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Ufsoft creates fast fortune and billion-dollar goal

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Mark O'Neill

Wang Wenjing became one of China's richest people when his company's stock price rose 150 per cent on its first day of trading on Friday.

Now he wants the firm to become one of the top 50 software companies in the world by 2010, with sales exceeding US$1 billion.

Mr Wang owns 55.2 per cent of software firm, Beijing Ufsoft Group, which listed on the Shanghai market, closed at 92 yuan, making Mr Wang worth 5.07 billion yuan (about HK$4.7 billion).

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Its issue price was 36.68 yuan and heavy buying during Friday pushed it above 100 yuan before it fell to 92 at the close.

'Our biggest asset is our 300,000 domestic customers,' Mr Wang said. 'We want to build on the market at home and gradually enter the world market. Our medium-term target is sales of 10 billion yuan within 10 years and to become one of the world's top 50 software firms.'

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Ufsoft specialises in financial software.

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