Shah Capital recently increased it passive position in Yucheng Technologies Ltd (YTEC). According to the 13G filing on October 31rd, the firm now has approximately 1.75 million shares in YTEC, or 9.42% stake, doubled from its position in the second quarter. YTEC is in a downturn after the second quarter and has lost 31% year to date. The stock is priced at $2.5 now.
Four hedge funds were bullish about YTEC in the second quarter. Beside Shah Capital, Chuck Royce’s Royce & Associates had 843 thousand shares; George Soros’ Soros Fund Management had 200 thousand shares; Philip Hempleman’s Ardsley Partners had 50 thousand shares.
Yucheng Technologies Ltd is a provider of information technology (IT), software, solutions and services to the People’s Republic of China’s banking sector. The company develops and delivers a range of technologies, including Software & Solutions, and Platform & Maintenance Services. The company is based in Beijing, China.