Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Bright Oceans Shares Increase After IBM Buys Shares

Don't Miss Out —
Follow us on:

July 1 (Bloomberg) -- Bright Oceans Inter-Telecom Corp., a Chinese software maker, gained the most in four months in Shanghai trading after International Business Machines Corp. bought a stake in the company.

Bright Oceans increased 8.3 percent to 9.43 yuan as of the 11:30 a.m. local time trading break, headed for the biggest one-day gain since Feb. 22. China’s benchmark Shanghai Composite Index fell 0.1 percent.

IBM bought 5.92 million Bright Oceans shares from the Beijing-based software company’s parent for 50 million yuan ($7.37 million) and said it wouldn’t sell the stake in the next year, according to a filing to Shanghai’s stock exchange. Bright Oceans wants to add strategic investors that can help bolster its product development and increase its international exposure, the company said in the statement.

The Chinese company’s profit last year gained 11.7 percent to 82.4 million yuan from 2008 as sales grew 8.7 percent to 928 million yuan, according to Bright Oceans’ 2009 annual report. Bright Oceans stock has fallen 8.6 percent this year, compared with a 27 percent drop in the Shanghai Composite Index.

IBM in January of last year also bought a 1.56 percent stake in Chinese television maker Sichuan Changhong Electric Co. for 108 million yuan. In September 2006, Intel Corp. acquired a $40 million stake in Chinese software maker Neusoft Group Ltd.

Link to Company News:600289 CH <Equity> CN <GO> Link to Company News:{IBM US <Equity> CN <GO>}

To contact the editor responsible for this story: John Liu at jliu42@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.