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Array’s Next-Gen Algorithmic Stablecoin System: Built on Self-Developed AI Algorithms

VICTORIA, MAHE, SEYCHELLES – Media OutReach – 3 April 2023 – Recently, the AI+Stablecoin project Array has attracted attention in the industry by utilizing on-chain AI algorithms to adjust liquidity curves and provide a new asset management method for Web3. In Web3, currency is considered a digital asset based on blockchain technology, which no longer requires centralized institutions to issue and manage. However, this decentralized currency system also has some issues, such as volatility and liquidity constraints.

array.png

Array is a full-chain protocol for decentralized asset management that aims to build the next-gen algorithmic currency systems through AI, allowing Web3 to break free from the cycles of volatility while still enjoying shared wealth creation. The Array team believes that “AI, as one of the core technologies, plays a crucial role in building algorithmic currency systems.”

Through self-developed AI algorithms, the Array team operates based on the Polygon Network public chain, adopts the dual token economic model ($ARA/$USDR), and creates original complex code and contract invocation logic, simplifying the complex steps of application interaction, bringing more composability to applications. Its trading operations are conducted on-chain, with open and transparent contracts and full open source.

Optimizing Liquidity with AI Algorithms

The Array team believes that in order to maximize benefits, pledging $ARA to obtain staking rewards and corresponding $USDR (with 400% over-collateralization) is the way to go. However, this leads to insufficient $ARA liquidity. To address this issue, the platform has developed a self-developed Liquidity Curve contract, which provides liquidity support for the platform. Through a complex algorithm that releases small amounts of $ARA to the market multiple times, this not only increases the bottoming fund pool but also creates opportunities and convenience for more people to participate in the project.

Array uses AI algorithms to achieve certain security and interoperability to ensure the safety of users’ digital assets and transactions, such as encryption technology, firewalls, etc. Users can easily connect traditional fiat currencies and cryptocurrencies, making fund transfers and transactions more accessible.

It is worth mentioning that this model not only allows seamless switching between traditional and cryptocurrencies but also further promotes the popularity and use of digital assets in the traditional financial system. It provides multiple guarantees for users and is expected to redefine the entire stablecoin industry.

Hashtag: #Array

The issuer is solely responsible for the content of this announcement.

Thailand Set to Welcome 20 Million Visitors During Songkran Festival

20 Million Visitors Expected In Thailand During Songkran Festival
People play with water as they celebrate during the Songkran holiday in Bangkok, Thailand, April 13. ( Photo : REUTERS )

After a three-year hiatus, the popular Songkran (Pi Mai) Festival will be celebrated in Thailand this April, with more than 20 million visitors expected to attend the festivities.

Sgcarmart Introduces New Financing Initiative for Used Cars

A new fully-digital ‘Smart Loan’ service for used car buyers

SINGAPORE – Media OutReach – 3 April 2023 – Sgcarmart, Singapore’s #1 car platform for buying & selling cars, officially introduced it’s new revolutionary car financing service, Sgcarmart Smart Loan today. This new fully-digital service seeks to boost used car sales in Singapore by offering car buyers below-market interest rates and a fast online approval process that can be done via MyInfo.

Sgcarmart user exploring Sgcarmart Smart Loan
Sgcarmart user exploring Sgcarmart Smart Loan

In the wake of rising car prices and the surge in COE premiums, demand for used cars has declined by up to 15% since the beginning of 2022, as evidenced by Sgcarmart’s transaction data. This has led to a build up of used car dealer inventory.

Sgcarmart’s Smart Loan aims to benefit both dealers and buyers, by boosting inventory turnover through the provision of attractive interest rates and lower monthly repayments. As a launch promotion, buyers can enjoy incredible savings on monthly repayments with an interest rate 2.28%^ plus $1,700 worth of perks, including a $500 cashback and an exclusive KINTO membership program.

“Buying a used car has become tough to finance with COE premiums being as they are now. The introduction of the new Sgcarmart Smart Loan service is a two-pronged approach aimed at providing greater support to dealers and also enhancing value for our users.” Mr Vinod Cherumadathil – Managing Director & CEO of Sgcarmart.

Sgcarmart Smart Loan is a revolutionary car-financing initiative that ensures a seamless buying experience offering below-market interest rates, fast and actual approval, with exceptional customer service. Used car buyers can also compare their total savings if they take a car loan with Sgcarmart against other financial institutions with the online savings calculator.

