HONG KONG, Aug.12, 2020
/PRNewswire/ -- Cogobuy Group ("Cogobuy" or the
"Company", stock code: 400.HK; with its subsidiaries (the
''Group'')) is pleased to announce the Company's flagship
Ingdan Innovations, a platform engaged in chip sales and
technology services, has signed a strategic investment
agreement with Guangdong Finance Fund Management Co., Ltd.
("Guangdong Finance Fund Management"), making it the leading
strategic investor in Ingdan Innovations. The investment
supports Ingdan Innovations' rapid development in the
trillion-RMB domestic chip market, and will contribute to the
resumption of high growth for the Company's core business.
Guangdong Finance Fund Management belongs to Guangdong's largest provincial integrated
financial platform, Guangdong Yueong Investment Holding Co., Ltd.,
with assets under management near 42 billion RMB and
focuses on investments in strategic emerging industries, modern
services, advanced manufacturing, digital creativity, industrial
Internet of Things, and green and low-carbon fields.
Ingdan Innovations is the Group's chips sales
and technology services platform. Ingdan Innovations
leverages a network of over 50% of global IC suppliers
and top domestic chip companies, and provides chips
sales services to over 100 global high-end chip suppliers and tens
of thousands of smart hardware companies. With Guangdong Finance
Fund Management as a strategic investor, Ingdan Innovations
will have access to more capital, enabling it to capture the strong
demand for high-end chips, driven by the large-scale expansion of
5G, artificial intelligence, Internet of Things, and other new
infrastructure in China. The new
investment will also help the Company's business resume its high
growth trajectory.
Mr. Jeffrey Kang, CEO of
Cogobuy Group, said, "Despite the headwinds of the SARS-CoV-2
pandemic and sharp deterioration in China-U.S. relations, China effectively brought the pandemic under
control and stabilized domestic economic growth through bold
infrastructure investments. These new policies are speeding up the
development of 5G new infrastructure and increasing the demand of
high-end chips. Cogobuy expects domestic demand for high-end chips
in the coming years to increase significantly, creating
opportunities for rapid growth in the Company's chip sales. We also
expect the successful addition of our leading strategic investor,
Guangdong Finance Fund Management, the largest provincial
integrated financial platform in Guangdong, to encourage other strategic
investors to join in the near future. The new capital will help
Cogobuy rapidly increase our chip sales and market share in the
trillion-RMB domestic chip market, effectively realizing the
recovery of the Group's high growth."
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About Cogobuy Group
Cogobuy Group is headquartered in Shenzhen, with offices and branches across
major cities in China, including
Hong Kong, Shanghai, Beijing, Wuhan, Chengdu, Nanjing, Hangzhou, and Xi'an, as well as overseas branches in
Singapore, Israel, and Japan. Following a major business
restructuring in 2019, the Group merged its chips sales and
artificial intelligence and internet of things ("AIoT") services
under its Ingdan Innovations business unit, and merged its R&D
and IoT product financing and corporate services, into its
Ingfin Services business unit, forming a new "Ingdan Innovations +
Ingfin Services" dual business model. For further information,
please refer to the Company's website at
http://www.cogobuy.com/
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SOURCE Cogobuy Group