BVI-domiciled and China-based Yucheng Technologies Limited, providing IT solutions and services to China’s banking industry, in the end of February published press release where it announced the increase of its management guidance on POS terminal installation base from 20,000 to 25,000 for 2008. Yucheng’s CEO Mr. Weidong Hong commented on the management guidance increase: “Observing from our business momentum in Q1 and the strong prospects into the rest of 2008, we would like to reiterate our confidence in delivering the 2008 management guidance on revenue.â€
The other news released is the change of the Chief Financial Officer: Remington Hu took the place of previous CFO Peter Li, who will remain with the BVI company as a senior advisor. Prior to Yucheng, Mr. Hu was previously in venture capital as Chief Representative/PRC for CVM Capital Partners LLC, one of the leading venture capital firms in Taiwan. Prior to CVM, Mr. Hu was the Chief Financial Officer of the Wholesale and Retail Business Group of publicly-traded Yue Yuen Industrial Holdings Limited, China’s largest sporting goods retailer.
Mr. Peter Li, who has been CFO of the BVI corporation in its way from a 300 employee private company to a 1,700 employee Nasdaq-listed industry leader, left the post to pursue other career interests and will continue to assist Yucheng with investor relations and strategy.