|Tuesday, 23 February 2021, 21:00 HKT/SGT|
Source: Taoping Inc.
HONG KONG, Feb 23, 2021 - (ACN Newswire) - Taoping Inc. (NASDAQ: TAOP, the "Company"), a provider of internet-based smart display screens, and a new-media ecosystem that enables targeted advertising and online retail, today announced that six powerful strategic investment institutions and independent investors, including Great Bay Capital Investment Limited, have took a stake in the Company, which will help the Company to realize its strategic transformation through developing its blockchain business and related financing projects, and to bring more development opportunities for the Company.
TAOP aims to raise approximately $7.75 million through the issuance of 1,900,000 ordinary shares at a purchase price of $4.08 (average closing price for the 20-trading days ended February 19, 2021). TAOP intends to use the net proceeds from the offering for working capital and general corporate purposes. The private placement is expected to close no later than March 21, 2021. According to Security Act Rule 144 in U.S. Securities, the consummation of the private placement is subject to the satisfaction of certain customary closing conditions.
Amid the rise of digital-era, blockchain technology is the general trend of the development of science and technology finance. TAOP actively grasps the development tide, formulates its core development strategy, and promotes the transformation of the platform-based ecological layout, so as to enhance the Company's market competitiveness and increase its revenue. The investment from the six strategic investment institutions and independent investors in the Company has fully reflected their confidence in the Company's development strategy and prospects. With years of investment experience and industry experience, it is believed that the investors can help TAOP to achieve the goal of strategic transformation and promote its long-term development.
The six strategic investment institutions and independent investors include:
1. Great Bay Capital Investment Limited ("Great Bay").
Great Bay is an excellent investment management company with rich investment experience and rich experience in enterprise financing, merger and reorganization.
Mr. Yi Ming, the Chief Management Partner of Great Bay, has more than 18 years of investment and financing experience at home and abroad. He used to serve as the General Manager of the investment department of China Cinda Asset (Hong Kong) Management Company, the founding partner of Zeal Asset Management Limited, and the senior management partner of Henry Fund. He has led to participate in the investment and financing projects with more than 5 billion US dollars, including the projects of restructuring and acquisition, private equity, stocks, and structural investment. In recent years, he has focused on the research and investment of Internet industry, blockchain, digital currency and artificial intelligence. Mr. Yi obtained a master's degree in Finance from the ICMA Center of University of Reading, the UK and a master's degree in Management from Guanghua School of Management, Peking University.
2. Mr. Wang Dongfeng
Mr. Wang Dongfeng has 22 years of rich experience in the Internet industry. He has gone through the era of PC Internet and mobile Internet, and deeply participated in the growing blockchain Internet. His rich experience of entrepreneurship enables him to accurately estimate the development trend of related industries. He also accumulated rich management experience and be good at enterprise positioning, and create innovation models of multiple industries.
In 2004, Mr. Wang founded Zcom, the earliest e-magazine platform in China. In 2009, Mr. Wang co-founded Forgame Group and spent four years to get it listed on the Main Board of The Stock Exchange of Hong Kong Limited. In 2017, he started to invest in the blockchain industry, deeply arranged the digital currency mining, and focused on blockchain investment as a venture partner of Longling Capital.
3.Smalltalk Technology Limited
Smalltalk Technology Limited was established in 2018, focusing on the venture capital investment of blockchain technology-related companies. The investment manager of Smaltalk has experience in investing Internet, blockchain and digital currency for many year. Smatltalk has successfully invested in many outstanding companies in the industry.
4. Crown Capital Enterprise Co., Ltd.
Crown Capital Enterprise Co., Ltd is a comprehensive investment holding group registered in Hong Kong. Mr. Huang Siliang acts as an executive director. Mr. Huang Siliang is the chief financial officer of Fang Brother Knitting Limit and the managing director of Fang Brothers Knitting (Shanghai) limited, a wholly-owned holding company of Fang Brothers (China) Limited. Fang Brothers Knitting was founded in Hong Kong by Mr. Fang Zhaozhou in 40 years and is one of the "Big Four Families" in Hong Kong's garment industry. The current chairman of the group, Mr. Fang Keng, is the honorary chairman of the Hong Kong Textile Industry Association, the chairman of the Productivity Council, a Hong Kong affairs consultant, a member of the 9th National Committee of the Chinese People's Political Consultative Conference, and a Justice of the Peace. Mr. Fang Keng has been awarded the Golden Bauhinia Medal by the Hong Kong Special Administrative Region Government.
5. Dr. Zhang Bin
Dr. Zhang Bin holds a doctorate degree from the University of Science and Technology of China. He is a member of the 12th and 13th National Committee of the Chinese People's Political Consultative Conference, the chairman of the China Cultural Industry Association, and the director of the management committee of the China National Animation and Game Industry Promotion Base.
Since serving as the chairman of the China Cultural Industry Association, Dr. Zhang has actively built a high-level international exchange platform, expanded the influence and dissemination of Chinese culture on the international stage, and led the Chinese cultural industry to the world. To this end, Dr. Zhang has visited the United Nations Deputy Secretary-General Mr. Nan Weizhe, UNESCO Director-General Ms. Irina Bokova, South-South Cooperation Organization Chairman Mr. Lorenzo and other international organizations.
6. Mr. Wayne Ker
Mr. Wayne Ker graduated from the University of Chicago in the United States, currently serves as a consultant for Taiwan's digital currency exchange MaiCoin and co-founder of Taiwan's blockchain platform supply chain financial services company BSOS. Mr. Ker has very rich network resources and work experience in Taiwan's semiconductor industry. A senior investment expert. Mr. Ker has worked in CITIC International Asset Management Co., Ltd., UBS Bank, and ABN AMRO Bank. During the period, he handled debt financing of Taiwan ASE Semiconductor, Hon Hai Technology, Chunghwa Picture Tubes and other companies, as well as the case of 39.6 billion Taiwan dollars merger and acquisition of Yuanchuan Electric Training and Telecom.
"This financing provides TAOP with the capital to take advantage of the opportunities in our industry. I would like to thank all new and existing shareholders for their continued support. We look forward to continuing our approach to value creation in 2021 in order to maximize the reward of our investors," said Mr. Jianghuai Lin, Chairman and CEO of TAOP.
About Taoping Inc.
Taoping Inc. (TAOP), is a leading provider of smart display terminals and solutions for targeted advertising and online retails. The Company provides the integrated end-to-end digital advertising solutions enabling customers to distribute and manage ads on cloud-based ad display screens. Connecting owners of Taoping screens, advertisers and consumers, it builds up a resource sharing "Smart IoT Screen Network- Taoping App - Taoping Go (e-Store)" media ecosystem to ultimately achieve the mission "our technology makes advertising and branding affordable and effective for everyone." To learn more, please visit http://www.taop.com/.
This press release is disseminated by Bright Communication International Limited on behalf of Taoping Inc.
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Topic: Press release summary
Source: Taoping Inc.
Sectors: Daily Finance, Daily News
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