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Digital China Holdings Limited("Digital China" or the "Group"; Stock Code: 00861.HK), a leading IT services provider in China,[link widoczny dla zalogowanych], announced that it will place 57,647,000 new shares, representing 5.65% of enlarged issued capital of the Group. The issue price is HK$6.6 per share. A total of HK$367 million will be raised from the placement.
It is the first new shares placement made by the Group since its listing in 2001 on the Stock Exchange of Hong Kong. The proceeds raised from the placement will be used to finance its strategic investment in IT services business and research and development and also as general working capital of the Group.
"The majority of the proceeds raised from the placement will be used to finance its acquisitions. The targets of its acquisitions are mainly companies with competitive strengths in application software services, operation outsourcing services and infrastructure services. Digital China will make the most from the proceeds by enhancing its application and services business through acquisitions. As a result, Digital China's core competitiveness as the leading IT services provider in China will be further strengthened,[link widoczny dla zalogowanych], thus creating long-term value to its shareholders," said Ms. Wycee Liu, spokesperson of Digital China.
Digital China was listed in 2001 on the Main Board of the Stock Exchange of Hong Kong Limited. For four years in a row since FY2005/06, the Group has continuously outperformed the industry by sustaining growth rates in excess of 20%. Starting from 2004, Digital China has made a strategic transformation by focusing on developing its IT services business. In 2007, it took on "customer-focused, service-oriented" business approach. With extensive experience and enhanced efforts in R&D,[link widoczny dla zalogowanych], the Group's application and services operation experienced phenomenal growth. The application and services business of the company remained profitable for the past seven quarters. Its IT services business commands a significant market share and covers clients from major business sectors including government, financial and telecommunications sectors. Digital China gets an insight into the operation of these sectors and boasts itself its capability to provide integrating services to them. Benefiting from consolidated efforts in application software development, product standardization as well as IT service-outsourcing and maintenance services,[link widoczny dla zalogowanych], its core competence has been substantially improved. The Group's profitability thereby considerably increased. Digital China has made a great success in its transformation into IT services operation.
"The IT services industry in China develops rapidly. This market is fragmented and thus provides ample room for us to grow. Meanwhile, as our solutions are ever improving,[link widoczny dla zalogowanych], our market share in business from major industry sectors will be enlarged. Following business acquisitions, we will be well equipped to provide better solutions to our clients. Meanwhile, as clients' demands are getting increasingly complicated, the value chain of IT services will be extended extensively. As a result, our capability to provide applications, operation and infrastructure services has to be further upgraded," said Ms. Wycee Liu, spokesperson of Digital China.