Why Chinese Stock Luokung Popped 34% This Morning

Chinese tech stock Luokung Technology (NASDAQ: LKCO) is sizzling today, trading up 17% as of 11:30 a.m. EDT after climbing as high as 34.3% in the morning thanks to a tie-up with tech giant Microsoft (NASDAQ: MSFT). This could be just the beginning of a long-term bull run for the small-cap stock.

Luokung specializes in location-based services and digital mapping technology and has been vying for growth, especially in the autonomous driving space, ever since it bought eMapgo Technologies earlier this year. eMapgo provides car navigation, mapping, and advanced driver-assistance systems.

In its recently released report, IDC Consulting reported 70% growth in China's high-definition maps market in 2020, and named eMapgo as the third-largest mapping company in the nation with 16.15% market share, just behind Baidu and NavInfo.

Source Fool.com