BEIJING, Aug. 12, 2021 /PRNewswire/ -- Luokung
Technology Corp. (NASDAQ: LKCO) ("Luokung" or the "Company"), a
leading spatial-temporal intelligent big data services company and
provider of interactive location-based services ("LBS") and
high-definition maps ("HD Maps") in China, today announced that its operating
variable interest entity ("VIE"), eMapGo Technology (Beijing) Co., Ltd. ("EMG"), a leading provider
of navigation and electronic map services in China, has been recognized as the third
largest player in China's HD Maps
market, according to IDC Consulting's 2020 China Market Share
Report on HD Maps (the "Report") released on August 9, 2021.
According to the Report, China's HD Maps market has developed rapidly
in 2020, with a market growth rate of 70%. China's HD Maps solutions market is primarily
dominated by three domestic map makers: Baidu, NavInfo and EMG,
capturing 28.07%, 21.61% and 16.15% of market share,
respectively.
EMG has been one of the top providers of HD Maps, ranking fourth
in IDC's 2019 China Market Share Report on HD Maps. EMG moved up to
third in the 2020 ranking, having increased its market share in
China to 16.15% from 14.7% in
2019.
Mr. Xuesong Song, Chairman and
CEO, stated, "We are pleased to have improved our ranking in this
year's IDC China Market Share Report as a result of our growth
brought on by new customer wins over the course of 2020. It is an
honor to be listed as one of the top players in China's HD Maps industry among other
longstanding, reputable companies in the space. We believe this
recognition will add to the positive momentum we have gained in
expanding our client base and partnerships so far in 2021, and we
look forward to continuing our active leadership in the HD Maps
industry in the years to come."
About Luokung Technology Corp.
Luokung Technology Corp. is a leading spatial-temporal
intelligent big data services company, as well as a leading
provider of LBS and HD Maps for various industries in China. Backed by its proprietary technologies
and expertise in HD Maps and related intelligent spatial-temporal
big data, Luokung established city-level and industry-level
holographic spatial-temporal digital twin systems and actively
serves industries including autonomous driving, vehicle-road
collaboration (V2X), smart transportation, smart travel, local
business LBS, new infrastructure, smart cities, and smart
industries (emergency, natural resources, environmental protection,
water conservancy, energy, smart training, among others). The
Company routinely provides important updates on its website:
www.luokung.com/en.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains certain forward-looking statements.
Forward-looking statements include, but are not limited to,
statements regarding our or our management's expectations, hopes,
beliefs, intentions or strategies regarding the future and other
statements that are other than statements of historical fact. In
addition, any statements that refer to projections, forecasts or
other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking
statements. The words "anticipate", "believe", "continue", "could",
"estimate", "expect", "intend", "may", "might", "plan", "probable",
"potential", "should", "would" and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking.
The forward-looking statements in this press release are based
upon various assumptions, many of which are based, in turn, upon
further assumptions, including without limitation, management's
examination and analysis of the existing law, rules and regulations
and other data available from third parties. Although we believe
that these assumptions were reasonable when made, because these
assumptions are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you the statement herein will
be accurate. As a result, you are cautioned not to rely on any
forward-looking statements.
CONTACT:
The Company:
Mr. Jay Yu
Chief Financial Officer
Tel: +86-10-5327-4727
Email: ir@luokung.com
Investor Relations:
Adam Prior
Senior Vice President
The Equity Group Inc.
Tel: 212-836-9606
Email: aprior@equityny.com
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SOURCE Luokung Technology Corp.