Dallas, Texas 01/21/2014 (FINANCIALSTRENDS) – Ninetowns Internet Technlgy Grp Co Ltd. (NASDAQ:NINE) the China based financial services facilitator has seen sudden surge in market strength over the past week. Ninetowns which is technically a software company allows businesses, enterprises and government trading groups across China to compile and streamline their import as well as export processes.
Ninetowns Internet Technlgy Grp Co Ltd. (NASDAQ:NINE) as a business software provider, the company provides sophisticated e-filing portal for more than 130,000 enterprises in China to declare their import and export services. The company has since successfully provided high quality services by offering tootoo.com to provide services with the captive business and market intelligence the company owns.
Ninetowns Internet Technlgy Grp Co Ltd. (NASDAQ:NINE) is a Chinese conglomerate with a market cap of $85.73m. The company holds volumes of 530,608 and posts an EPS of 0.27. Ninetowns Internet Technology Group Company Limited (NASDAQ:NINE) also holds a PE of 8.30. The company’s stock are currently listed in the US on the NASDAQ and trade in the region of $2.21 per share. In the past week the company has seen an unprecedented surge in stock prices by over 27.01%.
Ninetowns Internet Technlgy Grp Co Ltd. (NASDAQ:NINE) chose to seek public fund through its Initial Public offering, back in 2004, December priced at $11 for each ADR and issuing over 6.4 million shares. The offering was underwritten by JP Morgan.
Ninetowns holds nearly 90% of the market segment in the e-financial services filing segment as it follows an on-going process of products and services development based on business intelligence it gathers. Chinese financial process in terms of filings and report generation are diverse and most companies to be listed on US browsers need to comply with several requirements. Therefore, as more Chinese companies go the global route through US browsers, Ninetowns services continue to be the major nodal service player.