HONG KONG, Dec. 19, 2019 /PRNewswire/ -- Cogobuy Group ("Cogobuy" or the "Company", stock code: 400.HK; with its subsidiaries (the ''Group'')) is pleased to announce it intends to optimize its business by reorganizing its subsidiary structure. Upon completion, the Company will hold 75% of [Ingdan Innovations], which will operate IC sales and Artificial Intelligence Internet of Things ("AIoT") solutions, and 100% of [Ingfin Services ("IFS")], which will run the development and sales of its proprietary products, financing, and other enterprise services. Both operations will continue to be consolidated into the Company's financial statements.
Furthermore, the Company completely repaid its syndicated loan, signed during December 2016, on time.
Through the reorganization, Cogobuy will integrate its global upstream resources and its diversified customized AIoT modules solutions. The reorganization will empower Ingdan Innovations to leverage over 50% of IC suppliers to the world's top 100 suppliers and the top domestic chip companies, as well as INGDAN's internet platform and data analysis capabilities. Ingdan Innovations will be able to better serve upstream chip suppliers by effectively promoting their products and technologies' application, to meet the rapidly growing demands of AIoT companies. As a result, Ingdan Innovations will also be able to gather and benefit from valuable industry data.
Going forward, the Company will actively seek different potential strategic investments for Ingdan Innovations, as well as grow its cooperation with leading AIoT hardware and software companies to expand solutions for INGDAN's Internet technology platform, and together build new Industrial Internet companies with AIoT.
IFS will focus on developing proprietary products for different industries, including the Internet of Vehicles, smart homes, artificial intelligence, surveillance and others. Moreover, IFS will provide financing, sales, marketing, and other enterprise services to AIoT companies by leveraging Cogobuy's financing and other service capabilities. IFS will also seek investment opportunities in high-quality startups within the AIoT ecosystem, to improve the Group's overall strategic position and generate new investment income.
Mr. Jeffrey Kang, CEO of Cogobuy Group, said, "This latest business restructuring will enhance the Group's operational efficiency and market competitiveness. By Integrating our two primary businesses -- IC sales and artificial intelligence and internet of things ("AIoT") -- under Ingdan Innovations, we remove the mutual parts and obstacles from the previous businesses, and fully realize the Company's core competencies. The Ingdan Innovations will be well positioned to capture opportunities from the emerging AIoT market and the coming 5G-dominated era, Ingdan Innovations is also seeking strategic investors who will further strengthen the Company's position in the market.
"We will also strengthen our R&D investments in IFS to expand its proprietary technology products portfolio. With IFS, we are actively looking for high-quality innovation projects, such as those from the smart auto industry, and plan to capture new opportunities in other emerging high-growth sectors.
"With the strong growth momentum of 5G, our 'Ingdan Innovations + Ingfin Services' new dual business model will be ready to capture new opportunities and generate long-term profitable returns for Cogobuy."
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, previously operated by a series of companies under Hardeggs Holdings Limited, 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/
