Business
WiMi Announces Subsidiary VIYI Technology to Acquire Fe-da Electronics Company Pte Ltd
BEIJING, Nov. 4, 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. 4, 2020 /PRNewswire/ -- WiMi Hologram Cloud Inc. (Nasdaq: WIMI) (\"WiMi\" or the \"Company\"), a leading augmented reality (\"AR\") service provider in China, today announced that its wholly-owned subsidiary, VIYI Technology Inc., an exempted company with limited liability incorporated in Cayman Islands (\"VIYI Technology\"), has entered into a framework agreement for the acquisition of 100% equity interests of Fe-da Electronics Company Pte Ltd. (\"Fe-da Electronics\"), a provider of Internet of Things solutions based in Singapore, to accelerate the development of the Company's semiconductor chip business. The payments for this acquisition are expected to be made in several installments during the next two years, subject to the fulfilment of certain performance conditions by Fe-da Electronics. After the acquisition, the Company will consolidate all of Fe-da Electronics' financial statements. \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.\nAccording to the financial statements provided by Fe-da Electronics, which have been audited by Chan Hock Seng &Co., a public accountant in Singapore, the revenue of Fe-da Ele...