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Source: Media Outreach

Highlights of the Interim Results for the Six Months Ended June 30, 2022:

  • The expanding scope of 5G-enabled chip applications has generated strong demand for chips, especially for the industrial chip market, which kept the Group’s chip business growing. During the Period, total revenue reached RMB4,702.4 million, representing a year-on-year increase of 19.7%.
  • In the first half of 2022, net profit increased by 22.9% year-on-year to RMB211.9 million, and profit attributable to equity shareholders of the Company was approximately RMB131.7 million, a year-on-year increase of 19.2%.
  • The Shenzhen Stock Exchange confirmed Comtech’s application for A Share Listing on the ChiNext Board, which will enable the Group to further expand the domestic capital and chip market.
  • During the Period, more than 10 Chinese and foreign banks granted credit facilities to Comtech, including Bank of China Limited, Shenzhen Branch, which help accelerate the development of the Group’s chip business.
  • The Group entered into a strategic technology partnership with Chinasoft International to launch an “OpenHarmony +” solutions platform, which introduces OpenHarmony into the ten billion-dollar intelligent hardware market.

< >HONG KONG SAR – Media OutReach – 31 August 2022 – Ingdan, Inc. (“Ingdan,Inc.” or the “Company”, stock code: 400.HK; with its subsidiaries (the ”Group”)), formerly known as “Cogobuy Group”, a technology service company focusing on serving global chip industry and artificial intelligence (“AI”) and internet of things (“IoT”, together “AIoT”) ecosystem, with its core businesses “Comtech” and “Ingdan”, is pleased to announce its unaudited interim results for the six months ended June 30, 2022 (“the first half of 2022” or the “Period”).

Financial Highlights of the First Half of 2022

Extensive application of 5G technology has enabled the digital transformation of many industries, which has further increased the demand for chips. Driven by the rapid development of “new economy” industries such as EV, New Energy, and Digital Infrastructure, demand for industrial chips was particularly strong and offset the pressure from declining demand for consumer electronics chips. Industrial chip demand continued to accelerate the growth of chip business, and drove the overall performance of the Group. The Group serves the “Chips-Devices-Cloud” ecosystem along the AIoT industrial chain, covering the smart fields of various industries, and brings in sustainable business revenue. As of June 30, 2022, the Group’s net profit was approximately RMB211.9 million, a YoY increase of 22.9%; revenue was approximately RMB4,702.4 million, a YoY increase of 19.7%, of which the revenue of Comtech was RMB4,092.8 million, a YoY increase of 25.7%; gross profit was approximately RMB424.4 million, a YoY increase of 23.2 %. During the Period, the Group’s profit attributable to equity shareholders of the Company was RMB131.7 million, a significant YoY increase of 19.2%. The Company’s cash and bank balances (including short-term bank deposits and pledged deposits) was RMB988.6 million. The Group’s bank loans were RMB811.0 million. The basic common shares outstanding were 1,401,077,732, and the weighted average number of ordinary shares for the purpose of diluted earnings per share were 1,397,130,000.

Comtech’s Chip Business Maintains Growth Momentum

The chip market continues to expand rapidly. IC Insights, Inc. expects total global chip sales to increase by 11% in 2022 to a record US$567.1 billion, with growth in chip demand remaining strong.[1] During the Period, despite lower-than-expected demand for consumer electronics chips, the rapid expansion of New Energy, V2X, and Battery Management System (BMS) markets strengthened the demand for industrial chips in the first half of the year, driving growth in Comtech’s chips business. Comtech, a technology services platform for the chip industry, focuses on the application design and distribution of IC chips, while maintaining connections with over 50% of global high-end chip suppliers and many leading domestic chip companies, allowing it to serve over a hundred global high-end chip suppliers upstream, and tens of thousands of electronics manufacturing enterprises downstream. With the popularization of 5G and the support of national policies, the demand for chips will continue to rise, helping the chip business maintain its steady growth trend.

Confirmed A Share Listing Application for Comtech

The Company obtained approval from The Hong Kong Stock Exchange Limited for the spin-off and separate listing of Comtech on A shares in Mainland China in 2021. During the Period, the Company officially changed its name from “Cogobuy Group” to “Ingdan, Inc.”, so as to give investors a clearer understanding of the main businesses of “Comtech” and “Ingdan, Inc.”. Moreover, Comtech also received confirmation from the Shenzhen Stock Exchange on June 30, 2022, regarding its application for A Share Listing on the ChiNext Board. The completion of the proposed A Share Listing will further expand the Group’s development in the domestic capital and chip market, enhance the strength of its chip business, and promote the Group’s long-term and strong performance. The Company will remain the ultimate controlling shareholder of Comtech, and its financial results will still be consolidated into the Company.

Comtech Receives Credit Facilities Support from Several Banks

Financial institutions continued to favor the Group. During the Period, Comtech was granted a RMB300 million credit facility by Bank of China Limited, Shenzhen Branch, and obtained financial support from more than 10 Chinese and foreign banks to promote the development of the Group’s chip business. The new loans demonstrate the financial institutions’ confidence in the Group’s development potential in the domestic trillion-dollar chip market. Comtech will efficiently apply the relevant capital to the enhancement of its chip business, take advantage of the dividends from the national policy, and capture market opportunities, to help the Group achieve high growth returns.

