10 August 2009
GEONG International Limited
("GEONG" or "the Company")
Contract Wins within Tier-Two Banking Sector
GEONG International Limited (AIM: GNG), the AIM listed China based provider of
enterprise content management (ECM) software and solutions, is pleased to
announce that it has recently signed a number of new contracts with tier-two
Chinese banks worth a total value of RMB 7.1 million.
GEONG has signed four contracts that will see it leverage existing PortalAge
solutions, already used by tier-one banks, to help clients build their internet
banking facilities and employee portals. These contracts have been signed with
the Rural Bank of Dongguan, the Bank of Qilu, the Guangdong Development Bank
and the Bank of Dezhou and are worth a total of RMB 2.9 million.
The Company has also been developing a number of new PortalAge solutions during
the past six months, specifically tailored to meet the core banking and CRM
needs of tier-two banks. The solutions have been developed in swift reaction to
an emerging and fast growing demand from tier-two banks for more efficient IT
systems and are priced and positioned appropriate to the sub-sector.
These new solutions are already proving popular with two recent contract
signings, including a RMB 3.2 million contract with the Rural Bank of Shangdong
and a RMB 1.0 million contract with the Bank of Dalian.
In addition, an advantage of these contracts is that tier-two banks in China
typically offer more favourable payment terms and GEONG expects the full impact
of this to be realised in the 2nd and 3rd quarters of the next financial year.
Weidong Wang, Chief Executive of GEONG, commented: "We are delighted with these
contract signings which demonstrate the versatility of our PortalAge solutions
and represent a significant breakthrough for GEONG within the fast growing
tier-two banking sector. There are over 200 tier-two banks within China, most
of which are just beginning to build their IT systems, presenting considerable
opportunities that we feel we are well positioned to benefit from."
For further information, please contact:
GEONG International Limited www.geong.com Tel: +86 10 5222 0999
Henry Tse, Chairman
Weidong Wang, CEO
Amit Thakar, CFO
Seymour Pierce Tel: +44 (0)20 7107 8000
ICIS Tel: +44 (0)20 7651 8688
About GEONG International Limited
Operational since 2000, GEONG specialises in collaboration and content
management software and services. Its products are specifically tailored for
the Chinese market, where the Company is recognised by Government agencies and
numerous blue chip clients as a leader in its field. GEONG was named The Most
Successful Enterprise in ECM Software in China 2007 to 2008 by China's Centre
for Information Industry Development and CCID Consulting; and one of the
fastest growing companies in Asia at the Deloitte Technology Fast 50 China and
Deloitte Technology Fast 500 Asia Pacific awards. The Company has recently
expanded into North America setting up operations in Canada.
Registered in Jersey, the Company's operations are headquartered in Beijing.
The Company's shares were admitted to AIM in June 2006 and trade under the
For more information, please visit www.geong.com