For more information on Sgcarmart Smart Loan, please visit
www.sgcarmart.com/car_loan

For more information on KINTO membership, please visit here.

^Promotional terms and conditions apply.

Hashtag: #Sgcarmart #SgcarmartSmartLoan #DigitalSmartLoan #SgcarmartFinancialServices #CarLoans #CarFinancing





The issuer is solely responsible for the content of this announcement.

About Sgcarmart

Sgcarmart is Singapore’s #1 car platform. With over 30,000 listings, it offers the largest database of new and used cars, with an average of 10 cars sold every hour, helping to drive approximately 70% of all second-hand car transactions in Singapore. The platform receives more than 1.6 million users every month, offering the highest level of support for drivers with its suite of value-added car ownership & transactional services.

Cinese International Announces 2022 Annual Results

Gross profit up by 35.5% year-on-year
Endeavors to sustain travel-related business and explore new opportunities with strategic deployment

HONG KONG SAR – Media OutReach – 3 April 2023 – Air ticket consolidator, travel business process management services provider and travel products services provider Cinese International Group Holdings Limited (“Cinese International”, collectively with its subsidiaries, the “Group”; stock code: 1620) has announced its annual results for the year ended 31 December 2022.

Total revenue of the Group was approximately HK$45.8 million for the year ended 31 December 2022 (2021: HK$55.8 million). Gross profit increased by approximately 35.5% year-on-year to approximately HK$22.5 million in 2022. Overall gross profit margin of the Group increased by approximately 19.5 percentage points, from approximately 29.7% in 2021, to approximately 49.2% in 2022, which was primarily attributable to the increase in the gross profit margin of the air ticket distribution segment.

Loss decreased by approximately 81.8% to approximately HK$13.8 million for the year ended 31 December 2022 (Loss for the year in 2021: HK$75.8 million), primarily due to the increase in gross profit of the Group; the turnaround in expected credit losses (“ECLs”) allowance on financial assets of HK$43.3 million from the approximately HK$39.3 million provision of ECLs allowance made in 2021, hence reversing ECLs allowance by approximately HK$4.0 million in 2022; and a one-off net provision of Departure and Deemed Disposition Taxes of approximately HK31.4 million in 2021 as income tax expenses.

Ms. Mariana Kou, Chairperson and Executive Director of Cinese International, said, “The Group’s performance in 2022 continued to be impacted by the prevailing COVID-19 pandemic, but to a lesser extent as compared to 2021. We saw continuous recovery in the travel industries with vaccination rates climbing and travel restrictions relaxing worldwide. At that, the Group recorded an increase in transaction volume and revenue of its air ticket distribution services and travel business process management services in 2022 against 2021. We have continued to explore new business opportunities to widen our income streams for sustainable development.”

During the year, the Group drew on its knowledge and experience from being a travel services provider to explore new business opportunities. It signed a non-legally binding memorandum of understanding in early 2022 with a travel services provider in the Greater Bay Area in relation to potential travel business cooperation. The Group commenced its cooperation with the said travel services provider in September 2022 to avail travel-related services in the Greater Bay Area and further developed its business operations in the Greater Bay Area since 2023 following the ease of the CoVID-19 pandemic. Accordingly, the Group expects to generate revenue for the travel products and services segment in 2023.

The air ticket distribution business segment experienced a remarkable recovery in 2022, despite the continued impact of the COVID-19 pandemic. Segmental revenue increased by approximately 54.1% year-on-year to approximately HK$11.4 million in 2022. Such increase was mainly attributable to the increase in transaction volume of air tickets sales and gross sales proceeds generated from air tickets sales, thanks to the continuous recovery of the travel industries with vaccination rates rising and travel restrictions relaxing worldwide. As at 31 December 2022, the Group had ticketing authority for more than 150 airlines and private fare deals with around 70 airlines, including top airlines based in Canada, the United States and China.

The travel business process management segment covers air ticket transaction processing, customer contact, BSP/ARC settlement and reconciliation, software development, and travel licensing and compliance, plus other administrative matters for customers. Segmental revenue generated from travel business process management rose by approximately 23.1% year-on-year to approximately HK$32.0 million in 2022. Such increase was mainly attributable to increase in transaction volume as travel industries continuously recovered amid the COVID-19 pandemic coming under better control. The Group will continue to expand its customer base by initiating sales efforts targeting travel agents that share similar profile and market positioning as its existing customers.

