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BEIJING, July 9, 2019 - (ACN Newswire) - WIMI Hologram Cloud Inc filed for its IPO and listing on the Nasdaq Global Market as "WIMI". According to the prospectus filed June 27 with the Securities and Exchange Commission (SEC), WIMI hopes to raise up to US$ 50 million, allocated to research and development, general purposes and strategic mergers and acquisitions as the holographic AR industry leader prepares for the platform growth in its market from RMB 3.6 billion in 2017 to RMB 454.8 billion (US$ 66 billion) by 2025, according to consultants Frost & Sullivan.
China now boasts more than 800 million internet users and 98% of them are mobile. WIMI has developed an innovative business model with fundamental strengths that position the Company for continued leadership in a huge and growing holographic AR market, where it offers a platform solution comprised of leading-edge holographic technology including content production technology, and content creation distribution.
WIMI's Strategies
WIMI seeks to build its AR ecosystem through collaboration with partners and customers, and intends to bring the holographic AR experience to a broader mass market, continue to invest in technology and innovations, strengthen AR content development capabilities and enrich our content library, and explore acquisition or investment opportunities.
- Leading Holographic AR Application Platform in China
WIMI is the largest holographic AR application platform in China, in terms of the total revenue in 2018, according to Frost & Sullivan. In addition, it has built the most comprehensive and diversified holographic AR content library among all holographic AR solution providers in China, according to Frost & Sullivan.
- Market Potential Across the Holographic AR Value Chain
As holography and AR continue to proliferate, China's holographic AR market is fast-growing and evolving. According to Frost & Sullivan, the total market size of China's holographic AR industry in terms of total revenues is expected to grow to RMB 454.8 billion in 2025.
- Cutting-edge Technology Capabilities and High-Quality User Experience
WIMI has developed the professional media player in China specifically designed for holographic AR contents. It has built-in a comprehensive set of setting parameters and editing tools used for holographic AR content playback and allows end-users to playback complex high-fidelity simulations quickly and cost-effectively. End-users are able to adjust the contrast, saturation and vibrancy of the displayed holographic AR content and create their own custom visual effects.
- Experienced Management Team
The Company benefits significantly from the experience of its founder and senior management team, who have been successfully riding the growth wave in China's booming holographic AR industry. WIMI Chairman, Mr Jie Zhao, has been with the company since its inception and possesses deep entrepreneurship and extensive expertise in the internet industry. Prior to establishing WIMI, Mr Zhao founded Weixun Yitong, a mobile internet platform in China.
Mr Fanhua Meng, WIMI Chief Executive Officer, has over ten years of senior management experience in internet companies. Mr Shuo Shi, Chief Operations Officer, is experienced in sales marketing, internet management and culture media. Mr Yanghua Yang, Chief Financial Officer of the company, has over ten years of experience in audit and finance. Mr Chengwei Yi, Chief Technology Officer, has over 15 years of experience focusing on video processing technology, artificial intelligence and signal processing technology.
The Company believes that its management team's collective experience and insight has paved and will continue to pave the way for its success. The management team is supported by a research and development team with strong academic background and industry expertise in audio/video processing, 3D modeling and cloud computing.
WIMI's Industry
With the introduction of the underlying platform by system vendors such as Apple and Google, it is much more convenient for developers to create and apply diverse AR contents, enabling AR technology to quickly reach a large number of users. In addition, stores offering AR experiences are penetrating rapidly into shopping malls in China, which has enabled consumers to enjoy the AR experience at a low cost and promoted consumers' acceptance of AR.
Currently, advertisement is the biggest vertical of AR. According to Frost & Sullivan, the market size was estimated at RMB1.5 billion in 2016, and it is expected at RMB7.8 billion by 2020, with a CAGR of 71.6%, much higher than the online advertising market, which had a CAGR of 32.4%. As AR technology keeps evolving to satisfy advertisers' growing needs, it will be used increasingly in advertisement. Entertainment, including gaming and video, takes a huge share of AR sector as well, and it is expected to have a higher growth rate. The market size of RMB0.6 billion in 2016 is expected at RMB6.8 billion by 2020, with a CAGR of 83.5%.
Driven by the availability of AR SDK, improvements in smartphone performance and prospects of the gaming industry, AR entertainment is expected to have a promising future with market size of RMB180 billion by 2025, indicating a CAGR of 92.6%, and surpassing advertisement to be the biggest application scenario of AR.
Source: U.S. SEC-FORM F-1, WiMi Hologram Cloud Inc, United States SEC, June 27, 2019
Contact: To learn more, please visit http://www.wimiar.com/ or contact info@wimiar.com.
Topic: Press release summary
Source: WiMi Hologram Cloud, Inc.
Sectors: Cloud & Enterprise, Digitalization, Automation [IoT]
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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