BEIJING, May 2 /Xinhua-PRNewswire-FirstCall/ -- Yucheng Technologies Ltd. (Nasdaq: YTEC; YTECW), a leading local IT solution and services provider to the Chinese banking industry, today announced three new contract wins with China CITIC Bank Head Office. Yucheng is being engaged to assist CITIC Bank in deploying its internal disaster recovery solution, a foreign exchange transaction platform, and a data centralization project. Yucheng's initial contract with China CITIC Bank was awarded in 2006 to provide an online banking solution and implementation. These new contracts demonstrate an expansion of our existing relationship with China CITIC Bank.
"We are excited about Yucheng becoming a more comprehensive IT services provider for China CITIC Bank," stated Weidong Hong, the CEO of Yucheng. "China CITIC Bank is the seventh largest commercial bank in China. With its successful initial public offering on the Hong Kong and Shanghai exchanges, CITIC Bank is taking initiatives to improve operational efficiency and risk management through the aggressive adoption of IT. Yucheng's winning these three contracts demonstrates its successful strategy of cross-selling more solutions and services following a successful earlier implementation. Additionally, it shows CITIC Bank's recognition of our high quality of work through the successful implementation of our web banking solution. With Yucheng's established brand name, strong product offerings and leadership in key segments of China's financial technology industry, we expect a continued relationship with China CITIC Bank in the future."
About Yucheng Technologies Ltd.
Yucheng Technologies Ltd. (YTEC) is a leading IT solution and services provider to the Chinese banking industry. Headquartered in Beijing, China, Yucheng has more than 800 employees and 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 provides a comprehensive suite of IT solutions and services to Chinese banks ranging from 1) system integration and IT consulting, 2) solutions and software platform, and 3) outsourced operations. Yucheng counts 13 out of the 15 top banks in China as its customers, and is especially strong in banking channel management IT solutions and services, such as web banking and call centers, and risk/performance management solution consulting and implementation service. It has a 70% market share in 2005 in China's web banking application market, calculated based on users according to a third party research report. 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.
About China CITIC Bank
China CITIC Bank is the seventh largest commercial bank in China. Headquartered in Beijing, it has more than 400 branches across the country. It just completed its successful initial public offering on Hong Kong and Shanghai stock exchanges on April 27, raising approximately 5.4 billion US dollars. With assets of approximately 92 billion US dollars, CITIC Bank made net profits of about 494 million US dollars in 2006.
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; 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.
