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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
London Asia | LSE:LDC | London | Ordinary Share | GB0008251513 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.85 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4621P London Asia Capital PLC 08 September 2003 LONDON ASIA CAPITAL PLC ("London Asia" or the "Company") Record Profits From Chinese Investment We are delighted to announce that Beijing Success Technology Co Ltd ("Success"), the Chinese financial software company in which London Asia has a 25% stake, has reported audited profits after tax for the six months ended 30th June 2003 of #600,000, giving a profit after tax for the twelve months ended 30th June 2003 of over #1.2m. These results show considerable growth in both turnover and profits as a result of Success's expansion of its sales network into cities across China. When the Company took its stake in Success in November 2002, it was granted an option to increase its stake in Success to 51%, on payment of #2.36m, with the consideration payable one third in cash and two thirds in London Asia shares at a price of 10p per share. The original investment in Success totalled #163,000, of which half was paid in London Asia shares, so that the total investment post exercise of option will amount to approximately #2.5m, valuing the Success business at only #4.95m, a multiple of only 3.8 times the profits to June 2003. The Company has hired Cindy Lam as project manager in it's London office to assist in the exercise of the Success option and the review of investment opportunities in China. Ms Lam is originally from Hong Kong where she worked for J.P Morgan Securities and JP Morgan Fleming Asset Management as Project Manager, her responsibilities including project managing the implementation of new IT systems. She has previously worked for EDS/Nedcor, Banque National de Paris and the Hong Kong Government. Ms Lam has a degree in Computer Science, an MBA, and speaks English, French, Mandarin and Cantonese. Said Simon Littlewood, Chief Executive of London Asia: "Despite the outbreak of SARS earlier this year and the difficult global environment, Success has continued to grow revenue and profits, demonstrating that with the right management team and product, it is possible to tap into the vast potential of the Chinese market. Success is an example of the profitable, high growth companies that the Company seeks to work with. We are continuing our due diligence on a number of other potential investments in China." ENQUIRIES: Simon Littlewood, Chief Executive 07802 857 287 Graeme Thom, Grant Thornton Corporate Finance 020 7383 5100 About Beijing Success Technology Co Ltd Founded in Beijing in January 1999, Success provides securities analysis tools and related data services in China. Success began as a reseller of third party securities analysis products, building up a network of customers, a sales team, and experience in the market place, primarily in Beijing. In late 2000, Success launched its first product, M-Plan, a basic analysis product which it sold into the Beijing market. Since January 2002, Success has developed a series of analysis products and services, from basic to highly sophisticated tailored products, in parallel with the development of its own sales team and the appointment of over twenty regional distributors to cover most of the major cities within China. Customers include private investors, securities companies, institutional investors, listed companies, advisory companies, data service companies, training institutes and media companies. Prices vary from #120 for the basic product for private investors to #4,600 for a full service system for institutions. Success is continuing to develop its product range, working with leading software development houses in the sector in China, to ensure its products continue to meet the developing market needs and expand its sales. Recent new products include Top Spinner (Gu Shi Dian Feng) and The Ultimate Analyzer Professional Version (Mou Lue Ban). Following the investment by London Asia in November 2002, Simon Littlewood and Victor Ng (based in Beijing) were appointed to the Success Board to represent London Asia's interests and assist in the development of the business. Visit www.jxchina.com for additional information (Chinese language only). About London Asia Capital plc London Asia is an AIM listed (code LDC) investment business, focused on investing in established, profitable businesses in the Greater China region which have the potential to grow rapidly and benefit from the management skills which the London Asia management team can bring, particularly our experience in bringing businesses to capital markets both in Europe and Asia. To date, the Company has made four investments in China. Investments are identified through the Board, two of whom are based primarily in China, via the Company's team in Beijing, through a network of partners and contacts built up over a number of years, and through our 25% owned associate company, Temima China Investment Bank ("TCIB"). TCIB is a China based investment and finance firm managed by an international team of staff from China, the UK, Singapore and Taiwan who have considerable experience in identifying investment opportunities in the Greater China market. Visit www.londonasiacapital.com for information on the Company, and www.temimachina.com for information on TCIB. This information is provided by RNS The company news service from the London Stock Exchange END MSCZGGGLKKZGFZM
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