WiMi Hologram Cloud Inc. Establishes a Subsidiary to Accelerate the Development of AI Algorithm and Cloud Computing Services and Announces Management Changes
BEIJING, Oct. 19, 2020 /PRNewswire/ -- WiMi Hologram Cloud, Inc. ("WiMi" or the "Company") (NASDAQ: WIMI) today announced the establishment of a new subsidiary. VIYI Technology Inc. ("VIYI Technology " or "VIYI") to accelerate the development of AI algorithm and cloud computing services. VIYI will be led by Mr. Yi Chengwei, who has been appointed as the CEO of VIYI and previously served as the CTO of WiMi.
Mr. Yi Chengwei, CEO of VIYI Technology, commented: "This is an exciting opportunity for our team to more aggressively unlock value for WiMi by accelerating our development and by more effectively leveraging our existing AI and cloud computing assets and IP, as we move beyond the terminal + cloud model. Our long-term goal is to become the global leader in the central processing unit (CPU) AI algorithms. Having a company laser focused on one set of objectives will give us a considerable advantage as we work to capture a greater share of the rapidly growing AI and cloud computing markets, which will in turn, create added value for our customers, WiMi and our shareholders."
VIYI Technology will focus on low latency cloud computing and data service growth, supporting a wide range of data-centric applications from gaming, multi-media entertainment, to online and mobile advertising, and PaaS cloud services. The Company believes that it will be able to deploy its advanced AI product advertising and gaming platform and support services more broadly and more quickly as 5G networks continue to be deployed around the world. At the same time, the Company will continue to invest in core technologies in the fields of intelligent analysis and processing of large-scale heterogeneous data, as it works to further improve the value and efficiency of its customers' data.
The Company will seek to constantly innovate technology breakthroughs to foster deeper connections with industrial chain partners, so as to jointly build a scientific and technological service ecosystem in the field of cloud computing.
The Company also announced the appointment of Mr. Shuo Shi as CEO and a Director of the Board following the resignation for personal reasons on October 16, 2020 of Mr. Fanhua Meng as CEO and Director.
Shuo Shi has served as our Chief Operating Officer since September 2018 and has also served as Vice General Manager of our VIE, Beijing WiMi, since February 2017. He has more than 10 years of experience in sales marketing, internet management and culture media. From February 2014 to December 2016, Mr. Shi served as Secretary-General of Shenzhen Three-Dimension Film Association, an association specializing in 3D film making in China. Previously, Mr. Shi served as Vice General Manager in Shenzhen Stereoscopic Internet Culture Media Company, a culture media company in China, from November 2011 to February 2014. Mr. Shi received a bachelor's degree from Renmin University in China in 2006.
About WIMI Hologram Cloud Inc.
WiMi Hologram Cloud, Inc.(NASDAQ: WIMI), whose commercial operations began in 2015, operates an integrated holographic AR application platform in China and has built a comprehensive and diversified holographic AR content library among all holographic AR solution providers in China. Its extensive portfolio includes 4,654 AR holographic contents. The company has also achieved a speed of image processing that is 80 percent faster than the industry average. While most peer companies may identify and capture 40 to 50 blocks of image data within a specific space unit, WiMi collects 500 to 550 data blocks.
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