Ultrapower to spend $5.55 mln on Hong Kong subsidiary
Beijing. September 23. INTERFAX-CHINA - Beijing Ultrapower Software Co. Ltd. (Ultrapower), an information technology (IT) service provider and software developer, will invest RMB 35.50 million ($5.55 million) setting up their first overseas subsidiary in Hong Kong, the company announced Sept 23.
Ultrapower Software Hong Kong Co. Ltd. (Ultrapower HK) will look to establish Ultrapower's overseas sales network. The subsidiary is expected to generate approximately RMB 120 million ($18.75 million) in sales revenue annually within three to five years, according to the announcement.
Additionally, the company announced the same day the establishment of a meteorological software and system integration joint venture (JV), Beijing Taidefeng Technology Co. Ltd. alongside three investors. Ultrapower invested RMB 7.60 million ($1.18 million) in the JV in exchange for a 38 percent stake, the largest of the four investors.
In October 2009, Ultrapower listed on the Shenzhen Stock Exchange, raising RMB 1.2 billion ($187 million) in the process.
Founded in 2001, Ultrapower generated RMB 535 million ($83.62 million) in revenue over the first half (H1) of the year, up 40.25 percent on a yearly basis, while net profits increased 33.86 percent over the previous year, up to RMB 200 million ($31.26 million).
- RL