Wharf arm i-Cable puts $100m in start-ups
BEN KWOK
Friday, March 17, 2000
(thanks to weitesfeld on raging bull)
"Wharf (Holdings) unit i-Cable Communications has committed more than HK$100 million to 20 Internet-related ventures in the past three months, according to William Kwan, i-Cable's assistant director of corporate development.
The investments have been made by a wholly owned subsidiary of i-Cable Communications, i-Cable Venture. The unit has direct and indirect interests in start-ups in the mainland, Taiwan and Silicon Valley in the United States, though it has only been operating for three months.
"We are looking for projects that could complement our cable and broadband network," said Mr Kwan.
One of the big investments was an on-line global industrial procurement venture initiated by Wharf and five other leading Hong Kong companies in conjunction with US-based software company Commerce One.
It is understood that i-Cable and Sun Hung Kai Properties technology arm Sunevision are the two largest shareholders.
Other groups with a stake in the US$40 million venture are Swire, Jardine, Beijing Enterprises and New World Development.
Mr Kwan said the venture had the highest growth potential and the least risk among i-Cable Venture's portfolio.
He said it had invested in Internet companies providing content such as sports and music in Chinese, and start-ups offering broadband solutions and software application services.
"We expect more deal flows. We are currently looking at more than 10 projects," said Mr Kwan.
Meanwhile, New T&T, another Wharf subsidiary, yesterday unveiled a streaming service called IP Multicast, which enables Internet content providers to broadcast on-line.
Betaasia.com, an Internet music company, will be the first client of the service which is the first of its type in Hong Kong. "
scmp.com 44.asp |
