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NEW YORK, NY / ACCESSWIRE / April 3, 2020 / WIMI Hologram Cloud has started IPO on NASDAQ under the symbol WIMI. The company is now developing holographic AR entertainment products. WIMI's holographic AR entertainment products consist primarily of payment middleware software, game distribution platform and holographic MR software.
Payment middleware is a software solution that connects mobile apps to payment channels, giving mobile app users convenient access to a wide range of online payment options. The company have cooperated with more than 55 app developers and WIMI's payment middleware has been embedded to over 1,100 marketed mobile apps of over 300 customers in 2018, most of which were featured by AR functions.
WIMI's advanced payment middleware streamlines the often time-consuming mobile payment process. WIMI's mobile payment middleware facilitates app developers to build an in-app payment infrastructure that allows micropayments to be made or received through an efficient, secure system, without any interface redirection. Such mobile payment middleware enables app developers to store users' payment credentials in a trusted and safe environment and eases user's burden of repeatedly entering and authenticating payment information for each transaction.
WIMI's payment middleware can be fully integrated with various types of mobile apps, especially those employing AR technologies, such as live streaming, gaming, selfie, photo editing, and video-sharing apps. Currently, WIMI's payment middleware supports substantially all of the major online payment channels in China, and is compatible with the mainstream mobile operating systems.
The company generates revenues from WIMI's mobile payment middleware by sharing revenues with app developers at an agreed-upon percentage. In addition, in 2018, the company launched 233 Game Platform, an online game distribution platform. This platform provides game developers with technical support and value-added services that may help them target, reach and monetize their audiences. During the year ended June 30, 2019, over 150 apps have been operated on or docked into WIMI's 233 Game Platform, leading to an over 200,000 annual active members. "Active member" is defined as the number of registered accounts that logged in at least once during a specified time period.
The company also sells MR software, a comprehensive holographic application platform independently developed by WIMI's research and development team. It includes holographic audio-visual integrated operation, holographic advertising service, holographic media asset management and holographic data management on the platform level and holographic interactive system, holographic recognition system, holographic labeling system, holographic tracking system, holographic capture system and holographic analysis system. It also includes multiple modules to allow end-users to edit and display holographic AR content and create their own custom visual effect.
WIMI's AR holographic entertainment business is based on users' demand for entertainment applications in the field of 3D computer vision. The company charge sthe customers software license fees. As of June 30, 2019, the number of customers in WIMI's entertainment business was 357, compared to 293 as of December 31, 2017. With the development and popularization of AR holographic hardware devices, the company expects that there will be more applications in the future for WIMI's continued AR holographic entertainment products.
Safe Harbor / Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the proposed initial public offering. The offering is subject to market and other conditions and there can be no assurance that the offering will be completed or as to the actual size or terms of the offering. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including market conditions, risks associated with the cash requirements of our business and other risks detailed in the Company's registration statement, and represent the Company's views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. The Company does not assume any obligation to update any forward-looking statements except as required by law.
* This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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