Ingdan Realizes Coordinated Development of iPaaS

Ingdan focuses primarily on the R&D and sales of its own branded AIoT intelligent hardware products, as well as the data services of its AIoT intelligent hardware products under “Ingdan Cloud”. Ingdan customizes the complete application solutions and products of AIoT intelligent hardware for customers, and offers a series of products such as the Harmony Intelligent Battery, and Intelligent Panel and Intelligent Communications modules. Meanwhile, Ingdan Cloud collects, manages, and analyses data on AIoT products, forming a circular model of “AIoT Products — Data — Analyse” to further support its AIoT data empowerment business.

5G and AI technologies helped accelerate the intelligent transformation of many industries. The continuous widening of application scenarios, has made AIoT one of the top fields in global technology development. At the same time, AIoT has come to rely on different technology integrations of iPaaS (Integration Platform as a Service) to achieve intelligent transformation. iPaaS platform services make the design and application of AIoT intelligent hardware products more automated, and cross-application data sharing more convenient. According to Verified Market Research Report, the iPaaS market is expected to reach upwards of US$23.7 billion in 2028, representing a CAGR of 37.2% from 2021 to 2028.[2] To expand the iPaaS market further, Ingdan launched its own iPaaS platform to provide iPaaS services such as technology integration solutions and marketing solutions to core technology suppliers along the AIoT Chips-Devices-Cloud industry chain, deepening its engagement with its five main AIoT verticals: V2X, Smart Home, Robotics, Smart Manufacturing, and Smart Medical.

In addition to designing and selling AIoT intelligent hardware products, Ingdan’s iPaaS platform collects, manages, and analyses data on various intelligent hardware through Ingdan Cloud. In the era of “Big data”, global data forecasts are gradually increasing, and it is expected that global data volume will reach 175ZB in 2025, the same as the total data available for the ten years from 2010 to 2020.[3] Ingdan will continue to grow its AIoT Chips-Devices-Cloud ecosystem and develop Ingdan Cloud’s AIoT intelligent hardware product data service, building an AIoT data cloud company that will achieve long-term growth in the Group’s business.

Jointly Promoting OpenHarmony with Chinasoft International

The OpenHarmony open-source technology platform has become the industry ecology and standard with 63 million global downloads.[4] It is now one of the essential operating systems for global smart terminals, and helps promote the independent and controllable information security and core technology industries in China. To further embed OpenHarmony into a wide range of AIoT products with ten billion-dollar market opportunities, during the Period the Group entered a strategic technology partnership with Chinasoft International to jointly launch the “OpenHarmony +” solutions platform. The platform will empower industries such as Smart Finance, Smart Cities, Industrial Manufacturing, New Energy, and V2X to further standardize intelligent hardware and technology applications across various industries. Both parties planned to complete the joint development of the OpenHarmony collaborative innovation platform by 2022, to provide comprehensive technical service in Suzhou, Yancheng, Tianjin, and other locations. With the resource advantages of both parties, they will jointly promote the application of OpenHarmony in relevant ecosystems and industries. Ingdan will be active in introducing OpenHarmony open-source technology to its iPaaS services, to integrate various intelligent hardware products to achieve standardized upgrades.


Mr. Jeffrey Kang, CEO of Ingdan, Inc., said, “Against the backdrop of an escalation in the Sino-US trade war, the recent US bill has mainly targeted containment of chip design and production in China, but it has no direct impact on the chip application and distribution business of Comtech. Driven by rapid digital transformation and the development of 5G, the demand for chips will only continue to rise. Combined with new national policies to support the development of the chip industry, the Group’s core business will maintain strong growth. We expect Comtech’s chip business will continue to grow in coming years, and become the growth driver of the Group.

Looking ahead, China tech is entering a stage of high-quality development driven by 5G and AI technologies. The Group will strive to create a ‘Chips-Devices-Cloud’ ecosystem along the AIoT value chain, and also actively promote its iPaaS platform, further enabling IngDan Cloud to become a data company. The data company will capture a significant portion of the multi-billion dollar AIoT intelligent hardware market, and create a strong foundation for the long-term development of the Group. With the rapid development of the new economy and the intelligent transformation of industries, Ingdan’s potential will continue to be realized, which will promote the sustainable development of the Group and create long-term returns for shareholders.”

Caution Statement

The information contained in this document has not been independently verified. No representation, warranty or undertaking, express or implied, is made by the Company or any of its affiliates, advisers or representatives as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions presented or contained herein. The information contained in this document should be considered in the context of the circumstances prevailing at the time, is subject to change without notice and the Company makes no undertaking to update the information in this document to reflect any developments that occur after the date of the presentation. It is not the Company’s intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company, or its financial or trading position or prospects. Neither of the Company nor any of its affiliates, advisers or representatives accept any responsibility or have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

This document may contain statements that reflect the Company’s current intent, beliefs, and expectations about the future as of the respective dates indicated herein. These forward-looking statements not guarantees of future performance and are based on a number of assumptions about the Company’s operations and factors beyond the Company’s control and are subject to significant risks and uncertainties, and accordingly, actual results may differ materially from those described in these forward-looking statements. Neither the Company nor any of its affiliates, advisers or representatives has any obligation, nor do they undertake, to update these forward-looking statements for any events or developments including the occurrence of unanticipated events that occur subsequent to such dates.

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