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New York, New York, December 20, 2005 - China Unistone Acquisition Corp. ("CUAQ") today announced the signing of a definitive agreement to acquire 100% of Beijing SiHitech Co. Ltd. ("SiHitech") and Beijing e-Channels Century Technology Co. Ltd. ("e-Channels"). SiHitech and e-Channels are private companies operating in China that provide IT solutions and services to the growing banking industry in China . The companies currently focus on offering IT solutions and services to top tier banks, with plan to expand their core offerings beyond internet banking, call center and customer data platforms to other participants in the financial services industry in the future, including smaller regional banks, insurance companies, investment banks and securities firms.
The transaction, the largest in the Chinese online banking solutions sector and among the largest in the Chinese financial infrastructure space, is representative of the kind of work E. J. McKay is engaged in, that of "advising a highly selective group of key clients in their significant cross-border transactions that create measurable synergy and transform the economics of the impacted industry", commented James Z. Li, Chairman of E. J. McKay.
About China Unistone
China Unistone is a US listed specialized investment company focused on investing in providers of infrastructure support and services to the Chinese banking and finance industry. The company completed its IPO in the United States in November 2004.
About SiHitech & e-Channels
SiHitech, founded in 1999 by Hong Weidong, provides IT services and systems integration for the banking industry in China . E-Channels, founded in 2001 by Zeng Shuo, is a software and IT consulting company providing web banking and electronic multi-channel software and solutions to the Chinese banking industry. Both companies have built substantial reputations within their industry segments with proven management and a successful operating track record. Together these companies will be well positioned to take advantage of the increasing demand for IT solutions and services by the growing Chinese banking industry.
About E. J. McKay
E. J. McKay is a Shanghai based investment banking group specialized in structuring complex cross-border mergers & acquisitions and merchant banking transactions. Through its offices and strategic partnerships, the firm is present in 22 major financial centers around the world. E. J. McKay has a dedicated focus on China, and advises transactions both inbound and outbound, representing clients both local and multinational.
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