News • Mon, Oct. 27
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Mon, Oct. 27, 12:49 PM
Mon, Oct. 13, 7:38 AM
- China Information Technology (NASDAQ:CNIT) names Ms. Robin Yang as its CFO effective immediately.
- Robin brings 15 years of buy-side and sell-side experience in U.S. capital markets. Previously, Robin was the Director of Research at Harbert Management Corporation, a U.S.-based hedge fund with $2B of AUM.
- CEO Jiang Huai Lin: We are pleased that Robin joined as our new CFO. She has deep research, investment and communication experience in U.S. capital markets and hands-on experience of corporate financial management. Robin's analytical approach and broad understanding of our business will be the basis of her strength as an effective CFO. She is part of a senior leadership group across the firm that is focused on building a dynamic and fast-growing cloud-based new media franchise in China."
Tue, Jul. 8, 12:46 PM
Mon, Jul. 7, 12:49 PM
Tue, Apr. 29, 12:46 PM
Tue, Apr. 15, 12:47 PM
Wed, Apr. 9, 12:45 PM
Wed, Feb. 5, 12:48 PM
Oct. 4, 2013, 10:40 AM
- Shares of China Information Technology (CNIT +5.6%) jump after the company's board approves a $9M share repurchase program. Execution is expected over the next year.
- The program will be funded with proceeds from the company's 3M share equity incentive grant, which ironically sent the stock plunging 17%.
Sep. 30, 2013, 2:46 PM
- Shares of China Information Technology (CNIT -17%) are plunging after the company disclosed that it had granted 3M restricted shares to employees as part of its 2013 equity incentive program at a price of $3.00 per share with a 13-month lock-up. (6-K)
- The shares represent a dilution of 11.1%.
- Today's move also smacks of momentum reversal, after shares climbed 32% last week.
Sep. 30, 2013, 12:50 PM
Sep. 26, 2013, 12:47 PM
Sep. 4, 2013, 9:11 AM
- China Information Technology (CNIT) shakes up management: Guang Yuan Zong replaces Yi Fu Liu as Chief Marketing Officer, Zhi Yao Yu replaces Zhi Xiong Huang as CTO, and Zhi Shan Liang becomes Chief Product Officer, a newly created position.
- The changes come on the back of a lackluster 1H which saw declining gross margins and ballooning operating loss.
Sep. 3, 2013, 12:46 PM
Aug. 30, 2013, 11:11 AM
- China Information Technology (CNIT) saw revenue rise 26.1% Y/Y in 1H to $37.3M and EPS improve to -$0.19 from -$0.31 in 1H 2012.
- Gross profit decreased 11.2% to 7.7M.
- Operating loss ballooned 152.4% Y/Y to $51.6M from $20.3M in 1H 2012 as Administrative expenses shot up 207.3% Y/Y to $44.6M. The jump comes on the back of a $32.7M increase in provision for doubtful accounts, reflecting "the new Chinese government fiscal environment where budgetary constraints may hinder or significantly delay the payment by certain local government institutions." (PR)
May. 23, 2013, 12:45 PM
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