TAOP Signs Strategic Cooperation Agreement with Zhicheng Chuangtou to Expand Smart Charging Pile Market

Rhea-AI Summary

Taoping Inc. (NASDAQ: TAOP) has entered a three-year strategic cooperation agreement with Shenzhen Zhicheng Chuangtou New Energy to expand the smart charging pile market. TAOP will handle market development and installation, while Zhicheng provides charging equipment and management services. The partnership aims to enhance coverage to 50 cities by the end of 2022, responding to the growing demand for electric two-wheelers, which are expected to reach 350 million in China by 2022, amid only 9.7 million available charging ports.

Positive

• Strategic alliance formed with Zhicheng Chuangtou to expand market reach.
• Plans to cover 50 cities by end of 2022, targeting a growing electric vehicle market.
• Joint resources expected to accelerate installation of smart charging solutions.

Negative

• None.

Expects to Expand Coverage to 50 Cities in 2022

HONGKONG, Jan. 11, 2022 (GLOBE NEWSWIRE) -- Taoping Inc. (NASDAQ: TAOP, the “Company” or “TAOP”), a provider of blockchain technology and smart cloud services, announced today that the Company has entered into a strategic cooperation agreement with Shenzhen Zhicheng Chuangtou New Energy Co., Ltd. (“Zhicheng Chuangtou”) to expand its smart charging pile market.

Established in 2019 by Shenzhen Golway Technology Co., Ltd., Zhicheng Chuangtou. is a company focused on the construction, operation, and service of the smart infrastructure of smart cities.

Pursuant to the agreement, which has a term of three years, TAOP is responsible for the market development and installation of the smart charging piles produced by Zhicheng Chuangtou. Zhicheng Chuangtou is responsible for providing charging piles and other ancillary products, as well as for the operation and management of smart charging piles after installation. TAOP plans to use its channels like Taoping Alliance to expand the market across the country and reach out to potential property management companies. The Company expects to expand coverage to 50 cities by the end of 2022 and complete pilot projects in these cities.

According to iResearch, as of the end of 2020, ownership of electric two-wheelers, such as electric bikes and scooters, in China was about 325 million, and it is estimated to reach 350 million in 2022. However, the number of public charging pile ports to charge the electric two-wheelers was only 9.7 million, according to a report by Shenzhen-based online research consultancy ChinaIRN. Through this collaboration, TAOP and Zhicheng Chuangtou can leverage respective resources to accelerate the installation of smart charging piles and seize the market opportunity.

“We are very pleased to become a strategic partner of Zhicheng Chuangtou,” said Mr. Jianghuai Lin, Chairman and CEO of TAOP. “This cooperation is TAOP’s new attempt in the field of new energy. We expect to accelerate the construction of an integrated digital service ecosystem and generate new revenues from it.”        

About Taoping Inc.

Taoping Inc. (TAOP) is a blockchain technology and smart cloud services provider. The Company is dedicated to the research and application of blockchain technology and digital assets, and continues to improve computing power and create value for the encrypted digital currency industry. Relying on its self-developed smart cloud platform, TAOP also provides solutions and cloud services to industries such as new media and artificial intelligence. To learn more, please visit http://www.taop.com/.

Safe Harbor Statement

This press release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements.

Any forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and management’s current beliefs about the potential outcome of future events. Whether these future events will occur as management anticipates, whether we will achieve our business objectives, and whether our revenues, operating results, or financial condition will improve in future periods are subject to numerous risks. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our potential inability to achieve or sustain profitability or reasonably predict our future results due to our limited operating history of providing blockchain technology and smart cloud services, the effects of the global Covid-19 pandemic, the emergence of additional competing technologies, changes in domestic and foreign laws, regulations and taxes, uncertainties related to China’s legal system and economic, political and social events in China, the volatility of the securities markets; and other risks including, but not limited to, those that we discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s most recent Annual Report on Form 20-F as well as in our other reports filed or furnished from time to time with the SEC. You should read these factors and the other cautionary statements made in this press release. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and TAOP undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.

For further information, please contact:

Taoping Inc.
Chang Qiu
Email: chang_qiu@taoping.cn
http://www.taop.com/
or

Dragon Gate Investment Partners LLC
Tel: +1(646)-801-2803
Email: taop@dgipl.com

FAQ

What is Taoping Inc.'s new strategic agreement about?

Taoping Inc. has partnered with Shenzhen Zhicheng Chuangtou to expand the smart charging pile market over the next three years.

What are the goals for Taoping's market expansion?

Taoping aims to expand its smart charging coverage to 50 cities by the end of 2022.

How many electric two-wheelers are expected in China by 2022?

Ownership of electric two-wheelers in China is projected to reach approximately 350 million by 2022.

What role will Taoping play in the partnership with Zhicheng?

Taoping will be responsible for market development and installation of smart charging piles, while Zhicheng will provide equipment and management.