Prospects

Air travel demand is off to a very healthy start in 2023, which bodes well for the continued and steady industry recovery from the COVID-19 pandemic. It is expected that the airline, travel and tourism industries worldwide would be gradually recovered with steady demand for travel and increasing flight number. In addition to more countries relaxing or even cancelling their quarantine restrictions, airlines of different countries are increasing their number of destinations and passenger demand and bookings are also on the rise. In particular, the Group has resumed providing package tours in the first quarter of 2023. The Group therefore believes that the travel industries as a whole, are improving, which will in turn create business opportunities for the Group.

Ms. Kou concluded, “We will continue to establish the Group’s presence in the travel industries of the Greater Bay Area with our newly entered travel business corporate arrangement mentioned above. We will continue to deploy business strategies with a view to sustain the Group’s travel related businesses and endeavor to explore suitable business opportunities from time to time in the travel consultancy, healthcare, hospitality and other potential service industry by leveraging our knowledge and experience, so as to create business synergy, enhance earning capability and potential, and bring value to shareholders.”

Hashtag: #CineseInternational

The issuer is solely responsible for the content of this announcement.

Experience the Charm and Comfort of Kyoto with the Grand Opening of Travelodge Kyoto Shijo Kawaramachi.

KYOTO, JAPAN – Media OutReach – 3 April 2023 – Travelodge Hotels Asia Co., Ltd. has recently unveiled its newest addition to its portfolio, “Travelodge Kyoto Shijo Kawaramachi” (located in Nakagyo-ku, Kyoto City, Kyoto Prefecture, and managed by General Manager Masaki Takamoto), which officially opened on March 15, 2023. Since its launch, the hotel has been highly praised by international customers from Hong Kong, South Korea, Thailand, Singapore, and beyond, who find the familiar brand reassuring and comforting. The hotel’s location in Kawaramachi, known for its famous tourist attractions like Yasaka Shrine, Fushimi Shrine, Kiyomizu Temple, and Kyoto Imperial Palace, makes it a popular destination for both domestic and international travellers. With numerous bus and subway stations nearby, it serves as a convenient transportation hub to explore the city. Plus, it has excellent access to JR Kyoto Station, Itami Airport, and Kansai Airport, making it an ideal choice for all travellers.

Travelodge Kyoto Shijo Kawaramachi Entrance and Hotel Lobby
Travelodge Kyoto Shijo Kawaramachi Entrance and Hotel Lobby

“An essentially better stay”
Our hotel offers guests a comfortable and convenient stay in the heart of Kyoto. Our guest rooms have been well-received by customers for their comfortable sleep in our beds and pillows, as well as our range of amenities, including bathtubs, wide desks suitable for work, and high-quality rooms with excellent views. Our hotel focal point is the modern comfort essentials, including high-speed Wi-Fi and coin-operated laundry facilities, which are especially convenient for long-stay guests. Our staff can speak multiple languages and are always available to assist you with any questions. As an ideal base for individual travellers exploring the city of Kyoto, and a peaceful oasis to recharge after a long day of sightseeing, Travelodge Kyoto Shijo Kawaramachi ensures an exceptional experience, whether you are here for business or leisure.

From the entrance to the room, experience Kyoto through our interior

The entrance lobby features a beautiful Japanese-style garden that embodies the essence of Kyoto, complete with traditional colours and plants. Guests can enjoy this tranquil space and capture memorable photos during their stay. The 232 guest rooms at Travelodge Kyoto Shijo Kawaramachi also embrace the culture and beauty of Kyoto with murals inspired by iconic landmarks such as Fushimi Inari Shrine and Japanese women in kimonos holding umbrellas, which add to the excitement of exploring the city and experiencing its culture.
Six types of rooms are available at the hotel to cater to different travellers and their needs. The Friends & Family Triple room is perfect for families with children, while the Deluxe Twin rooms offer spacious and comfortable stays for longer stays.
  • Standard single: 1 single bed (for 1 person): 13 square meters
  • Standard Queen: 1 queen bed (for 1 person) 13 square meters
  • Superior Queen: 1 queen bed (for 2 people) 15 square meters
  • Superior Twin: 2 single beds (for 2 people) 15 square meters
  • Deluxe twin: 2 single beds (for 2 people) 17 square meters
  • Friends & Family Triple: 3 single beds (for 3 people) 26 square meters
  • Accessible Room: 2 single beds (for 2 people) 22 square meters

