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Baosight to Raise RMB 650 Mln for IDC, Informatization Projects

China Business News, 7/30/13

Chinese software engineering and development firm Baosight Software (600845.SH) announced today that it will raise additional funding through the release of no more than 40.91 mln Class A shares at a price of RMB 15.89 per share in a non-public stock issuance to no more than ten specifically-chosen investors, including its parent company Baosteel Group Corporation. The total amount of funding raised is not to exceed RMB 650 mln. Baosteel Group has confirmed that it will purchase 55.50% of the shares to be issued.

Of the RMB 650 mln to be raised in this non-public stock issuance, RMB 537 mln will be used to fund stage one of Baosight's "Baozhiyun" ("Bao Cloud") internet data center (IDC) project, the construction of which is to be completed within 12 months. The large-scale IDC will house 4,000 server racks, and will offer IDC outsourcing services such as IT equipment hosting. The other RMB 115 mln will be invested in the company's informatization software project for small and medium enterprises (SME) in the iron and steel industry, scheduled to be complete within 36 months.

Baosight is primarily engaged in providing integrated software, solutions, and systems services for the automation and informationization of the iron and steel industry.

Keywords: financing Baosteel software Internet data center 600845.SH Baosight telecom

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