|By ACN Newswire||
|October 6, 2013 06:36 AM EDT||
Hong Kong, Oct 6, 2013 - (ACN Newswire) - China City Railway Transportation Technology Holdings Company Limited ("C CITYRAILTEC" or the "Group") (HKSE: 8240), a leading urban railway transportation information system solutions provider in China is pleased to announce that, the Group has submitted a formal application to the Stock Exchange for the transfer of listing of all shares from the Growth Enterprise Market (GEM) to the Main Board of the Stock Exchange on 2 October 2013. The management believes that this transfer will strongly enhance the profile of C CITYRAILTEC, and increase the trading liquidity of its shares as well as its financing flexibility and significantly benefit its business development.
Mr Cao Wei, Chief Executive Officer and Executive Director of C CITYRAILTEC, said, "We are proud of the successful transfer of the listing of C CITYRAILTEC to the Main Board. Over the past year, the Group has expanded its business through merger and acquisition and proactively securing large tenders, thus achieving solid performance. We strongly believe the transfer should broaden the scope of development for the Group. We plan to fully leverage our unique position and competitive edge to attract the attention and recognition of more quality investors. We also intend to actively capture the business opportunities in this fast-growing industry and become Asia's largest and most comprehensive provider of urban railway transportation information system solutions."
The listing transfer of C CITYRAILTEC does not involve the issue of any new shares by the Group. The decision is subject to approval of its shareholders by way of special resolution at its annual general meeting to be held on Tuesday, 12 November 2013.
The Group is principally engaged in business within four segments: 1. the provision of design and implementation of application solution services; 2. the provision of maintenance of application solution services; 3. the sales of application solution software; and 4.the sales of application solution related hardware and spare parts. The Group has embarked on a series of strategic initiatives since it was listed on the GEM Board in May 2012. This year, it has further consolidated its control of Beijing BII-ERG Transportation Technology Co., Ltd. and currently holding 90% equity interest in this company. The acquisition has significantly enhances the competitiveness of the Group, which extended its business to both the network-level and line-level. The completion of the acquisition has also expanded the Group's business coverage beyond Beijing and Hong Kong to Changchun, and the Group is therefore able to exploit other markets more effectively.
According to the 12th Five-Year Plan of Beijing, for the year ending 30 June 2014, it is expected that three or four new railway lines will be integrated into the automated fare collection clearing centre (ACC) and the traffic control centre (TCC). In addition, there will be several new high-valued open tenders for Beijing railway transportation at network-level and line-level, including but not limited to MLC project in Beijing undertaken by Beijing MTR Corporation Limited, reconstruction of AFC system for Beijing Subway, construction of AFC system for new lines, construction project of subway platform doors, construction and reconstruction of PIS system etc, generating more market opportunities for the Group than in financial year 2013. To fulfill market potential, the Group remains open to more merger and acquisition opportunities of related businesses during the coming year and expects to bring its extensive experience gained in Beijing along with its operating models and products to China's second-tier cities thereby bolstering its business development activities.
About China City Railway Transportation Technology Holdings Co Ltd
China City Railway Transportation Technology Holdings Company Limited (HKSE: 8240) is one of the leading providers of urban railway transportation information system solutions in China. Established in 2009, it is principally engaged in the design, implementation and maintenance of application solutions for centralising various functions of public transport systems in Beijing and Hong Kong. During 2009 and 2010, The Group took up 92% of total network level contract value of Beijing public transportation. Customers of the Group include various public transport operators in Beijing and Hong Kong namely Beijing Metro Network, MTR, KMB, CTB, NWFB, NWFF and Beijing Jianyi. For more information, please visit www.ccrtt.com.hk.
Source: China City Railway Transportation Technology Holdings Co Ltd
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