Intel Chinese Member Eyes Shenzhen Growth Enterprise Board
CCCLF | Quote | Chart | News | PowerRating -- Enjoyor Technology Group is preparing for listing on the to-be-established Growth Enterprise Board (GEB) of the Shenzhen Stock Exchange (SSE), said an executive of the Chinese intelligentization solution provider.
The company was built in Hangzhou Hi-tech Industry Development Zone (HHTZ), Zhejiang Province in 1992, mainly engaged in building of intelligent traffic, medical, educational, security, financial and office systems. It became China's No. 1 digitalized mobile medical solution provider in 2007 in terms of comprehensive strength, according to the market advisor CCID Consulting Co., Ltd. (SEHK: 8235).
In February 2009, Intel Capital, the investment arm of Intel Corporation (NASDAQ: INTC), announced that it injected a certain amount of money into the Chinese company. Meanwhile, the two parties signed an agreement about cooperation in software innovations and solution optimization.
At that time, the Enjoyor Tech general manager Zhang Lizhong (transliterated) disclosed that his company planned to achieve listing on the stock market in the second half of 2009 to raise USD 200 million to CNY 300 million, but had not chosen the ultimate listing site from the GEB and the existing SSE Small and Midsize Enterprise Board (SMEB).
The company finally fixes on the GEB three months later, when many other Chinese hi-tech companies are still troubled by a similar problem of choosing.
The financial standards for GEB firms are predicted to be lower than those for SMEs, said analysts. But as Chinese regulators have not detailed such standards, many companies cannot make sure whether they are hopeful to land on the GEB.
Of the over 400,000 firms located in China's 56 high-tech development zones, more than 3,000 are capable of gaining revenue of CNY 100 million a year, respectively, including 1,000 or so eyeing the GEB listing, citing a report by Industrial Securities Co., Ltd.
Presently, six HHTZ-based companies plan to IPO as the first-batch GEB members, and about 20 such companies are expected to go public on the board in succession, according to a local official.
In addition, an investment center was established in HHTZ last year to provide capital services for local high-tech companies. By far, the center has enclosed 96 members, of which, 66 are pure investment institutions, disclosed the center's general manager.
23 of these institutions have established offices in the development zone, which is predicted to welcome more than ten such institutions additionally after office furnishing. And through review, these institutions are said to choose those promised companies for investment or help them achieve listing.
(USD 1 = CNY 6.82)
Source: www.sina.com.cn (May 22, 2009)
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