SYNNEX Corporation Acquires Controlling Interest in HiChina Web Solutions
Company purchases controlling interest in leading Chinese eCommerce organization
FREMONT, CA – April 5, 2007 - SYNNEX Corporation (NYSE: SNX), a global IT supply chain services company, announced today it has purchased controlling interest of China Civilink (Cayman). China Civilink (Cayman) operates in China as HiChina Web Solutions, a leading eCommerce company that provides domain name registration, web site hosting and design, and runs a popular portal site www.com.cn.
“HiChina is a well respected organization and a pioneer in the eCommerce business in China,” stated Robert Huang, President and Chief Executive Officer of SYNNEX Corporation. “This acquisition provides SYNNEX with an effective eCommerce vehicle and a broad customer base, including over 300,000 profiled end-users, to evolve our emerging supply chain services business in China.”
“SYNNEX is a world class organization that is very well-positioned to support HiChina’s plans for growth and expansion initiatives,” stated Stan Zhang, Chief Executive Officer and Founder of HiChina Web Solutions. “We are delighted to be joining the SYNNEX team and look forward to our next phase of development.”
HiChina is headquartered in Beijing, China and has approximately 360 employees. This Company will continue to operate as a stand-alone entity under the HiChina Web Solutions name.
“Along with our recent investments in the US and Canadian specialty distribution markets and our investment in the Philippines based Link2Support, which increased our business process outsourcing offerings, we believe the acquisition of HiChina further supports our diversification and higher margin efforts and is anticipated to be accretive to our earnings and capital return metrics,” noted Huang. “We look forward to focusing on integrating and driving synergies from these acquisitions.”
About SYNNEX
Founded in 1980, SYNNEX Corporation is a global IT supply chain services company offering a comprehensive range of services to original equipment manufacturers, software publishers and reseller customers worldwide. SYNNEX offers product distribution, related logistics services, business process outsourcing and contract assembly and works with the leading industry suppliers of IT systems, peripherals, system components, software and networking equipment. Additional information about SYNNEX may be found online at www.synnex.com.
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Statements in this release that are forward looking, such as the evolution of our emerging supply chain services business in China, HiChina’s plans for growth and expansion, our diversification and higher margin efforts and expectations of the acquisition being accretive to our earnings and capital return metrics, involve known and unknown risks and uncertainties, which may cause the Company's actual results in future periods to be materially different from any future performance that may be suggested in this release. The Company assumes no obligation to update any forward looking statements contained in this release.
Copyright 2007 SYNNEX Corporation. All rights reserved. SYNNEX, the SYNNEX Logo, and all other SYNNEX company, product and services names and slogans are trademarks or registered trademarks of SYNNEX Corporation. SYNNEX and the SYNNEX Logo Reg. U.S. Pat. & Tm. Off. Other names and marks are the property of their respective owners.