Vice Chairman of State Street, Visited Insigma Technology and Participated Signing Ceremony

On March 22, 2007, State Street Corp. s Vice Chairman Jay Hooley visited Insigma Technology in Hangzhou, China. Insigma Technology Chairman Chun Chen, CEO Lie Shi, Vice President Xiaohu Yang, and Insigma HengTian Software CEO Bo Zhou welcomed the guests.

Accompanied by Mr. Lie Shi and Mr. Xiaohu Yang, Mr. Hooley visited campuses of Zhejiang University and Insigma Science Park. The guests also met the employees of State Street Technology Zhejiang. In the meeting afterwards, the two sides discussed the future collaboration directions and strategies in a in-depth and broad manner.

The joint venture signing ceremony for Insigma HengTian Software Ltd. was held in the evening. Insigma Technology is a 51% shareholder in joint venture and State Street Corp. represents the remaining 49%. Among other guests attending the signing ceremony are Vice Mayor of Hangzhou Shengshan Jin, Director of Hangzhou Hi-Tech District Geng Zhang, Director of Hangzhou Foreign Affairs Office Zhemin Zhen, representatives from the Foreign Economy and Trade Bureau of Hangzhou City, and representatives from the Information Office of Hangzhou City.

In the opening speech by Insigma Technology CEO Lie Shi, he recapitulated the development of strategic partnership between the two companies starting from 4 years ago with the founding of UniverseSoft and to the establishment of HengTian Software Ltd. as a joint venture. Both companies expressed their commitment to the joint venture and their confidence in the flourish of the joint venture with the expertise and experiences from both companies. Under the witness of Vice Mayor Jin, Mr. Jay Hooley, and other government officials from Hangzhou city, Mr. Shi and Executive Vice President of State Street Corp. Jerry Cristoforo signed the legal documents for the joint venture establishment on behalf of Insigma Technology and State Street Corp., respectively.