HONG KONG, Aug.13, 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/