corp. (NASDAQ: LKCO) announced a share purchase agreement to acquire 100% of EMG following a report from IDC Consulting highlighting the competitive landscape of China’s HD map solutions. As of 2019, the HD map market in China is primarily led by Baidu (29.3%), NavInfo (21.7%), AMAP (17.9%), and EMG (14.7%). This acquisition positions Luokung to potentially strengthen its market share amid growing competition in the spatial-temporal big data sector.

Positive

• Acquisition of 100% of EMG could enhance Luokung's market share in China's HD map sector.
• Report from IDC highlights significant market potential as major players seek larger shares.

Negative

• The competitive landscape remains dominated by established players like Baidu and NavInfo, posing challenges for growth.

BEIJING, Nov. 24, 2020 /PRNewswire/ -- Luokung Technology Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"), one of the global leading spatial-temporal big-data processing technology companies, a leading interactive location-based services company in China, today announced that on November 16, IDC Consulting released a report on the market share of China's HD map solutions in 2019. According to the report, since 2019, China's HD map market has entered into the year when major players have been seeking larger shares. From the perspective of market share, the HD map solution market is mainly dominated by the top four domestic map markers, Baidu, NavInfo, AMAP and EMG and holding 29.3%, 21.7%, 17.9% and 14.7%, respectively. Luokung has engaged in a share purchase agreement to acquire 100% of EMG and announced that the two parties are currently in the process of closing the transaction.

About Luokung Technology Corp.

Luokung Technology Corp. is one of the global leading spatial-temporal big-data processing technology companies and a leading interactive location-based services company in China. It provides integrated DaaS, SaaS, and PaaS services for Internet and Internet of Things of Spatial-Temporal big data based on its patented technology. Based on geographic information systems and intelligent Spatial-Temporal big data, it establishes city-level and industry-level digital twin holographic data models to actively serve smart cities, intelligent transportation, smart industry, LBS. http://www.luokung.com

Business Risks and Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. 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", "target", "going forward", "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

CONTACT:

The Company:
Mr. Jay Yu 
Chief Financial Officer
Tel:  +86-10-5327-4727
Email: ir@luokung.com

INVESTOR RELATIONS
PureRock Communications Limited
Email: luokung@pure-rock.com

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SOURCE Luokung Technology Corp.

FAQ

What recent acquisition did Luokung Technology Corp. announce?

Luokung Technology Corp. announced the acquisition of 100% of EMG.

What market report was released regarding China's HD map solutions?

IDC Consulting released a report analyzing the market share of HD map solutions in China for 2019.

Who are the top competitors in China's HD map market according to the IDC report?

The top competitors include Baidu, NavInfo, AMAP, and EMG.

What is the market share of EMG in China's HD map solutions?

EMG holds a market share of 14.7% in China's HD map solutions.

What is the significance of Luokung's announcement on November 16, 2020?

The announcement indicates Luokung's efforts to expand its market presence through acquisition amidst a competitive landscape.