RICHMOND, VA -- In a first for Richmond-based Anderson & Strudwick, Inc. the company, today, closed a $6.8 million initial public offering for a Chinese firm. The IPO for eFuture Information Technology Inc. of Beijing, an integrated software and professional services firm, marked the first time that Anderson & Strudwick managed a public offering for a company headquartered abroad.

The stock will begin trading on the NASDAQ Capital Market® as EFUT tomorrow, Oct. 31.
“In today’s global economy, we need to be attuned to the financial needs of businesses regardless of where they call home,” said Mac Downs, Senior Vice President, who structured the initial public offering.

“I’ll be the first to admit that the idea of a small, east coast regional firm helping raise nearly seven million dollars for a company half way around the globe was a tough sell,” the investment banker said. “But as investors came to understand the management strength and proven track record of eFuture, they were increasingly attracted by the IPO.”

Brad Haneberg of the Richmond office of Kaufman & Canoles served as underwriter’s counsel and was instrumental in helping to get the necessary approvals to bring the issue to market. The Kang Da Law Firm of Beijing represented the issuer.

Downs explained that “now that we’re known in China, Anderson & Strudwick will continue to look for other investment opportunities in Asia that make sense for American investors.”

Anderson & Strudwick, Inc. is full-service regional investment firm with more than 160 investment professionals and support personnel. The firm provides asset management, securities brokerage, investment banking, insurance products, and related financial services. It is a Virginia-based, employee-owned company with branch offices in Richmond, Charlottesville, Fredericksburg and Norfolk VA; Charlotte and Hickory NC; Pittsburgh, Canonsburg and Bethlehem PA; Charleston and Columbia, SC; Knoxville, TN; and independent affiliates in Virginia, North Carolina, and Florida. It is a member of NASD and SIPC.

eFuture Information Technology Inc. (eFuture) is a provider of integrated software and professional services for manufacturers, distributors, wholesalers, logistics companies and retailers in China's supply chain front market. The Company's customers are centered in the retail, automotive, general household appliance and consumer goods industries. Its solutions are specifically designed to optimize demand processes from finished goods to customer checkout, and to address supply chain management, business processes, decision support, inventory optimization, collaborative planning and forecasting requirements. The Company's software solutions business is enhanced and supported by its consulting services and ongoing maintenance on existing software installations.