April 11, 2001--(Nasdaq OTC BB: CHWE)--
Chinawe.com Inc. ("Chinawe") today announced that it had formally
entered into a written agreement with the biggest of the four asset
management companies in China, The China Great Wall Asset Management
Corporation ("Great Wall").
The asset management activities are focused upon a proposed
venture with Great Wall which is a Beijing-based single proprietorship
financial company set up with a paid up capital of RMB 10 billion and
controlled by the government of the People's Republic of China
("PRC"). Great Wall has taken up the non-performing assets valued in
excess of US$40 billion recovered by the Agricultural Bank of China
and will resolve these assets through collection, restructuring,
transfer, sale and securitization. "We are accelerating the process of
resolving the assets and e-commerce could be an effective way," Great
Wall officials said at the signing ceremony. It is the first time in
history that PRC is appointing a foreign E-commerce service provider
to participate in selling such a huge amount of assets.
Under this agreement, Chinawe will develop and manage a
comprehensive electronic business intelligent system in compliance
with Great Wall's assets portfolio to provide an effective channel for
promotion of the assets. The system will facilitate the asset sales by
means of online auction, interactive negotiations and transactions,
and will allow potential buyers/investors to effectively source their
prospectus from a user-friendly database search engine. Chinawe will
also provide consulting services to Great Wall to assist them in
working out appropriate marketing strategies and proposals for
individual assets.
Chinawe.com is one of the major business-to-business
e-marketplaces for businesses in Mainland China and Hong Kong.
Chinawe.com provides online access to business products and supplies,
business-to-business transactions, and business-related information
and services.
Forward Looking Statements: Statements in this news release
looking forward in time are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that forward-looking statements involve risks
and uncertainties, including general economic conditions, delays and
risks associated with the performance of contracts, uncertainties as a
result of research and development, potential acquisitions, consumer
and industry acceptance, litigation and/or court proceedings and
regulatory risks.
--30--jeh/ny* csm
CONTACT: Hartman & Craven LLP, New York
Edward I. Tishelman, 212/836-4940
etishelman@hartmancraven.com
KEYWORD: NEW YORK CHINA INTERNATIONAL ASIA PACIFIC
INDUSTRY KEYWORD: E-COMMERCE MARKETING AGREEMENTS
Today's News On The Net - Business Wire's full file on the Internet |
