China Information Technology (CNIT), a Chinese technology solutions provider, has entered into a partnership with CITIC Securities Co., Ltd., China’s largest securities broker by total asset and market share, to help ease the transition of CNIT’s traditional IT system integration to a cloud-based model, according to a company statement.
CITIC Securities is the securities arm of CITIC group, one of China’s largest state-owned financial conglomerates.
The brokerage will provide CNIT with “a variety of corporate financial services including mergers and acquisitions, pension management, and brokerage services,” according to the statement, as CNIT moves to the cloud and explores “various alternatives in China to enhance long-term shareholder value.”
CNIT makes products used by financial services firms and caters to other sectors such as education and healthcare. Its current cloud-based offerings include a cloud-based education platform and an information distribution platform, among others.
“With the launch of CNIT Cloud Platform powered by our proprietary Cloud-App-Terminal (CAT) technology, we are entering into a new period of innovation and potential growth,” says Jiang Huai Lin, chairman and CEO of the CNIT, in a written statement. “In addition to faster revenue growth, our goals are margin expansion and stronger cash-flow generation, which we believe will ultimately create long-term value to our shareholders. I believe CNIT shall benefit greatly from CITIC’s expertise in the Chinese capital market.”
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