06/03/2006 Sinosft opens the London Markets
6 March 2006
Sinosoft Technology opens the London Markets
Sinosoft Technology is a leading developer and provider of software and IT solutions to the Chinese Government and export enterprises in China. Sinosoft is registered in England and its operating businesses are based in China.
Founded in 1998 by CEO Miss Xin Yingmei - Sinosoft’s principal operating businesses focus on exploiting opportunities arising out of the Chinese Government’s drive for digitisation, especially within export tax management software.
The Company raised $17m in gross proceeds through a Placing and primary listing on AIM, giving a market capitalisation at Admission of approximately $55m.
Sinosoft is the third company from China to join AIM in 2006. With their admission, a total of 23 companies from China are now listed on AIM, with a combined market capitalisation of $1.1 billion
The net proceeds of the Placing will be used to expand the Company’s research and development capabilities and its sales and marketing network, while the remaining funds will be used for working capital and to repay debt.
Ms Xin Yingmei, Chief Executive, said:
“We are delighted by the investor support that has underpinned our floatation on AiM. Sinosoft is uniquely placed to benefit from the exceptionally strong growth in exports from China as well as the broader digitisation of Chinese local and national government departments. We look forward to investing the capital we have raised in growing our business to deliver long-term value creation to our shareholders.”
Westhouse Securities is acting as Nominated Adviser and as Broker to the Company.