Taoping Inc. (TAOP) stock rises by 10.35% in the current market trading session after Taoping announced that it has got into a share purchase agreement with Genie Global limited. Taoping is a major manufacturer of smart display terminals and applications for targeted advertisement and online commerce. Customers can distribute and monitor advertisements on cloud-based ad display screens using TAOP’s integrated end-to-end digital advertising solutions.
TAOP joint venture with Genie Global Limited
Today on March 31, TAOP stock has announced it has got into a share purchase agreement with Genie Global Limited to gain a 51 percent equity interest in Render Lake Tech Ltd that is Genie Global’s wholly owned subsidiary. Render Lake is a cloud technology service provider dedicated to delivering high-performance cloud computing solutions for special effects companies. It was established in 2019 in Ontario, Canada.
Simultaneously TAOP stock also made an important announcement that they have established NFT Business Division. For this TAOP has appointed Qian Wang as Chief Investment Officer of TAOP, also as the director of NFT Business Division and general manager for Render Lake. Mr. Qian Wang is well known for his expertise in cloud computing services, Blockchain applications and operations, and also for overseas capital market operations.
TAOP stock closed a strategic cooperation deal
On March 30, TAOP announced that they have signed a strategic cooperation structure agreement with Shanghai Guanghua Education Investment Management and Wuhu Sasan Education Management that is a majority-owned subsidiary of Shanghai Guanghua Education for the time span for next three years. Shanghai Guanghua Education, founded in 1999, is a provider of educational technology services, including educational technology system creation, educational course content development, educational business investment, advisory and management, and technical equipment and stationery sales.
TAOP and Wuhu Sasan plan to form a joint venture company in Wuhu, China, as part of the deal. Also TAOP stock and Wuhu Sasan will each own 51 percent and 49 percent of the joint venture’s equity, respectively. The joint venture company’s operations are expected to fall under TAOP’s newly formed Digital Culture Business Division.
Following the two major developments in Taoping, the rise in its stock price is fairly justified. If the two agreements turn out to be successful in the near time, it will be highly beneficial for TAOP but right now investors seem to be interested in making long-term bets, hence the TAOP stock price is on the rise.