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Luokung Technology Corp (NASDAQ: LKCO) is a leading provider of mobile services and technology, specifically catering to the long-distance travel and railway Wi-Fi market in China. The company's primary product, the Luokuang platform, is a Location-based Service (LBS) social content and service distribution platform. It is designed to offer personalized and precise services to long-distance travelers, enhancing their travel experience both on the train and at their destination.
Luokung's offerings include a wide range of entertainment services such as video and audio streaming, digital reading material, games, and social services. These services aim to keep travelers engaged and entertained throughout their journey.
Recently, Luokung has focused on spatial-temporal intelligent big data services and the provision of high-definition maps (HD Maps) in China. This enables the company to support interactive LBS, providing users with real-time location data and mapping services.
However, on May 2, 2024, Luokung received a notice from NASDAQ indicating non-compliance with the requirements for continued listing due to the delayed filing of its annual report on Form 20-F for the year ended December 31, 2023. Despite this setback, Luokung remains committed to resolving this issue and continuing its provision of innovative services.
With its cutting-edge solutions and focus on enhancing the traveler experience, Luokung Technology Corp aims to play a significant role in China's travel and technology sectors.
Luokung Technology Corp. (NASDAQ: LKCO) announced that its affiliate eMapGo has signed an agreement with Heilongjiang Mobile to provide technical data services for market and service information management. This represents Luokung's first client win in the telecommunications sector since launching its Internet LBS B2B business. The agreement is effective until December 31, 2022, and showcases Luokung's capabilities in big data services, combining its Super Engine technology with eMapGo's precision maps. The CEO expressed optimism about expanding its business within China's telecommunications industry.
Luokung Technology Corp. (NASDAQ: LKCO) announced that its affiliate eMapGo Technology (EMG) will provide autonomous driving data services for Zenseact, a subsidiary of Volvo Cars. EMG, a leader in China's HD Maps and navigation services, aims to establish safety benchmarks for autonomous driving technology. This partnership presents significant business expansion opportunities for EMG, which has set industry standards for high-precision maps and serves major automotive clients like Bosch and Ford. The collaboration is positioned to enhance autonomous driving reliability.
Luokung Technology Corp. (NASDAQ: LKCO) announced that the Technical Requirements of Automated Valet Parking Map and Localization (AVP Requirements), led by its affiliate eMapgo Technology, has passed review by the China Society of Automotive Engineers and entered development. This standard aims to establish safety and technical requirements for Automated Valet Parking, enhancing the autonomous driving industry in China. Nearly 60 industry representatives will collaborate on this project, further solidifying Luokung's leadership in the field, according to CEO Xuesong Song.
Luokung Technology Corp. (NASDAQ: LKCO) released a shareholder letter detailing its 2021 business strategy and achievements. The company highlights its acquisition of eMapgo Technologies and its focus on three pillars: smart transportation, carbon neutrality data services, and Internet LBS applications. In the first half of 2021, Luokung reported a record revenue of approximately $37.8 million, a 417.8% increase year-over-year. The Department of Defense removed Luokung's designation as a Communist Chinese Military Company, alleviating restrictions on U.S. shareholders. Looking ahead, the company aims to enhance R&D and expand its market share.
Luokung Technology Corp. (NASDAQ: LKCO) reported record revenues of approximately $37.8 million for the six months ended June 30, 2021, indicating a significant increase from $7.3 million in the same period last year. The rise in revenue was primarily driven by the LBS business, which generated $31.6 million, a 345.1% increase compared to the prior year. Additionally, revenue from remote sensing and GIS data management services rose to $4.4 million. The company expects to report further financial updates and is positively positioned for continued growth in smart transportation and data services.
Luokung Technology Corp. (NASDAQ: LKCO) announced that its VIE, eMapGo Technology, has been recognized as the third largest player in China's HD Maps market, according to IDC Consulting's 2020 Market Share Report. eMapGo increased its market share to 16.15% from 14.7% in 2019, with the overall HD Maps market growing by 70% in 2020. The market is led by Baidu, NavInfo, and eMapGo, with shares of 28.07%, 21.61%, and 16.15%, respectively. CEO Xuesong Song expressed optimism about continued growth and partnerships following this recognition.
Luokung Technology Corp. (NASDAQ: LKCO) announced that its subsidiary, eMapGo Technology, signed an agreement with Geely Automobile Research Institute to provide autonomous driving simulation testing services. The contract, valued at approximately $2.5 million, aims to enhance the safety of Geely's driving assistance system and expedite the production of its autonomous vehicles. This service's initial phase is expected to conclude in Q3 2021. Geely, China's largest automobile manufacturer, sold over 1.32 million vehicles in 2020, underlining the significance of this collaboration.
Luokung Technology Corp. (NASDAQ: LKCO), a leader in Spatial-Temporal intelligent big data services, has signed contracts for autonomous-driving data services in China with a leading global auto manufacturer and a European auto parts supplier. These contracts signify Luokung's commitment to expanding its role in the automotive data sector. CEO Xuesong Song emphasized the company's goal of cultivating relationships with multiple automobile manufacturers to enhance autonomous-vehicle capabilities. The partnerships are expected to validate Luokung's technological strengths in data services.
Luokung Technology Corp. (NASDAQ: LKCO) has announced the approval of the first industry standard for Highly Automated Driving Maps, developed by its subsidiary eMapgo Technologies. This standard, approved by the China Society of Automotive Engineering Standards, provides a unified framework for map production in autonomous driving. Over 20 companies contributed to this 16-month project, aiming to enhance quality and interoperability in the industry. CEO Xuesong Song expressed commitment to maintaining leadership in the evolving autonomous driving sector.
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