Monday, December 17, 2012

Yucheng Technologies announced meeting of shareholders to discuss merger transaction

Yucheng Technologies Limited, the British Virgin Islands company providing IT solutions to the financial services industry in China, has called an extraordinary general meeting of shareholders to be held on December 27, 2012, at Beijing Global Trade Center.

The purpose of the meeting is to consider and vote upon the proposal to approve the previously announced agreement and plan of merger dated August 13, 2012 between Yucheng Technologies, New Sihitech Limited, a British Virgin Islands business company wholly owned by Mr. Weidong Hong, chairman of the board of directors and chief executive officer of Yucheng Technologies, and New Sihitech Acquisition Limited, another BVI business company wholly owned by New Sihitech Limited.

Under the terms of the Merger Agreement, New Sihitech Acquisition Limited will be merged with and into Yucheng Technologies, which will continue as the surviving company after the merger. If completed, the proposed merger would result in Yucheng becoming a privately held company, and its shares will be delisted from NASDAQ.