Taoping Inc. (China)

The Company is a provider of cloud-app technologies for Smart City IoT platforms, digital advertising delivery, and other internet-based information distribution systems in China.
Its Internet ecosystem enables all participants of the new media community to efficiently promote branding, disseminate information, and exchange resources. In addition, the Company provides a broad portfolio of software and hardware with fully integrated solutions, including Information Technology infrastructure, Internet-enabled display technologies, and IoT platforms to customers in government, education, residential community management, media, transportation, and other private sectors.
The Company reports financial and operating information in the following three segments:
- Cloud-based Technology (CBT) segment — It includes the Company's cloud-based products, high-end data storage servers and related services sold to private sectors including new media, healthcare, education and residential community management, and among other industries and applications. In this segment, the Company generates revenues from the sales of hardware and software total solutions with proprietary software and content as well as from designing and developing software products specifically customized for private sector customers' needs for a fixed price. The Company includes the revenue and cost of revenue of high-end data storage servers in the CBT segment. Advertising services is included in the CBT segment, after the Company consummated the acquisition of TNM. Advertisements are delivered to the ads display terminals and vehicular ads display terminals through the Company's cloud-based new media sharing platform. Incorporation of advertising services complements the Company's out-of-home advertising business strategy.
- Blockchain Technology (BT) segment — The BT segment is the Company's newly formed business sector in 2021. Cryptocurrency mining is the first initiative implemented in the BT segment. However, due to the decreased output and the highly volatile cryptocurrency market, the Company had ceased the operation of the BT segment by December 2022.
- Traditional Information Technology (TIT) segment — The TIT segment includes the Company's project-based technology products and services sold to the public sector. The solutions the Company has sold primarily include Geographic Information Systems (GIS), Digital Public Security Technology (DPST), and Digital Hospital Information Systems (DHIS). In this segment, the Company generates revenues from sales of hardware and system integration services. As a result of the business transformation, the TIT segment is gradually being phased out in 2021.
HISTORY
1979 The Company s predecessor company was originally organized under the laws of the State of Florida on September 19, 1979 under the name Mark Thomas Publishing Inc.
2003 On April 29, 2003, the Company changed its name to Irish Mag, Inc. From its inception through October 8, 2006, the Company provided consulting services in the offset printing industry, targeting individual retail consumers as well as small to medium sized companies.
2008 On April 7, 2008, the Company re-incorporated in the State of Nevada by merging into China Information Security Technology, Inc., a subsidiary that the Company established in Nevada to effect the re-incorporation. As a result, the Company's name was changed to China Information Security Technology, Inc. and we became a Nevada corporation.
2010 On August 26, 2010, the Company changed its name to China Information Technology, Inc., or CITN.
2012 On October 31, 2012, the Company completed a corporate reorganization, whereby the Company, which was established as a subsidiary of CITN under the laws of the BVI to effect the reorganization, became the parent company of a publicly held entity. Consequently, CITN became a wholly-owned subsidiary of the Company.
In connection with the reorganization, each outstanding share of the common stock of CITN was converted into the right to receive one ordinary share of the Company. The ordinary shares of the Company were listed on the NASDAQ Global Select Market under the trading symbol of “CNIT,” the same symbol under which the common stock of CITN were listed.
On November 19, 2012, the Company changed the name of CITN to China Information Technology (Nevada), Inc., which was liquidated and dissolved in July 2014.
2017 On October 12, 2017, the Company filed an amended and restated Memorandum and Articles of Association with the Registrar of Corporate Affairs in the BVI, pursuant to which the par value per share of the Company's ordinary shares has been removed.
2018 On May 25, 2018, the Company held its 2018 Annual Meeting of Members and its shareholders approved the change of company name to “Taoping Inc.” and an amendment and restatement of its Memorandum and Articles of Association to reflect such change of name.
In connection with the name change, the trading symbol of its ordinary shares was changed to “TAOP,” effective on June 1, 2018.
2020 On July 30, 2020, the Company completed a share combination of the Company's ordinary shares at a ratio of one-for-six, which decreased its outstanding ordinary shares to approximately 7,332,434 shares.
2021 In June 2021, the Company consummated an acquisition of 100 of the equity interest of Taoping New Media Co., Ltd (“TNM”), a leading media operator in China's out-of-home digital advertising industry.
2022 In January 2022, the Company completed the acquisition of 100 equity interest of ZJIOT, aiming to accelerate the Company's smart charging pile and digital new media businesses in East China.
2023 In May 2023, the Company established a subsidiary Taoping EP Holdings (Shenzhen) Co., Ltd. with a majority stake of 51 , to explore the new off-grid wastewater treatment business line.
On August 1, 2023, the Company completed a share combination of the Company's ordinary shares at a ratio of one-for-ten, which decreased its outstanding ordinary shares to approximately 1,864,554 shares.
In September 2023, the Company acquired 80 equity from other shareholders of Fujian Taoping Investment Co., Ltd. with nil consideration, to expand its digital advertising and other businesses in Fujian Province. As a result of the acquisition, the Company currently owns 100 of Fujian Taoping Investment Co, Ltd.
In November 2023, the Company established a subsidiary Taoping (Guangxi) EP Tech Co., Ltd. to expand its wastewater treatment business in Guangxi Province.