Rumor: Software Developer SkyTech to IPO in HK

Tencent Tech, 6/18/13

Nanjing-based export services software developer SkyTech, a subsidiary of UK-based SinoSoft Technology, plans to raise USD 60 mln in a Hong Kong IPO, an industry source reported on June 17. SkyTech will begin accepting subscriptions from investment organizations on Wednesday, June 19, and will list its stock on the HKSE on July 5. China International Capital Corporation (CICC), China Merchants' Bank, and OSK Investment Bank Berhad (RHB Investment Bank Berhad) are behind the IPO.

In 2011, Chinese e-commerce conglomerate Alibaba Group acquired a 25% share of SkyTech for RMB 170 mln.

Nanjing SkyTech engages in software R&D, marketing, operations, and IT consulting and services. Clients include Alcatel-Lucent, Siemens, LG, and Motorola.

Keywords: SkyTech SinoSoft IPO software Alibaba Group

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