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| Accelerates Development of Electronic Cigarette Business in the PRC, Actively Diversifies Development of Hardware Business |
HONG KONG, July 4, 2023 - (ACN Newswire) - IBO Technology Company Limited ("IBO Technology" or the "Company", together with its subsidiaries, the "Group"; stock code: 2708.HK) announces the appointment of Mr. Zhong Zhi Xiong and Mr. Jin Zi as co-chief executive officer and independent non-executive Director respectively, with effect from 3 July 2023.
Mr. Zhong Zhi Xiong has extensive industry knowledge and solid management experience in the electronic cigarette industry in the PRC, and he is also a top management talent in the relevant industry. He has been the general manager of Shenzhen CCMIC Electronics Co., Ltd. Since April 2018, and has been involved in the fields of pre-filled atomised electronic cigarettes, pre-filled HNB electronic cigarettes, semiconductor/integrated circuits in the electronic cigarette industry, automotive supplies, office supplies, e-commerce and other industries 0-1 or equity investment, A shares and secondary market in Hong Kong and the United States. With his relevant experience in the electronic cigarette industry in PRC and his outstanding leadership skills, Mr. Zhong Zhi Xiong will help the Group speed up its development of electronic cigarette industry in the PRC, thus continuously making a big step forward despite the challenges ahead.
Recently, the Group has been actively exploring the highly potential electronic cigarette industry in the PRC, with a view to diversifying the development of its hardware business. On 29 May 2023, the Group announced an investment of an amount in RMB which is equal to HK$40 million (equivalent to RMB36,035,600) in 5.00% of the share capital of Hangzhou Yixin Micro Technology Co., Ltd.* ("Hangzhou Yixin"), a company that integrates the research and development, production and sales of constant pressure and constant power airflow sensing chips. Hangzhou Yixin holds a number of patents on constant pressure and constant power airflow sensing chips. The Group is entitled to further invest in Hangzhou Yixin to hold 35% to 46% of its share capital and become its controlling shareholder in the future. The "airflow sensing chip" is one of the main components of electronic atomisation equipment, while the Group plans to increase its investment in the PRC's electronic cigarette market through further investment in Hangzhou Yixin, in order to capitalise on the growth potential of relevant business and broaden the source of revenue. The appointment of Mr. Zhong Zhi Xiong will facilitate the Group's in-depth deployment in the electronic cigarette market in the PRC and the identification of more suitable business partners, thus reinforcing the rapid development of relevant business and building a solid foundation for future development.
Mr. Jin Zi has extensive experience in asset management, global asset allocation, investment advisory and research on global macro and investment strategies. Mr. Jin Zi is the co-founder of Coronation Capital Limited in October 2020 and is currently the responsible officer of Coronation Capital Limited since December 2021. In the past, Mr. Jin Zi was an analyst at the Royal Bank of Scotland (Formerly ABN Amro Bank), provided trading support in Commerzbank AG and acted as the executive director of J.P. Morgan Chase Bank, Private Banking. The management believes that his new role will help the Group maintain good corporate governance, while his acumen in macroeconomics will provide the Group with a constructive strategic direction, thus leading the Group towards more remarkable developments.
Mr. LAI Tse Ming, Chairman and Executive Director of IBO Technology, said, "2023 is a golden period for the Group's diversified business development. We are pleased to welcome Mr. Zhong Zhi Xiong and Mr. Jin Zi to the Group. We are confident that they will lead the Group to a new milestone, meanwhile their extensive industry experience will bring new impetus to the Group and strengthen the management team. Looking forward, the Group will continue to operate under prudent commercial principles, whilst stepping up its effort in the PRC's electronic cigarette industry and turning it into one of the Group's business focuses. We expect that the new business will complement the Group's existing businesses to form a complete business model and industrial ecosystem, promoting the Group to grow its business scale on the one hand, and creating a unique core strength on the other."
About IBO Technology Company Limited
IBO Technology Company Limited (Stock code: 2708.HK), a leading digital solutions provider, is principally engaged in providing 5G communication equipment and private network solutions, ITAI terminal products and industry solutions, IoT products and solutions, as well as industrial digital solutions in the PRC. The Group's businesses mainly cover four areas, namely (i) intelligent terminal products sales; (ii) system integration; (iii) software development; and (iv) system maintenance services. With nearly 20 years penetration in the IoT industry, the Group serves customers from both the public and private sectors in the PRC, including government authorities, large-scale state-owned enterprises and private enterprises. On 29 May 2023, IBO Technology Company Limited announced an investment in Hangzhou Yixin Micro Technology Co., Ltd.*, in order to commence chip manufacturing business.
For more details, please visit: http://www.ibotech.hk/
* The English name is not the official name and is translated for reference purpose only.
Topic: Press release summary
Source: IBO Technology Company Limited
Sectors: Telecoms, 5G, Electronics
https://www.acnnewswire.com
From the Asia Corporate News Network
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