Online transaction customers have reached 17,420, up 104 per cent year-on-year, for Hong Kong eCommerce platform Cogobuy, which services the electronics industry in China.
There was also a 54.2 per cent increase in the group’s gross merchandise value (GMV) for its third quarter to September 30, while Ingdan.com contributed RMB1701.5 million (US$246.9 million) GMV – 386.7 per cent growth.
Total revenue rose 38 per cent to RMB3.453 billion.
Announcing its unaudited summary for the quarter, the company says it had healthy growth across its three major business lines. Its total GMV reached RMB5.774 billion, with 59 per cent of this coming from direct sales, 27.3 per cent from online marketplace platforms, and 13.7 per cent from supply-chain financing business.
In total, 33.2 per cent of GMV came from blue-chip clients, while 66.8 per cent came from SME customers. The company’s platform that connects global smart-hardware developers with supply-chain resources, Ingdan.com, accounted for 29.5 per cent of total GMV.
Cogobuy says its growth during the quarter was a result of both significant growth in customer numbers and Ingday.com’s monetisation strategy, which exceeded expectations.
Robotics arm
During the quarter Cogobuy launched Ez-Robot.cn to complement Cogobuy’s electronic manufacturing O2O platform. It is a global industrial robotics O2O eCommerce platform supplying technical support services, and also serving as a professional community for industrial robot manufacturers, component manufacturers, and system integrators.
“The intelligent hardware industry has grown exponentially in the past several years, and Ingdan.com has positioned us well by investing in and serving as a key player in the intelligent-hardware ecosystem,” says CEO Jeffrey Kang.
“In particular, as well as makers and small innovative companies, many of the large manufacturing corporations have also started registering on Ingdan.com, where they are looking to achieve overall business transformation and update their product offerings from traditional hardware to smart hardware.”
Kang says that over the next year the group will start looking for accretive acquisition opportunities. A placement of shares has helped bring on institutional investors like Da Cheng International Asset Management, and the roughly HK$2 billion (US$257.8 million) net proceeds from the placement will be used to look for acquisitions, especially overseas mergers and acquisitions so the group can expand in key markets such as Korea, Taiwan and the US.