Jingbo Technology Inc 's

The smart parking industry has experienced increased competition from providers with limited resources for research, development, and post-sale services, resulting in lower prices but reduced product quality. This situation has disrupted market order and created competitive pressure on quality manufacturers, which is considered unfavorable for the industry's healthy development. Over the past three years, internet companies have made significant capital investments in the smart parking sector. In February 2018, Ant Group, affiliated with Alibaba, invested 200 million yuan in J-Parking. In August 2018, Tencent made a strategic investment in Xiamen Ketuo Co. These internet companies utilize their capabilities in artificial intelligence, mobile payment, and related technologies to establish strategic partnerships with smart parking platforms, promoting the advancement of unattended smart parking services.