Chung Lok-fai, chairman and president of Soluteck Holdings, is pictured at the company's debut on the Growth Enterprise Market board yesterday. Shares in Soluteck closed at 42 HK cents on the first day of trading, slightly higher than the offer price of 40 HK cents. The company had raised net proceeds of HK$15.3 million by placing 60 million new shares and 30 million existing shares. Mr Chung said most of the proceeds would go towards the research and development of software, particularly e-banking software, while the rest would be used to expand the company's distribution networks. Soluteck specialises in providing information technology systems for banks and postal services in the mainland. Major clients include Bank of China, China Construction Bank, the Agricultural Bank of China and the Industrial and Commercial Bank of China. Soluteck recorded a net profit of HK$15.28 million on turnover of HK$96.06 million for the three months to June 30.