Yucheng Adds New Members to Its Board

Nov 14, 2011, 06:00 ET from Yucheng Technologies Limited

BEIJING, Nov. 14, 2011 /PRNewswire-Asia-FirstCall/ – Yucheng Technologies Limited (NASDAQ: YTEC) today announced it has added three new members, Mr. Yingjun Li, Mr. Zhengong Chang, and Ms. Ning Jia, to its board of directors.

Mr. Yingjun Li has spent nearly 40 years at China Construction Bank ("CCB") where he had various roles including president of Liaoning provincial branch and Neimeng provincial branch. Mr. Li is currently a distinguished specialist at CCB headquarter. Mr. Li is a certified senior accountant and certified senior banking specialist.

Mr. Zhengong Chang is the chairman of Beijing Fuyuejiasheng Investment Co., Ltd. Mr. Chang spent over twenty years in the United States and Canada before he returned to China in 2010. Prior to his return, Mr. Chang was the president of CBL Data Recovery Technologies Inc. in Toronto, Canada, and co-chairman of Federation of Sino-Canadian Business Marketing Association. Mr. Chang received his Master Degree in Computer Science from Stevens Institute of Technology in New Jersey.

Ms. Ning Jia joined the School of Economics and Management of Tsinghua University as an associate professor in accounting and financial management in January 2008. Ms. Jia received her Ph.D. in accounting and Master Degree in statistics, both from Stanford University, and Bachelor Degree in computer science from University of Minnesota.

Mr. Li Liao, our board member for over five years, has resigned from the board due to personal reasons.

The board of directors now consists of seven directors, including Mr. Weidong Hong, Chairman and Chief Executive Officer; Mr. Shuo Zeng, Chief Operating Officer; and independent directors Mr. Jeffrey R Williams, Mr. Tianqing Chen, Mr. Yingjun Li, Mr. Zhengong Chang, and Ms. Ning Jia.

Along with the new addition to our board, we also made changes to various subcommittees of the board.

The Audit Committee is now chaired by Mr. Yingjun Li and consists of Mr. Jeffrey R Williams and Ms. Ning Jia.

The Strategy Committee is chaired by Mr. Weidong Hong and consists of Mr. Shuo Zeng, Mr. Jeffrey R Williams, and Mr. Yingjun Li.

The Nominating Committee is chaired by Mr. Tianqing Chen and consists of Mr. Jeffrey R Williams and Mr. Zhengong Chang.

The Compensation Committee is chaired by Mr. Jeffrey R Williams and consists of Mr. Zhengong Chang and Mr. Tianqing Chen.

"We are thankful to the support and services Mr. Li Liao provided to the company in the last five years," Commenting on the changes, Weidong Hong, Chairman and Chief Executive Officer of the company stated, "At the same time, we are delighted to have the three new member join our Board. I believe they can bring extensive experience and knowledge to help our board in many areas including corporate governance, accounting & financial management, business development, and operation management."

About Yucheng Technologies Limited

Yucheng Technologies Limited (NASDAQ: YTEC) is a leading IT service provider to the Chinese financial service providers. Headquartered in Beijing, China, Yucheng services clients from its nationwide network with approximately 2,500 employees. Yucheng provides a comprehensive suite of IT solutions to Chinese Banks including: (i) Channel Solutions, such as e-banking and call centers; (ii) Business Solutions, such as core banking systems and loan management; and (iii) Management Solutions, such as risk analytics and business intelligence. Yucheng has been ranked in the Global FinTech 100 survey of top technology partners to the financial services industry for in 2007, 2008, and 2009. The independent research firm IDC also has named Yucheng the No. 1 market share leader in China's Banking IT solution market in 2010. For more information about Yucheng Technologies Limited, please visit www.yuchengtech.com.

Safe Harbor Statement

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.

For investor and media inquiries, please contact:  

In China:

Mr. Steve Dai   Yucheng Technologies Limited   Tel: +86-10-5913-7889   Email: investors@yuchengtech.com

SOURCE Yucheng Technologies Limited