Indulge in the taste of our in-house restaurant: Kamakura Pasta
Travelodge Kyoto Shijo Kawaramachi is proud to offer guests an exceptional dining experience at the hotel’s first-floor restaurant, featuring the highly sought-after “Fresh Noodle Specialty Kamakura Pasta” for breakfast. This popular restaurant has been widely acclaimed in various media outlets such as TV programs and websites, and offers a diverse range of Japanese and Western dishes. Guests can indulge in a delicious spread of delicacies, carefully crafted to cater to every palate and preference.
Stay fit in our modern in-house gym
Travelodge Kyoto Shijo Kawaramachi is committed to providing our guests with the best possible stay, including a complimentary state-of-the-art fitness gym, exclusive to our foreign-affiliated hotel. Our modern gym is equipped with the latest machines and equipment to keep you fit and energized throughout your stay.
Special Opening Price
We are now accepting reservations on our official website and through travel agency partners with a special opening fee, starting at just 6,375 yen (tax included).
Long Stay Package
Indulge in a longer and more immersive stay in Kyoto with our Long Stay Package. Book five or more consecutive nights and save more!
Travelodge Cashback
Sign up for our loyalty program “Travelodge Cashback” and earn up to 5% cash back credits. You can use the credit towards your next stay at any Travelodge Hotel in Asia, including our sister hotels Travelodge Honmachi Osaka, Travelodge Sapporo Susukino, Travelodge Nagoya Sakae, and future Travelodge locations across Japan. Plus, enjoy additional perks such as early check-in and late check-out. Start earning rewards with every stay today!

Hashtag: #TravelodgeHotelsAsia #TravelodgeAsia #TravelodgeKyotoShijoKawaramachi


The issuer is solely responsible for the content of this announcement.

Travelodge Hotels Asia

Travelodge Hotels Asia is a hotel management and operation company that develops hotels in Asia under the globally recognized Travelodge brand. It focuses on developing mid-scale hotels offering select services, primarily in strategic locations in major cities and tourist destinations across Asia.

Travelodge, a world-renowned brand with a legacy of over 80 years, offers experiential hospitality options that emphasizes on “Comfort, Convenience and Connectivity”. As part of our business expansion, we have established an independent presence in Asia. Travelodge Hotels Asia. Our hotels in Asia feature a range of amenities that vary by location but are designed to provide guests with a comfortable and convenient stay with the following features:

  • Snooze: Comfortable bedrooms with power showers and high-quality bedding
  • Social: A communal space that to eat, socialize, and work
  • Spin: Self-service laundromat
  • Stream: Complimentary high-speed internet Wi-Fi
  • Service: Warm, sincere and friendly service
  • Smart mart: Convenience store in and around the hotel

Essentially Safer
Travelodge Hotels Asia has a long-standing commitment to rigorous cleaning protocols. Our Essentially Safer Program has raised the standard even higher to provide you with peace of mind in today’s world.

For media inquiries please contact Sa Pornthip at sa.pornthip@travelodgehotels.asia

Experience the Authentic Flavors of Laos at Historic Kualao Restaurant

Lao food set on banana leaf from Kualao Restaurant.

Just a stone’s throw from the mysterious and monolithic That Dam in downtown Vientiane Capital sits Kualao Restaurant, one of the finest Lao restaurants in the country.

Hong Kong’s First Thai SELECT Carnival Lands in Lan Kwai Fong

Experience delightful F&B, entertainment, and cultural offerings from the tropical paradise in this one-day only street festival

HONG KONG SAR – Media OutReach – 1 April 2023 – As overseas tourists and large-scale events return to Hong Kong, Lan Kwai Fong has partnered with The Department of International Trade Promotion, Ministry of Commerce of Royal Thai Government (DITP) to present a sensational Thai cultural celebration unlike any other. During mid-April each year, families and friends gather around to celebrate Songkran (Thai New Year) by having water blessing ceremonies and paying gratitude to their elders. The inaugural Thai SELECT Carnival 2023 will transform the streets of Lan Kwai Fong into a mini Thailand for one day only on Saturday, 22 April.

