NewsForge reported today that Beijing-based XTeam has had an initial public offering (IPO) on the Growth Enterprises Market (GEM) stock exchange in Hong Kong. According to the story, the IPO raised HK $21 million (USD $2.7 million) and valued XTeam at HK $204 million (USD $26.2 million). The company, whose main concentration is in the corporate server market, reportedly plans to use the proceeds to expand product development, open a sales office in China's financial center Shanghai, and set up a training and certification program. XTeam also provides Embedded Linux solutions for such applications as set-top boxes and hand-held computers.

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