Chinese eco-tech company ReTo has acquired Yile IoT, a cloud based developer of IoT solutions for automobile, logistics, manufacturing and services industries. ReTo aims to integrate Yile IoT’s cloud based IoT technologies with its own to develop new IoT-based solutions and technologies for the ecological and environmental protection industries.

Yile IoT and its subsidiaries have developed cloud based IoT solutions and products that primarily service automobile rental, ride sharing, and logistics sectors in China.

ReTo will acquire 100% of the equity interest RMB 10 million in cash.

Mr. Hengfang Li, Chairman and Chief Executive Officer of ReTo, commented: “We believe this transaction will enable us to integrate Yile IoT’s technologies into ReTo and accelerate the upgrade and growth of ReTo’s business. With the support of IoT technologies, ReTo strives to become a technology driven provider of services for ecological and environmental protection industries.”

Founded in August 2014 in Haikou, the capital city of Hainan Province, China, Yile IoT is a high-tech enterprise focusing on the research, development and application of IoT technologies. Yile IoT provides secure and credible scenario-based solutions and products for clients primarily in the automobile rental, ride sharing and logistic sectors. Yile IoT also applies its patented Internet of Things technologies to traditional manufacturing and service industries.

Founded in 1999, ReTo Eco-Solutions, Inc., through its proprietary technologies, systems and solutions, is striving to bring clean water and fertile soil to communities worldwide. The Company offers a full range of products and services, ranging from the production of environmentally-friendly construction materials, environmental protection equipment, and manufacturing equipment used to produce environmentally-friendly construction materials, to project consulting, design, and installation for the improvement of ecological environments, such as ecological soil restoration through solid waste treatment.