Lan Kwai Fong Association has partnered with DITP present the first
Lan Kwai Fong Association has partnered with DITP present the first “Thai SELECT Carnival” which received full support from the Hong Kong-Thailand Business Council.

Group Photo

Dr. Allan Zeman, Chairman of Lan Kwai Fong Group (Left 2)
Ms. Chanunpat Pisanapipong, Trade Commissioner and Consul, Executive Director of DITP Hong Kong (Left 3)
Mr. Bernard Charnwut Chan, Chairman of Hong Kong-Thailand Business Council (Right 3)
Mr. Jonathan Zeman, CEO & Director of Lan Kwai Fong Group (Left 1)
Mr. Edwin Chuang, Managing Director of Chuang’s Group (Right 2)
Mr. Vathanyoo Kunapornsujarit, Deputy Thai Trade Commissioner & Consul (Right 1)

Photo Download:
https://drive.google.com/drive/folders/1l46LWdMdvI7mBx7NBHt4ZBhAsVENBhT1?usp=share_link
More Photo:
https://drive.google.com/drive/folders/1rHir4sDwxlcdjcEyNtxFbUIcCPj_mABy?usp=share_link

The street festival will bring together over 30 curated Thai brands and a host of cultural awarding of certificates performances taking stage along Lan Kwai Fong and Wo On Lane. Visitors can experience the sights and sounds of the beloved tropical destination by immersing in various experiences spanning F&B (featuring fresh fruits and local delicacies), health and wellness, travel, local traditions, and more.

Satisfy Your Cravings With Thai Culinary Delights

One of Hong Kong’s most popular travel destinations, Thailand not only boasts tranquil beaches and magnificent temples and scenery. The country is widely known for its delicious cuisine and produce such as Thai Hom Mali Rice. To help Hong Kong people find Thai restaurants providing exceptional quality food, the DITP awards the Thai SELECT certificate to those that use original ingredients to offer an authentic taste of Thailand. Currently, there are 43 Thai SELECT restaurants in Hong Kong.

Thailand is also well-known for the rich diversity of its rice varieties. To boost the confidence of local and international consumers and promote “Think Rice, Think Thailand”, the Department of Foreign Trade (DFT), Ministry of Commerce of the Royal Thai Government grants qualified rice products with the Thai Hom Mali Rice certificate. Look out for this green logo next time you’re shopping for rice!

Mrs. Chanunpat Pisanapipong, Thai Trade Commissioner & Consul and Executive Director of DITP HK says, “Thailand is renowned as the ‘Kitchen of the World’ and our New Year is always a joyous affair. We’re excited to partner up with Lan Kwai Fong to showcase our foods and products from Thailand, and introduce the Thai SELECT certificate for Thai restaurants and Thai Hom Mali Rice logo to more people in Hong Kong.”

Visitors of the Thai SELECT Carnival can learn more about the local culinary culture and treat their taste buds to gourmet tastings highlighted by the DITP. Indulge in mouth-watering Thai grub like chicken rice, papaya salad, and grilled satay skewers at the carnival’s dedicated F&B brands; and satisfy your sweet tooth with dessert staples such as mango sticky rice, coconut sago cake, and steamed pandan layer cake. Sip on Thai beer or crack open a fresh coconut to wash everything down. For those hankering for more, you can even bring home delicious snacks like dried mango, durian crisps, and rice crackers from different Thai brands available in Hong Kong.

Browse 30+ Thai Brands at Lan Kwai Fong’s Street Carnival

Besides the abundance of F&B offerings, the Thai SELECT Carnival also features a host of Thai brands highlighting various wellness and travel products and services. Dr. Allan Zeman, Chairman of Lan Kwai Fong Group says, “As Hong Kong’s leading cultural and entertainment destination, Lan Kwai Fong continues to bring innovative new experiences to locals and tourists. Thai SELECT Carnival is a truly unique cultural celebration as it brings together more than 30 Thai brands from F&B, health and wellness, and travel under one roof.”

Learn more about Thailand’s state-of-the-art healthcare services with Bumrungrad International Hospital, which is ranked by Newsweek as Thailand’s best hospital in 2021. Browse natural balms and bug sprays formulated with herbal extracts and plant oils at Green Herb. If you’re planning a tropical getaway to Phuket, take the opportunity to book the special accommodation packages offered at the carnival. Andara Resort and Villas offers discerning travellers a home away from home on a luscious hillside above powdery stretches of sand; while Aquella Golf and Country Club takes their guests to a whole new level of tranquillity overlooking the unspoiled Andaman Sea coastline.

