WiMi to acquire Fe-da Electronics Company.

WiMi Hologram Cloud, an augmented reality service provider, agreed to acquire Fe-da Electronics Company, a distributor of electronic parts and electronic communications equipment. Financial terms were not disclosed. "Our acquisition of Fe-da Electronics marks a very important milestone in our journey to achieve our long-term goal of becoming a global leader in CPU AI algorithms. In addition, our integration with Fe-da Electronics will create significant synergies in the areas of technology, product development, and market coverage, helping us to seize those market opportunities in the field of central processing algorithm services and develop more unique competitive advantages. Going forward, we plan to leverage these advantages to capture related market opportunities, move closer towards the fulfillment of our long-term goals in both AI algorithms and cloud computing services, and create more value for our shareholders over the long term," Shuo Shi, WiMi Chief Executive Officer.