Shah Capital reported on December 2nd that the firm now has 2.20 million shares in Yucheng Technologies Ltd (YTEC), corresponding to a 12.01% passive stake. Shah Capital had 892 thousand shares in YTEC in the second quarter, and it continuously bought the stock after then. The firm reported 916 thousand shares at the end of September and 1.75 million shares on October 31. YTEC is now trading at $2.22, near its 5-year low. The stock has lost 38% so far in 2011.
Three hedge funds were bullish about YTEC in the second quarter. Chuck Royce’s Royce & Associates took the largest portion among the hedge funds, with 843 thousand shares. George Soros’ Soros Fund Management increased its position by 23% and had 200 thousand shares.
Shah Capital Management is located in Raleigh, NC. The firm is a private investment securities company which offers portfolio management services to high net-worth individuals and institutional investors.
According to Google Finance, Yucheng Technologies Limited (Yucheng) 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 technology, through the Software and Solutions businesses. In addition to Software & Solutions, the Company also provides the Platform & Maintenance Services to the clients, which involves selecting, procuring and reselling third-party hardware equipment and software applications to the clients. It also involves monitoring and assisting in the installation of such equipment and software at clients’ sites, as well as assisting in the integration of the installed equipment with clients’ existing IT systems. The company’s subsidiaries include Beijing Yuxinyicheng Technology Limited, Beijing Sihitech Technology Co., Ltd., Beijing e-Channels Century Technology Co., Ltd., Beijing Easycon Electronics Limited and Beijing Yuxinhengsheng Information Technology Limited.”