Immerse Yourself in Local Thai Culture

To bring the Thai SELECT Carnival to life, Lan Kwai Fong will deliver an exciting line-up of cultural performances and activities throughout the day. Visitors to the carnival will experience the unique culture of Thailand through traditional song and dance performances, Muay Thai demonstrations, parades and much more. The highlight of the programming will surely be the water blessing ceremony, an ancient Songkran (Thai New Year) tradition that brings good luck and fortune to everyone around. Carnival goers can also look forward to the Thai dress contest where participants will show off beautiful traditional clothing on the streets of Lan Kwai Fong.

Hashtag: #LanKwaiFongAssociation

The issuer is solely responsible for the content of this announcement.

About the Department of International Trade Promotion

The Department of International Trade Promotion (DITP) is an organization under the Ministry of Commerce of the Royal Thai Government. Our mission is to promote Thai products, services, and trades with international markets.

DITP Hong Kong is one of the 63 DITP offices worldwide, carrying the same mission and objectives to facilitate commerce with potential partners. That is, DITP is working as a Trade ambassador under the Ministry of Commerce, Thailand, and is responsible for all trade, investment, and economic matters in HKSAR and Macau SAR. So whenever you THINK OF THAI TRADE, PLEASE THINK OF DITP HONG KONG.

DITP Website: www.ditp.go.th

DITP Facebook: www.facebook.com/ditphongkong

DITP Instagram: www.instagram.com/ditphk

About Lan Kwai Fong Association

Established in 1990, Lan Kwai Fong Association (LKFA) is a non-profit making organization that groups together over 100 restaurants, bars, clubs, shops, and businesses in the area to create a unified community for customers and corporations seeking to reach the lucrative market. LKFA aims to promote the unique Lan Kwai Fong culture and charm to locals and the world. Sponsorship raised from various organizations would be used as marketing expenses to hold regular activities, including the Lan Kwai Fong Beer and Music Fest, the Lan Kwai Fong Carnival, etc. The Association also puts on decorations during festivities, such as Halloween, Christmas, etc, to give further prominence to the society’s branding advantage.

In 2013, Lan Kwai Fong was selected as the most romantic place in Hong Kong in a survey conducted by SCMP. In 2014, CNN has listed Lan Kwai Fong as one of the ten things that Hong Kong does better than the others.

Lan Kwai Fong’s Website

Lan Kwai Fong’s Facebook Page

Lan Kwai Fong’s Instagram Page

Ingdan Announces 2022 Annual Results Revenue and Net Profit Maintained a Steady Growth

Highlights of the Annual Results for the Year Ended December 31, 2022:

  • The continuous acceleration of the development of new economy industries, such as AI, Smart Vehicles, and New Energy, has propelled the surge in demand for Chips. The Group’s chip business also maintained a growth momentum, with a total revenue was RMB9,535.5 million, representing a year-on-year increase of 0.9% during the Year.
  • In 2022, gross profit recorded a year-on-year increase of 19.3% to RMB1,113.3 million, net profit was approximately RMB452.4 million, a year-on-year increase of 9.7% and profit attributable to equity shareholders of the Company was approximately RMB314.4 million, representing a year-on-year increase of 6.2%.
  • The Shenzhen Stock Exchange confirmed Comtech’s application for an A Share Listing on the ChiNext Board with the application process progressing steadily. This is expected to bolster the Group’s share in the domestic capital and chip markets.
  • During the Year, Comtech has been granted credit facilities by 15 prominent banks in China and Hong Kong to support the Group’s long-term chip business development.
  • Ingdan focuses on new energy smart batteries, which will drive the development of the “Ingdan Cloud” big data service.
  • To reciprocate the sustained support of our shareholders, the Board has proposed a final dividend of HK$0.04 per share.

HONG KONG SAR – Media OutReach – 31 March 2023 – Ingdan, Inc. (“Ingdan,Inc.” or the “Company”, stock code: 400.HK; with its subsidiaries (the ”Group”)), formerly known as “Cogobuy Group”, a technology services company serving the global chip industry and artificial intelligence (“AI”) & internet of things (“IoT”, together “AIoT”) ecosystem, with its core businesses “Comtech” and “Ingdan”, is pleased to announce its audited consolidated results for the Year ended December 31, 2022 (“2022” or the “Year”).

