BEIJING, Nov. 30, 2012 /PRNewswire-FirstCall/ -- Yucheng Technologies Limited (NASDAQ: YTEC, "Yucheng" or the "Company"), a leading provider of IT Solutions to the financial services industry in China, today announced that it has called an extraordinary general meeting of shareholders (the "EGM"), to be held at 10:00 a.m. ( Beijing time) on Thursday, December 27, 2012. The meeting will be held at Beijing Global Trade Center, Tower D, Floor 9, 36 North Third Ring Road East, Dongcheng District, Beijing 100013, People's Republic of China, to consider and vote upon the proposal to approve the previously announced agreement and plan of merger dated August 13, 2012 (the "Merger Agreement") among the Company, New Sihitech Limited ("Parent"), a British Virgin Islands business company wholly owned by Mr. Weidong Hong, chairman of the board of directors and chief executive officer of the Company, and New Sihitech Acquisition Limited ("Merger Sub"), a British Virgin Islands business company wholly owned by Parent, and the transactions contemplated by the Merger Agreement. This EGM will also serve as the annual meeting of shareholders for the purpose of electing directors of the Company.
Under the terms of the Merger Agreement, Merger Sub will be merged with and into the Company, with the Company continuing as the surviving company after the merger (the "Merger"). If completed, the proposed Merger would result in Yucheng becoming a privately-held company and its shares would no longer be listed on the NASDAQ Global Select Market. The Company's board of directors, acting upon the unanimous recommendation of the independent committee of the Company's board of directors, approved the Merger Agreement and resolved to recommend that the Company's shareholders vote to approve the Merger Agreement and the transactions contemplated by the Merger Agreement, including the Merger.