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Chinasoft Brings on Huawei as a Shareholder through Share Exchange; Continues to Build a World Class IT Enterprise


News provided by

ChinaSoft International Ltd.

Oct 26, 2015, 10:33 ET

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BEIJING and HONG KONG, Oct. 26, 2015 /PRNewswire/ -- Chinasoft International (hereinafter referred to as "Chinasoft" or "the Group") (SEHK: 354), one of China's largest IT software and services companies, signed a share subscription and purchase agreement with Huawei Technologies Co., Ltd (hereinafter referred to as "Huawei") on October 26, 2015 to: i) Huawei has conditionally agreed to subscribe, while Chinasoft has conditionally agreed to issue 85,109,515 shares for HK $ 238,306,641 in accordance to the subscription agreement, ii) Chinasoft has conditionally agreed to acquire, while Huawei has conditionally agree to sell 40% of Chinasoft International Technology Services Co., Ltd,.  (the Joint Venture formed between Chinasoft and Huawei in 2012, in which Chinasoft controls 60% and Huawei controls 40% of the Joint Venture, hereinafter referered to as "JV"), at the price of HK $ 238,306,641. After the completion of this transaction, Chinasoft will have 100% control of the original JV, and Huawei will hold 3.97% of Chinasoft shares. Additionally, Huawei has agreed to be a long term strategic investor of the Group and will not divest any issued shares within two years of the completion of the subscription ("lockdown period"). After the completion of the transaction with Huawei, Chinasoft will become the first Hong Kong listed company to have Huawei as a shareholder.

Both parties expect to further strengthen the partnering relationships after Huawei becomes a strategic shareholder. The two companies will join hands and continue to progress in IT outsourcing, enterprise cloud, innovation in various verticals, industry 4.0, financial services big data, and more. The Group will leverage the strengthened partnership with Huawei and increase revenue. Furthermore, after Chinasoft acquires Huawei's shares in the JV, the JV will become a wholly owned subsidiary of Chinasoft and will have meaningful contribution to Chinasoft's net profit and EPS.

From the capital market's perspective, having another "titan" scale client to join its shareholding structure, following Microsoft, shows the success of the Group's Partnership-Customer model. This created a positive effect in the market and will help the Group to further partner with other large scale "titan" clients.

After Dr. Chen Yuhong, the chairman and CEO of the Group, became the largest shareholder of the Group this year, Chinasoft has entered into a new growth phase. The Group is now moving towards becoming a world class IT enterprise, forming synergetic offline businesses (Huawei + finance industry) and online businesses (Jointforce + ecosystem) to go hand in hand. Huawei becoming the Group's shareholder will further enhance the shareholder structure, strengthen the Group's strategic investor base, and boost long-term development and strategic transformation. In the future, the Group will welcome these historical development opportunities.

About Huawei

Huawei is a leading global information and communications technology (ICT) solutions provider. Our aim is to enrich life and improve efficiency through a better connected world, acting as a responsible corporate citizen, innovative enabler for the information society, and collaborative contributor to the industry. Driven by customer-centric innovation and open partnerships, Huawei has established an end-to-end ICT solutions portfolio that gives customers competitive advantages in telecom and enterprise networks, devices and cloud computing. Huawei's 170,000 employees worldwide are committed to creating maximum value for telecom operators, enterprises and consumers. Our innovative ICT solutions, products and services are used in more than 170 countries and regions, serving over one-third of the world's population. Founded in 1987, Huawei is a private company fully owned by its employees.

For more information, please visit Huawei online at www.huawei.com

About Chinasoft

Incorporated in 2000, ChinaSoft International Limited is a listed company in the main board of Hong Kong Stock Exchange (HKSE: 354). It is a comprehensive provider of end-to-end software and information services, ranging from consulting to solution, outsourcing and IT talent training. Now the company has covered many industries such as government, manufacture and distribution, finance and banking, insurance and securities, mobile application, telecommunications, high technologies, public utilities and energy, etc. The service of Chinasoft International is distributed across the world, with its business covering dozens of cities including Chinese mainland regions, Hong Kong, Princeton, Seattle, Austin, Houston and Dallas of America, London of the UK, Dublin of Ireland and Tokyo of Japan, serving over 100 clients of multi-national corporations in over 39 cities and has nearly 29,000 employees.

For more information, please visit Chinasoft online at www.chinasofti.com

SOURCE ChinaSoft International Ltd.

Related Links

http://www.huawei.com

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