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VanceInfo Technologies Inc. Announces Pricing of Initial Public Offering of its American Depositary Shares

VanceInfo Technologies Inc.
2007-12-12 09:48 873

BEIJING, Dec. 12 /Xinhua-PRNewswire/ -- VanceInfo Technologies Inc. (“VanceInfo” or the “Company”) (NYSE: VIT), an IT service provider and one of the leading offshore software development companies in China announced the pricing of its initial public offering of 7,650,000 American Depository Shares (ADSs) at USD8.50 per ADS. Each ADS represents one ordinary share. The ADSs will be listed on the New York Stock Exchange under the symbol "VIT," and are expected to begin trading on December 12th, 2007 (Eastern Standard Time).

In connection with the offering, VanceInfo has granted the underwriters an option to purchase up to 1,147,500 ADSs to cover over-allotments. The net proceeds from the offering will be used for general corporate purposes, including capital expenditures, such as establishing new offices to expand its delivery platform, and funding possible future strategic acquisitions. Citi and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as joint bookrunners for the offering while Jefferies & Company and Susquehanna Financial Group LLLP served as co-managers.

The offering of the securities is made only by means of a prospectus, copies of which may be obtained from Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New York, New York 11220 or Merrill Lynch, Pierce, Fenner & Smith Incorporated., c/o Prospectus Department, 4 World Financial Center, 250 Vesey Street, New York, NY 10080.

The U.S. Securities and Exchange Commission has declared VanceInfo’s registration statement relating to these securities to be effective. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or jurisdiction.

About VanceInfo:

VanceInfo is an IT service provider and one of the leading offshore software development companies in China. VanceInfo ranked among the top three Chinese offshore software development service providers for the North American and European markets as measured by 2006 revenues, according to International Data Corporation. VanceInfo’s comprehensive range of IT services includes research and development services, enterprise solutions, application development and maintenance, quality assurance and testing, as well as globalization and localization. VanceInfo provides these services primarily to corporations headquartered in the United States, Europe, Japan and China, targeting high growth industries such as technology, telecommunications, financial services, manufacturing, retail and distribution.

Safe Harbor Statement:

This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Although VanceInfo believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected.

Source: VanceInfo Technologies Inc.
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