Financial Highlights of the Full Year of 2022

In 2022, the rapid innovation of artificial intelligence (“AI”) drove the digitalization of industries at a high pace, leading to a further increase in the demand for chips. With surging growth in new economy industries such as Smart Vehicles, New Energy and Digital Infrastructure, demand for the Group’s industrial chips was particularly strong, thus driving the Group’s overall performance and maintaining its growth momentum. As of 31 December, 2022, the Group’s net profit was approximately RMB452.4 million, a YoY increase of 9.7%; revenue was approximately RMB9,535.5 million, a YoY increase of 0.9%; gross profit was approximately RMB1,113.3 million, a YoY increase of 19.3%. During the Year, the Group’s profit attributable to equity shareholders of the Company was RMB314.4 million, a YoY increase of 6.2%. The Company’s cash and bank balances (including short-term bank deposits and pledged deposits) was RMB867.0 million. The Group’s bank loans were RMB888.1 million. The basic common shares outstanding were 1,394,262,732, and the weighted average number of ordinary shares for the purpose of diluted earnings per share were 1,405,370,000. To reciprocate the sustained support of our shareholders, the Board proposed a final dividend of HK$0.04 per share.

Continued Growth in Chip Business; Comtech Focuses on New Economy Industries

According to the latest data released by the Semiconductor Industry Association, China remained its position as the largest individual market for semiconductors, with a total sales of US$180.4 billion in 2022.[1] With the country’s development of semiconductors at a national strategic level, numerous policies have been issued to support the chip industry, creating a favorable environment and significant opportunities for Comtech’s development and also promoting constant growth of chip business. As a technology service platform for the chip industry, Comtech focuses on the application, design, and distribution of IC chips, maintaining connections with over 50% of global major high-end chip suppliers and many leading domestic chip makers upstream and covering thousands of enterprises in five key sectors: Smart Vehicles, Digital Infrastructure, Industrial Connectivity, Energy Control and Big Consumption downstream. With the rapid rise of new economy industries and continuing expansion of the AIoT market, chips are the main driving force for supporting widespread digital transformation. The demand for chips is expected to further accelerate, and enabling the Group’s chip business to continue to grow.

By leveraging its expertise and industrial resources, Comtech has been at the forefront of the new economy. The Group has successfully combined digital technology with traditional industries through chip applications, resulting a significant enhancement of its customers’ computing capabilities and stability, while reducing costs and increase efficiency. The Group’s chip application solutions are also empowering the trillion-RMB AIoT smart hardware market, making new breakthroughs in Smart Vehicles, Smart Printing and other fields.

  • Comtech has been focusing on smart vehicles. During the Year, the Group successfully integrating Microchips and AKM, to deploy in-vehicle interfaces, encryption, and audio products in the cabins of smart vehicles, providing comprehensive design and commissioning support for Aero Zhonghuan’s smart cabins project to promote the intelligent upgrade of vehicles;
  • During the Year, Comtech and STMicroelectronics (ST) applied ST’s advanced single-chip microcontroller mainboard to CBD-Tech ‘s 3D printing to improve transmission and processing efficiency.

Comtech Continues to Prepare for its A-share Listing Application; Chip Business Received Credit Facilities Support

The Shenzhen Stock Exchange confirmed Comtech’s application for A Share Listing on the ChiNext Board on June 30, 2022. Comtech submitted the updated application proof of the prospectus and audited consolidated financial statements in early 2023 to continue its A-share listing application. During the Year, the Company officially changed its name from “Cogobuy Group” to “Ingdan, Inc.”, so as to provide investors with a clearer understanding of the main businesses of “Comtech” and “Ingdan, Inc.”. The completion of the proposed A Share Listing is expected to further expand the Group’s development in the domestic capital and chip markets. The Company will remain the ultimate controlling shareholder of Comtech, and its financial results will continue to be consolidated into the Company, providing sustainable growth of the Group’s results.

In terms of funding, Comtech was granted credit facilities by 15 prominent banks in China and Hong Kong during the Year, to support the long-term development of the Group’s chip business. The credit lines signify the high recognition of the development potential of the Group’s chip business.

