WIMI Announces the Establishment of The Holographic Metaverse Division, Laying out the Metaverse Underlying Holographic Technology Research And Development

ETC

BEIJING, Aug. 24, 2021 /PRNewswire/ — WIMI Hologram Cloud (NASDAQ: WIMI), a leading holographic AR application technology provider in China, today announced the establishment of the "Holographic Metaverse Division" to develop the underlying Metaverse holographic technology and to explore the "next generation Internet".

Metaverse reflects human beings’ exploration of the essence of things and the origin of the universe, and their pursuit of an idealized world. The essence of "Metaverse" is an open virtual world, which requires the support of hardware and software conditions to serve many users through the Internet with high coverage and excellent network quality, so as to ensure the basic operation and content production of this virtual world. WIMI set up holographic Metaverse Business Division mainly to develop the hardware and software of the underlying holographic technology and further expand the application of holographic technology in the Metaverse scene.

1. In terms of Metaverse software technology, WIMI embedded holographic AR content into virtual applications based on imaging detection and recognition technology, template matching and detection technology, video processing and recognition technology, holographic 3D layer replacement technology in imaging recognition and dynamic fusion processing technology in imaging tracking. WIMI’s holographic AR content and holographic imaging services based on image detection, recognition, template matching, dynamic image fusion and replacement will generate commercial value in Metaverse commercial applications.

2. In terms of Metaverse holographic applications, WIMI has a comprehensive holographic IP equity content library, and virtual holographic content covers from 3D models to holographic virtual products. WIMI owns a total of 4,654 holographic virtual IP rights that can be used in WIMI’s holographic AR products and solutions, covering a wide range of categories, including holographic anime, virtual live streaming, virtual idol and virtual social. WIMI’s virtual assets will generate business value in Metaverse.

3. In terms of Metaverse holographic hardware, WIMI has launched its holographic XR head-mounted display product "WIMI Hologram SoftLight", which has been licensed by FFC and approved to enter the US market. This accelerated iteration in image color management, interfacing devices, and the feel of the wearing experience will lay the groundwork for WIMI in the Metaverse headsets market.

WIMI has developed industry-leading holographic AR technologies such as 3D visualization and a comprehensive Software-as-a-Service ("SaaS") platform. WIMI can facilitate the visualization of high-resolution photorealistic product renderings on a pixel basis. The Company’s holographic AR business customer base covers a wide range of industries, including advertising, entertainment, education, and telecommunications. With the widespread use of Metaverse, WIMI expects the holographic cloud industry toexperience exponential growth in turn.

Since commencing its commercial operations in 2015, WIMI has evolved into a leading provider of comprehensive holographic cloud solutionsin China. The Company has established sophisticated systems to develop holographic AR technologies, produce and store holographic AR content, and commercialize AR-based holographic services and products. In China, as of December 31, 2020, WIMIowned195registered patents covering technologies for image processing and display, model input or output, and 3D modeling,325 registered software copyrights, and over 4,600pieces of ready-to-use AR holographic content that is of the highest quality and an industry-leading grade of simulation.The Company’s revenues for the fiscal year ended December 31, 2020,were RMB766.0 million (US$117.4 million), representing an increase of approximately 140.0% from RMB319.2 million in the fiscal year 2019, and it launched its semiconductor business in the second half of the year.

About WIMI Hologram Cloud

WIMI Hologram Cloud, Inc.(Nasdaq: WIMI), whose commercial operations began in 2015, is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies. For more information, please visit http://ir.WIMIar.com.

Safe Harbor Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminologysuch as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release, as well as the Company’s strategic and operational plans, contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition and results of operations; the expected growth of the AR holographic industry; and the Company’s expectations regarding demand for and market acceptance of its products and services. Further information regarding these and other risks is included in the Company’s annual report on Form 20-F and current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable laws.

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