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Digital China's IT Service Group Obtains CNY500 Million Investment
May 22, 2008 |
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Digital China, a Hong Kong listed IT distribution service provider in China, has announced that a joint venture will be set up between its affiliated IT Service Group and Suzhou Ventures Group.
Digital China says it will invest in the new JV with its IT service which is estimated to value CNY1.65 billion and hold 76.74% of its stake, and Suzhou Ventures Group will invest CNY500 million in the company to take the remaining stake. The parties say they will make adjustment on the proportion of stakes they hold in the JV based on the audited net profit of JV in the coming three years as of December 31, 2010.
Guo Wei, CEO of Digital China, says that by introducing the new strategic investor, Digital China 's IT service will have more capital support and this is helpful for the service's growth.
Digital China and Suzhou Ventures Group previously signed an agreement and said they would set up an investment management company to be engaged in information technology and related fields.
Digital China's IT Service Group mainly serves finance, telecom, government and manufacturing industries in addition to providing system integration and software outsourcing services.
Suzhou Ventures Group is a state-owned enterprise directly managed by Suzhou Industrial Park Management Commission. With a total registered capital of CNY3 billion, the company has made investments in a number of IT companies.
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