(13 August 2012) - China Everbright Limited (“Everbright”) announced that its China Special Opportunity Fund III (“SOFIII”) private equity fund managed under the primary market investment division showed intent to participate in privatisation of Yucheng Technologies Limited (“Yucheng Technologies”). 

 

Yucheng Technologies [NASDAQ:YTEC] is the first IT solutions provider to the Chinese banking industry to be listed on the NASDAQ. Headquartered in Beijing, Yucheng Technologies was named as one of the most influential and largest IT solutions providers to the Chinese banking industry for two consecutive years, in 2010 and 2011, by independent research organisation IDC. 

 

The SOFIII managed by Everbright’s direct investment team will provide exchangeable notes worth US48 million to Yucheng Technologies, which has agreed to accept the privatisation offer and recommended its shareholders vote accordingly. The privatisation is expected to be completed before the fourth quarter of 2012. Upon completion, Yucheng Technologies will be delisted from NASDAQ. 

 

At present, the primary market investment team of Everbright manages four private equity funds and three venture capital funds, with a focus on investing in unlisted mainland corporates with enormous growth potential. The China Special Opportunities Fund I and China Special Opportunities Fund II have invested in projects such as China Techfaith Wireless, China High Speed Transmission, Goldwind Science & Technology, China Sunshine Paper, iSoftStone and Beingmate, all of which are listed and have generated remarkable returns for these funds’ investors. The China Special Opportunities Fund III was set up at the end of 2010 with approximately US$400 million. It will focus on investment opportunities in agriculture, consumer and service sectors in mainland China. China Outfitters and Beijing Jingneng, which the fund invested in, have been listed on the Main Board in Hong Kong. Global Market Group, another investment project, was listed on the London Stock Exchange 

in June. 

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