HONG KONG, Sept. 23, 2016 /PRNewswire/ -- Cogobuy Group ("Cogobuy" or the "Company," stock code: 400.HK), the largest e-commerce platform serving the electronics manufacturing industry in China, is pleased to announce it has completed the placement of approximately 160 million new shares at HK$12.50 per share.
Investors of the placement included Da Cheng International Asset Management Co., Ltd; Lindeman Asia Global Pioneer Private Equity Fund No. 11—which includes investors from the Korea national pension, Korea Development Bank, Korea Teachers' Credit Union, and Korea Post; China Reinsurance (Group) Corporation; The People's Insurance Company (Group) of China Limited; New China Asset Management (Hong Kong) Limited; and Red Horse Capital. Funding from these institutions come largely from long-term sectors including insurance and pensions. Net proceeds of the placement are approximately HK$2 billion, which will be used as general working capital for the Group.
Mr. Jeffrey Kang, CEO of Cogobuy Group, said: "The completion of this placement further strengthens Cogobuy's shareholder base and solidifies our financial position as we continue our expansion and work on strategic imperatives. Moving fast and staying steps ahead of the competition is key for companies competing in rapidly growing markets, and we are building infrastructure to support our expansion into multiple sub-industries that will help us grow quickly and sustainably in the future.
We will also begin looking for accretive acquisition opportunities, especially overseas mergers and acquisitions and domestic industry consolidation opportunities, which are supplementary to existing business lines to speed up our expansion plan.
We are pleased at the participation of insurance companies in this placement, which demonstrates their recognition of Cogobuy as an investment. Additionally, the China Insurance Regulatory Commission recently announced that Mainland insurance companies will be allowed to participate in the Shanghai-Hong Kong Stock Connect. As a high-growth technology company, I believe we are well-positioned to capture this opportunity."
About Cogobuy Group
Cogobuy Group is the largest 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. The Company serves mainly SME electronics manufacturers.
For further information, please refer to the Company's website at http://www.cogobuy.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. For further information, please contact:
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cogobuy-completes-the-placing-of-shares-300333156.html
SOURCE Cogobuy Group