LKCO - Luokung to acquire beijing Hongda Jiutong Technology Development terms undisclosed

Luokung Technology (NASDAQ:LKCO) announced that it's operating affiliate, Beijing Zhong Chuan Shi Xun Technology Limited, is acquiring Beijing Hongda Jiutong Technology Development Co. The company expects to close this transaction by the end of the second quarter of 2022. Financial terms were not disclosed. Hongda Jiutong is a big data service provider for intelligent transportation and connected vehicles in China and owns 29 patented technologies and copyrights covering aspects of automatic generation of HD Map data, assisted driving and data analysis models of connected cars. Mr. Xuesong Song, Luokung's Chairman and CEO, stated, "We believe leveraging Hongda Jiutong's technological capabilities with Luokung's spatial-temporal big data processing and analysis platform will greatly improve our intelligent expressway and highway data management system capabilities, which is based on HD Maps. We believe this acquisition is a strategic play in the long-term development of Luokung's smart transportation business by introducing cutting-edge competitive advantages, which we anticipate

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Luokung to acquire beijing Hongda Jiutong Technology Development, terms undisclosed