Taoping to Expand e-Bike Charging Network to 50 Cities in China by End of 2022

HONG KONG, Aug. 23, 2022 /PRNewswire/ -- Taoping Inc. (NASDAQ: TAOP, the "Company" or "TAOP"), a provider of blockchain technology and smart cloud services, today announced it plans to accelerate the expansion of its e-bike charger network into 50 cities in China by the end of 2022. Taoping is leveraging its trusted brand, extensive partner network and safe chargers, which are used today in major cities including Shenzhen, Guangzhou, Shenyang, Quanzhou, Zhenjiang, Nanyang, Meizhou, and Maoming, among others. The Company has already received in excess of 320,000 orders for its e-bike charging solution, which it developed in strategic cooperation with Shenzhen Zhicheng Chuangtou New Energy Co., Ltd., a company focuses on the construction, operation and service of the infrastructure for smart cities.

Mr. Lin Jianghuai, Chairman and CEO of Taoping, said, "We are seeing explosive growth in the e-bike market, with China's total e-bikers expected to far outpace other countries. The rapid growth is being led by the push for environmentally friendly, energy secure sources of transportation. Growth accelerated even faster around COVID, with gyms and other exercise venues closed. Taoping is positioned to seize an even greater share of the lucrative e-bike charging opportunity given the existing footprint of our national partner networks, the faster speed of our proprietary chargers and our trusted band. Underpinning everything is our unwavering commitment to safety – from production through daily operation – which further differentiates Taoping and gives our e-bike chargers a premium as the sought after charging solution."

The Taoping Alliance is focused on further expanding its platform in key markets by building on the Company's close relationships with local governments, local communities, and property operators, to speed installation of its e-bike chargers in urban and suburban settings, office buildings, shopping malls and more. In Zhenjiang, Jiangsu province, for example, more than 200 of the Company's e-bike chargers have already been installed at the Zhenjiang National University Science Park, Zhenjiang New Area New Energy Industrial Park, Xuelin Ya County Community, Wujun New Residence Community, Hongda Commodity Mall, and many other locations.

The number of electric bicycles in China has grown to more than 340 million currently, with an expected 5% CAGR over the next five years. (source: China Bicycle Association). But the charging infrastructure was estimated to reach just 10.5 million electric bicycle charging piles, with a CAGR of 8.12% at the end of 2021. (source: Zhongyan.com). Despite the obvious growth rate, there is still a significant gap between charging facilities and the number of electric bicycles. Taoping is actively working to reduce the significant gap between charging facilities and the number of electric bicycles.

About Taoping Inc.

Taoping Inc. (NASDAQ: TAOP) is a blockchain technology and smart cloud services provider. The Company is dedicated to the research and application of blockchain technology and digital assets, and continues to improve computing power and create value for the encrypted digital currency industry. Relying on its self-developed smart cloud platform, TAOP also provides solutions and cloud services to industries such as smart community, new media and artificial intelligence. To learn more, please visit https://www.taop.com/.

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SOURCE Taoping Inc.