This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

ChinaSoft International To Increase Shareholding In Huateng, Create Regional Headquarter In Shanghai

BEIJING and HONG KONG, Sept. 29, 2013 /PRNewswire/ -- ChinaSoft International Limited ("ChinaSoft" or "the Company"), a leading IT solutions and outsourcing service provider in China announced that it plans to increase its shareholding in Shanghai Huateng Software Systems Co., Ltd (the "Huateng") by another 8.78% to reach 100% ownership. This will enable the Company to further enhance resource availability and focus on leveraging its superior market position to seize the strategic opportunity provided by the "Shanghai Free Trade Zone" initiative set up by the Chinese government. The Company also plans to create a regional headquarter in Shanghai to oversee and implement its Trade Free Zone strategy.

Since the initial majority acquisition of Huateng by ChinaSoft in 2007, through the successful integration of its organization and business, Huateng has experienced tremendous growth: service revenue nearly quintupled from RMB 120 million in 2007 to 2012's RMB 620 million, and the number of employees increased from 600 to 2800. 

As one of Huateng's core business, the banking & financial services group grew strongly since 2007, and has become one of the largest business groups in ChinaSoft. In recent years the banking & financial services group strongly broadened its product lines, rapidly increased its service capability as well as scale. Its business now covers services for the Chinese central bank, the four major state-owned banking institutions (Bank of China, Bank of Construction, Bank of Agriculture and Bank of Communications), publically owned banks, city commercial banks and foreign banks. It also services the financial services arms of more than 20 conglomerates (including Suning, Haier and Midea), city and town banks (via emerging banking platform).

Starting in 2012, the banking & financial services group began to work with Suning. In just over one year period, through comprehensive technical and business capability exchange with Suning internet banking division, ChinaSoft provided Suning with strong support in Suning's rapid development and innovation in the Internet Banking space. In addition, Huateng received high recognition from its customers in internet banking consulting and solution capabilities, paving a solid foundation for rapid growth in its internet banking business.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,660.80 +303.93 1.75%
S&P 500 2,045.65 +32.76 1.63%
NASDAQ 4,722.1450 +77.8330 1.68%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs