TIANJIN, China, Dec. 29, 2025 /PRNewswire/ -- Taoping Inc. (Nasdaq: TAOP) (the "Company"), a provider of innovative smart cloud platform services and solutions, today announced two significant strategic milestones underscoring its accelerating growth trajectory: the establishment of a new corporate headquarters and the signing of US$2 million in smart elevator renewal contracts.
As part of its long-term growth and scale strategy, Taoping has officially relocated its corporate headquarters to a more prominent and strategic location in Tianjin, China. The new headquarters is situated in the Tiankai Higher Education Park on the 21st floor of Building 3, Tianjin Science and Technology Plaza, Keyan West Road, Nankai District, Tianjin. This move strengthens Taoping's operational foundation, enhances access to innovation resources, and positions the Company closer to key partners and customers stakeholders. Taoping will continue to maintain an active presence in Shenzhen, China, serving as its southern headquarters and innovation hub.
Anchoring this relocation are the newly secured smart elevator renewal contracts valued at US$2 million, awarded to Taoping's newly acquired subsidiary, Skyladder (Tianjin) Technology Development Co., Ltd. The Company expects to complete the project and recognize the full contract value as revenue in the first quarter of 2026, providing near-term revenue visibility and reinforcing execution strength.
China's elevator modernization market represents a substantial and rapidly expanding opportunity. According to official data from the State Administration for Market Regulation, China currently has approximately 12 million elevators in operation, with nearly 10% having been in service for more than 15 years. The large-scale renewal of aging elevators has become a national priority, supported by the July 2024 and January 2025 State-issued policy, "Several Measures on Strengthening Support for Large-scale Equipment Renewal and Consumer Goods Trade-in."
Backed by favorable government policy, Taoping is addressing longstanding industry pain points through a technology-driven, data- and AI-enabled business model. Moving beyond the traditional single-equipment upgrade approach, Taoping leverages core technologies such as deep IoT perception and AI-powered autonomous decision-making to collect real-time elevator operational data through intelligent sensors. By integrating its proprietary platforms, the Company delivers a comprehensive, full life-cycle smart service system that enhances safety, efficiency, and operational intelligence, creating a clear and differentiated competitive advantage.
Mr. Jianghuai Lin, Chairman and Chief Executive Officer of Taoping, commented, "We are excited to be entering 2026 in a strong position for growth as we focus on unlocking greater value for shareholders. China's elevator industry is entering a powerful dual-growth cycle driven by both large-scale renewal demand and comprehensive intelligence upgrades. The deep synergy between Taoping's full life-cycle smart service capabilities and our platform resources significantly strengthens our strategic position in the smart elevator sector. Looking ahead, we will continue to advance our renewal plus integrated operations and maintenance model and leverage our proven success across key cities nationwide as we deliver sustainable long-term value for our shareholders."
About Taoping Inc.
Taoping Inc. (Nasdaq: TAOP) has a long history of successfully leveraging technology in the development of innovative solutions to help customers in both the private and public sectors to more effectively communicate and market to their desired targets. The Company has built a far-reaching city partner ecosystem and comprehensive portfolio of high-value, high-traffic areas for its products, which are aligned together with Taoping's smart cloud platform, cloud services and solutions, new media and artificial intelligence. For more information about Taoping, please visit http://en.taop.com. You can also follow us on X.
Safe Harbor Statement
This press release contains "forward-looking statements" that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, such as statements regarding our estimated future results of operations and financial position, our strategy and plans, and our objectives or goals, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including "anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "should," or "will" or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by these forward-looking statements. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: our potential inability to achieve or sustain profitability or reasonably predict our future results, the effects of the global pandemic or other health crisis, the emergence of additional competing technologies, changes in domestic and foreign laws, regulations and taxes, uncertainties related to China's legal system and economic, political and social events in China, the volatility of the securities markets; and other risks including, but not limited to, those that we discussed or referred to in the Company's disclosure documents filed with the U.S. Securities and Exchange Commission (the "SEC") available on the SEC's website at www.sec.gov, including the Company's most recent Annual Report on Form 20-F as well as in our other reports filed or furnished from time to time with the SEC. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.
SOURCE Taoping Inc.
