Le Lézard
Classified in: Science and technology, Business

Cogobuy Provides Business Update Seeing INGDAN.com Commercialization As Future Growth Driver


HONG KONG, Dec. 17, 2017 /PRNewswire/ -- Cogobuy Group ("Cogobuy" or the "Company", stock code: 400.HK), an e-commerce platform serving the electronics manufacturing industry in China, announces that the Company has gradually overcome the impact of its tightened credit facilities. Its direct sales business, which had reached a low point in the third quarter of 2017, has since gradually rebounded in the fourth quarter of 2017. The Company has also accelerated the collection of outstanding loans from its IngFin Financing Services to raise its internal cash ratio. Cogobuy anticipates the second half of 2017 is still profitable, and the growth of its direct sales business in the coming year will depend on the recovery of bank credit lines.  

The Company also adjusted its business focus by promoting a new "INGDAN.com Commercialization + IC Component Dual Business Model". The commercialization of INGDAN.com's projects has gradually become a major growth driver for the Company, adding significant growth to its new businesses including corporate services, technology transfers, and investment gains from potential projects.

Looking beyond the fourth quarter of 2017, the Company aims to further develop and promote INGDAN.com. With access to core AI technologies from well-known tech giants, INGDAN.com is targeting the traditional manufacturing technology upgrade market, and preparing for deeper collaboration with leading companies. During the second half of 2017, INGDAN.com entered a strategic partnership with Samsung Electronics Co., Ltd., to connect Samsung's ARTIKtm IoT Platform with INGDAN.com's users and supply chain ecosystem, helping customers capture opportunities in China's Trillion-RMB IoT market. Samsung ARTIKtm is the latest end-to-end integrated IoT solutions platform, and the partnership with Samsung ARTIKtm will strengthen INGDAN.com's capacity to provide turn-key AI solutions for chips, software, cloud, and data services, and to assist companies in upgrading or developing AI-enabled products and services.

Mr. Jeffrey Kang, CEO of Cogobuy Group, said, "Although the growth in our direct sales business was lower than our original plan due to tightened bank facilities, our Company is moving in the right direction. We are gradually reducing our reliance on our traditional IC components business, transforming our corporate development strategy, and expanding revenues from corporate services and projects investment gains. Additionally, INGDAN.com has incubated numerous projects in AI, intelligent hardware, and chips. For example, we have incubated a robotic business and brought it to commercialization, we expect to achieve monetization of this robotic business in the next few months. Looking ahead to 2018, our Group will be focusing on AI adoption and commercialization, and launching more projects in this area." 

About Cogobuy Group

Cogobuy Group is an e-commerce service platform serving the electronics manufacturing industry in China. Through the e-commerce platform, which includes a direct sales platform, an online marketplace, and a dedicated team of technical consultants and professional sales representatives, the Company provides customers with comprehensive online and offline services across pre-sale, sale, and post-sale stages. For further information, please refer to the Company's website at http://www.cogobuy.com/

About INGDAN.com

INGDAN.com is a platform dedicated to connecting global intelligent hardware entrepreneurs and China-based supply chain resources. The platform provides information on hardware innovation, supply chain data, and supply chain demand docking for global IoT innovators and entrepreneurs. It is a one-stop hardware innovation business platform with its core being the "supply chain." For further information, please refer to the Company's website at http://www.ingdan.com/

This press release is issued by Financial PR (HK) Limited on behalf of Cogobuy Group.

SOURCE Cogobuy Group


These press releases may also interest you

at 11:19
On 29 March 2024, BTR New Material Group Co., Ltd. ("BTR")(835185.BJ), a global leader in battery materials, inked an investment agreement with the Moroccan government to erect a lithium battery ternary cathode material facility in the country. The...

at 11:08
AERKOMM Inc. (Euronext: AKOM, OTCQX: AKOM, "AERKOMM"), an innovative satellite technology company providing multi-orbit broadband connectivity solutions, and IX Acquisition Corp , a SPAC focused on the technology, media and telecommunications...

at 11:00
American Bureau of Shipping, CALAMCO, Fleet Management Limited, Sumitomo Corporation and TOTE Services, LLC ("TOTE Services") today announced the execution of a Memorandum of Understanding (MOU) to jointly conduct a feasibility study (hereinafter...

at 10:30
Unifi Aviation is making a pledge to employ 500 refugees over the next three years, a commitment the company made at the second annual TENT U.S. Business Summit on Refugees hosted by Pfizer at its global headquarters in New York City on March 26....

at 10:15
Today, Investopedia announced the winners of its 2024 Best Online Broker Awards, featuring 14 categories highlighting winners whose products and services helped investors navigate rising but volatile markets, a crypto resurgence, and new assets like...

at 10:12
NerdsToGo®, a leading information technology (IT) solutions and technology repair services franchise for both business and home, announced today plans for its strategic expansion throughout the greater Chicago area with 20 new territories available...



News published on and distributed by: