INGDAN (00400) announced plans regarding the proposed spin-off and A-share listing of its subsidiary Cogobuy Technology on a Chinese stock exchange. On November 21, 2025, the Hong Kong Stock Exchange confirmed that the company may proceed with the spin-off and A-share listing under Chapter 15 of the Listing Rules.

Cogobuy Technology intends to issue new shares and list on a Chinese exchange. The spin-off and listing will reduce INGDAN's stake in Cogobuy Technology. If implemented, this transaction would constitute a deemed disposal (as defined under Rule 14.29 of the Listing Rules) of INGDAN's interest in Cogobuy Technology.

The company believes the spin-off and listing will enable investors to better evaluate the remaining group focused on AIoT business development. Additionally, as Cogobuy Technology's operations have grown sufficiently to warrant independent listing status while remaining an INGDAN subsidiary, all income statement and balance sheet items of Cogobuy Technology will continue to be consolidated in INGDAN's financial statements post-listing. The board considers this structure beneficial to the company.