Futong Technology Development Holdings Limited (Futong Tech) announced that the Shenzhen-listed company, China Greatwall Computer Shenzhen Co. Ltd. (GW), has agreed to subscribe for 10,125 Shares of Futong Technology Development Holdings (HK) Limited (the JV Company), a company owned as to 81% by Futong Tech and 19% by EMC Computer Systems (FE) Limited.

At the same time, EMC will subscribe for 2,375 shares of the JV Company.

Upon closing of the subscription agreements, Futong Tech's shareholding in the JV Company will be diluted from 81% to 36% and the entire issued share capital of the JV Company shall be held as to 36% by Futong Tech, as to 19% by EMC and as to 45% by GW.

The proceeds from the subscriptions will be used for capital expenditures and as general working capital of the JV Company.