BEIJING, May 9 /Xinhua-PRNewswire-FirstCall/ -- Yucheng Technologies Ltd. (Nasdaq: YTEC; YTECW), a leading IT solution and services provider to the Chinese banking industry, today announces that the NASDAQ Stock Market has approved its application to upgrade its listing from the NASDAQ Capital Market to the NASDAQ Global Market. Trading of Yucheng's shares and warrants on the NASDAQ Global Market will commence at the market open on Wednesday, May 9, 2007, under the company's current ticker symbols "YTEC" and "YTECW" for common shares and warrants, respectively.
Mr. Weidong Hong, CEO of Yucheng, stated: "We are pleased that Yucheng meets the higher standards for listing on the NASDAQ Global Market. This is an important milestone for the company because it will provide increased market visibility and greater access for investors interested in being shareholders."
About Yucheng Technologies Ltd.
Yucheng Technologies Ltd. (Nasdaq: YTEC; YTECW) is an IT solution and services provider to the Chinese banking industry. Headquartered in Beijing, China, Yucheng has established an extensive footprint to serve its banking clients nationwide with five subsidiaries and representative offices located in Shanghai, Guangzhou, Xi'an, Xiamen, and Chengdu. Yucheng currently has more than 660 employees across China. Yucheng provides a comprehensive suite of IT solutions and services to Chinese banks ranging from system integration and IT consulting, to IT solutions, software platform, and outsourced operations. Yucheng counts 13 out of the 15 top local commercial banks in China as its customers, and is especially strong in banking channel management IT solution and services, such as web banking and call centers. It has the largest market share in the web banking application market in China by user base according to a third party research report. Most recently, Yucheng made a strategic investment to provide risk management services to meet its clients' growing demand in this area driven by its profit conscientiousness and Basil Accord II compliance. Yucheng is ranked one of the top five IT solution providers, along with IBM and Digital China by IDC's "China Banking Industry IT Solution 2006-2010 Forecast and Analysis" report released in September 2006. Yucheng management team consists of industry veterans with extensive experience in serving the Chinese banking industry.
Forward-Looking Statements
This press release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as ''may,'' ''will,'' ''expect,'' ''intend,'' ''estimate,'' ''anticipate,'' ''believe,'' ''project'' or ''continue'' or the negative thereof or other similar words. Such forward-looking statements, based upon the current beliefs and expectations of Yucheng's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: current dependence on the PRC banking industry demand for the products and services of Yucheng; competition from other service providers in the PRC and international consulting firms; the ability to update and expand product and service offerings; retention and hiring of qualified employees; integration of acquired companies into Yucheng business, protection of intellectual property; creating and maintaining quality product offerings; operating a business in the PRC with its changing economic and regulatory environment; and the other relevant risks detailed in Yucheng filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Yucheng assumes no obligation to update the information contained in this press release.
