Archive for January, 2010

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BVI-based fund manager launches onshore hedge fund

Tuesday, January 12th, 2010

British Virgin Islands-registered investment management and trading firm Bluenose Capital Management Ltd. is planning to launch The Bluenose North American Market Neutral Fund, – an onshore version of its successful offshore flagship hedge fund, Bluenose Capital Market Neutral Fund,  aimed at accredited and professional investors.

The new onshore investment fund is to be launched on March 1, 2010. The Delaware-domiciled fund, aimed at US accredited and qualified investors, has a 1 year lock-up period, with a minimum investment of $250,000, with a 1% management fee and 20% incentive. The objective of the fund is to generate an annualized compound rate of return of 15% . Using proprietary multi-factor models, the fund will engage in short-term market neutral trading in Canadian and US liquid exchange-listed securities. At the trading level, the fund has a capacity of $700 million.

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Pansoft Company Limited signed software system development contract with PetroChina

Saturday, January 9th, 2010

Pansoft Company Limited, the BVI-registered company providing software service solutions for enterprise resource planning for the oil and gas industry in China, announced that on December 30, 2009  it entered into a significant software system development, expansion and integration contract with PetroChina. The contract, which values at approximately US$5 million (RMB 34.0 million), is the largest single contract in the history of the BVI company, and will include system integration, expansion development, training and technical support.

By terms of the agreement, Pansoft will integrate FMIS 7.0, which is the largest centralized accounting and financial system developed by the BVI company and operating in PetroChina, with PetroChina’s other SAP ERP systems that cover major operation processes and will be implemented and extended to all subsidiaries of PetroChina. The integration project will form a unified information platform and expand the functionality of the current ERP systems to optimize PetroChina’s operations and systems applications.

FMIS 7.0 is a vertical system implemented from PetroChina’s headquarter to its subsidiaries for supporting their budget control, accounting fund management and reporting. The integration project has the purpose to resolve the redundancy in operations and data entry and lack of communication between the FMIS and SAP ERP systems run separately. The integration of the two systems is a step in the evolution towards an “Integrated Total ERP System.”

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Yucheng Technologies establishes joint venture with Japanese IT service provider

Tuesday, January 5th, 2010

Yucheng Technologies Limited, a BVI-incorporated company providing IT solutions to the Chinese banking industry, announced that it has established a joint venture with NTT DATA Corporation, which is one of the leading providers of high quality IT services and solutions in Japan, rapidly expanding its business overseas.

The joint venture will provide possibility for the BVI company to rapidly move Yucheng’s E-Banking ASP into a leading positions in hosted e-banking for China.  It will expand the scope of the E-Banking ASP and allow to grow more rapidly than Yucheng’s resources and expertise permitted without the joining with NTT DATA Group. The E-Banking ASP target market includes hundreds of small to medium-sized banks in China.

NTT DATA will contribute to the joint venture with its experiences from its ANSER Unit Operation Center and Core Operating System Data Center, as well as experience operating outsourced platforms. Yucheng will contribute its E-Banking ASP technology, existing client base and local market expertise.

The joint venture will be officially launched on January 19, 2010. NTT DATA will hold a controlling interest of 51% in it, and Yucheng will be the holder of 49%. BVI company’s COO Shuo Zeng will act as interim CEO of the joint venture, until appropriate appointments are made.

Posted in Agreements and Contracts concluded, BVI Company Contracts, BVI Company Joint Ventures, BVI IBC Business News, NASDAQ listed BVI Companies | No Comments »

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