Focusing on the Development of Smart New Energy Batteries to Help Ingdan Deploy its Data Cloud

Ingdan focuses on the emerging field of smart new energy batteries, which effectively improves batteries’ efficiency and circulation with intelligent control and management systems to achieve battery intelligence. Ingdan also actively conducts R&D and marketing its own AIoT intelligent hardware products, to customize AIoT intelligent hardware application solutions and products for customers, hence facilitating the development of data services for the “Ingdan Cloud”.

With recent immense progress in AI, global data volume has doubled year-on-year. “Ingdan Cloud” collects, manages, and analyses data from AIoT products, establishing a circular “AIoT products — Data — Analysis” model to further support its AIoT data empowerment business. Through the big data capabilities of “Ingdan Cloud”, Ingdan is capturing on the new opportunities brought by the rapid growth of the big data market, and building an AIoT data cloud company that will drive long-term growth within the Group’s business.

The rapid development of AI technology has accelerated the digital transformation of various industries, increasing demand for technology integrations of iPaaS for AIoT. iPaaS platform services have been widely adopted by enterprises worldwide as they make the design and application of AIoT intelligent hardware products more automated, and cross-application data sharing more convenient. 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. Ingdan has been deepening its engagement with its five main AIoT smart hardware fields: V2X, Smart Home, Robotics, Smart Manufacturing, and Smart Medical. During the Year, the Group and Chinasoft International collaborated to promote the application of OpenHarmony in relevant ecosystems and industries. Meanwhile, the Group was actively engaged in introducing OpenHarmony open-source technology to its iPaaS services, so as to integrate various intelligent hardware products and enable standardized upgrades.

Outlook

Mr. Jeffrey Kang, CEO of Ingdan, Inc., said, “AI has emerged as an important driving force for the next wave of technological and industrial transformation. Relying on favorable policies and new economic development opportunities, AI technology has experienced rapid growth, creating massive opportunities for the chip industry and expanding development space for the Group’s chip business.

Additionally, the introduction of national policies related to the construction of digital standards and chips is expected to further accelerate digital transformation and chip development with a clearer core standard, thereby accelerating the security construction of the entire technology industrial chain. Comtech has committed to actively participating in the establishment of national standards for digital transformation and chip applications. By leveraging its own R&D capabilities and industry expertise, as well as the Group’s accumulated technological strengths, industrial advantages and experiences, it will further enhance the Group’s industrial influence and market competitiveness, promoting healthy competition and development in the industry.

Looking ahead, with the continuous evolution of AI and related technologies, the Group’s business will continue to expand with even broader development prospects. The Group’s primary focus is on the AI industrial chain, and with a plan to strengthen the business development of Comtech and Ingdan, and comprehensively building the industry closed loop of “Chips-Devices-Cloud” AIoT ecosystem. While fully tapping into the growth potential of the chip business, the Group will continue to deepen the development potential of the new energy smart batteries field, which will help the “Ingdan Cloud” big data platform enhancing the development of the data-empowerment industry. The Group will also proactively seek opportunities from digital economic transformation, while resonating to the national standards for digital transformation, driving the Group towards becoming a big data enterprise, and inject growth momentum into the Group’s earnings.

Furthermore, the Group will continue to make progress on the independent listing of Comtech on A shares, seeking more financing opportunities in the primary market. This will accelerate the expansion of the domestic trillion-RMB chip market and strengthen the profitability of its core business, creating sustainable value 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 do not guarantee 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.


[1]Global Semiconductor Sales Increase 3.3% in 2022 Despite Second-Half Slowdown
https://www.semiconductors.org/global-semiconductor-sales-increase-3-2-in-2022-despite-second-half-slowdown/

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About Ingdan,Inc.

Ingdan,Inc. (stock code: 400.HK), formerly known as “Cogobuy Group”, a technology services company serving the global chip industry and artificial intelligence and Internet of Things (“AIoT”) ecosystem, 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. The Group’s business is divided into “Comtech”, a technology services platform for the chip industry, and “Ingdan”, a platform providing AIoT technology and services. The Group serves the “Chips-Devices-Cloud” ecosystem along the AIoT industrial chain, and provides customers with technical integration solutions, marketing solutions, and distribution services. For further information, please refer to the Company’s website at