Business
Correction: WiMi Announces Acquisition of Fe-da Electronics Company Pte Ltd
BEIJING, Nov. 5, 2020 /PRNewswire/ -- WiMi Hologram Cloud Inc. (Nasdaq: WIMI) ("WiMi" or the "Company"), a leading augmented reality ("AR") service provider
About this update from Wimi Hologram Cloud Inc.
[{"type":"text","content":"BEIJING, Nov. 5, 2020 /PRNewswire/ -- WiMi Hologram Cloud Inc. (Nasdaq: WIMI) (\"WiMi\" or the \"Company\"), a leading augmented reality (\"AR\") service provider in China, announces that its wholly-owned subsidiary, VIYI Technology Inc. (\"VIYI Technology\"), has entered into an agreement for the acquisition of 100% equity interests of Singapore-based Fe-da Electronics Company Pte Ltd. (\"Fe-da Electronics\") to accelerate the development of the Company's semiconductor chip business. According to the financial statements provided by Fe-da Electronics, the revenues of Fe-da Electronics amounted to US$45,892,564 and US$70,770,218 for 2018 and 2019, respectively, both of which have exceeded the total revenues of WiMi in their respective periods. Through integrating Fe-da Electronics, the Company seeks to further optimize its financial model so as to improve its business growth and market size, and create more value for its investors. \nThe main businesses of Fe-da Electronics are the customization of central processing units (\"CPU\") for computers and servers and the production of storage devices, including SSD and RAM storage devices. After integrating Fe-da Electronics into VIYI Technology, the Company plans to both retain and strengthen Fe-da Electronics' current team, fostering meaningful synergies in its development of central processing algorithm services. The Company also plans to utilize Fe-da Electronics' existing artificial intelligence (\"AI\") and cloud computing technologies to further unlock its potential in the development of cloud service solutions. \nThrough the Company's integration of Fe-da Electronics' semiconductor businesses, the Company will further strengthen its central processing algorithm services, launch an integrated hardware-software system for enterprise and industrial data centers, and help better facilitate the digital transformation process by providing the entire industry, especially small- and medium-sized enterprises, with integrated cloud computing products and services. Furthermore, the Company will also leverage Fe-da Electronics' resources to further establish its presence in Mainland China, Hong Kong, Taiwan, Southeast Asia, and other areas.\nMr. Shuo Shi, Chief Executive Officer of WiMi, commented, \"Our acquisition of Fe-da Electronics marks a very important milestone in our journey to ...