HONG KONG, March 9, 2020 /PRNewswire/ -- Cogobuy Group ("Cogobuy" or the "Company", stock code: 400.HK; with its subsidiaries (the ''Group'')) is pleased to announce the Shenzhen National Development and Reform Commission ("Shenzhen NDRC") has included the chips and artificial intelligence industrial base from the Company's flagship Ingdan Innovations in its new RMB200 billion investment plan, the "Shenzhen Major Project Plan 2020". The transformative industrial project will contribute significantly to China's next-generation IT industry.
The AI industrial base is covering the entire industrial chain of chip design, manufacturing, application, marketing, and data services. It has the ability to transform innovative ideas into intelligent hardware products, and serve as the basis for a "chip-devices-cloud" intelligent hardware ecosystem. As part of the new "Shenzhen Major Project Plan 2020", the AI industrial base will serve two core business areas: (1) semiconductor chips and (2) Internet of Things ("AIoT"). Ingdan Innovations will provide enterprises with chip application solutions, and drive the development of a "chip-devices-cloud" big data ecosystem. Ingdan Innovations will also develop a proprietary AI and big data engine, which will become an additional source of income for the Company.
Mr. Jeffrey Kang, CEO of Cogobuy Group, said, "The inclusion of our chips and AI industrial base in the 'Shenzhen Major Project Plan 2020' reflects the government's recognition of our Company's contribution to the semiconductor chip and AI industries. It also creates a valuable opportunity for the Company's development.
"China has the largest market for semiconductor chips. Additionally, the increasing proliferation of 5G applications will drive further development in AIoT technologies, and explosive growth within China's chip market. With over 20 years of experience and a leading position in the market, Cogobuy's chip and AI industrial base will further enhance our end-to-end AIoT online platform to serve China's growing chip economy."
About Cogobuy Group
Cogobuy Group is headquartered in Shenzhen, with offices and branches across major cities in mainland 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 Ingdan 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/
SOURCE Cogobuy Group