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Technology Stocks : C-Cube

CUBE 36.82

-0.5%

Dec 4 3:59 PM EST

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To: John Rieman who wrote (43066)	7/16/1999 5:49:00 PM
From: BillyG	of 50808

Konka Group, Shenzhen's largest industrial enterprise, gets $602M bank support........ Konka is a big CUBE customer: Message 10157072 TV producer gets bank support chinadaily.net BANK of China inked a deal with Shenzhen-based Konka Group yesterday in Beijing to provide a package of financial support involving 5 billion yuan (US$602 million) in funds to help the colour TV producer develop high-tech audio and video products and tap overseas market. Officials from the bank said the bank's decision was made based on Konka's good business performance, high credibility and rosy development prospects. The company is the only firm in China's electronics industry to win huge capital support from the bank in three consecutive years. Bank officials said this was the first deal involving such a big amount of capital signed by the bank and any enterprise so far this year. Ren Kelei, chairman of Konka Group, said the company will use the money to research and develop digital TV products and mobile communications products. In 1998, Konka developed its first high-definition TV. Financial co-operation between BOC and Konka started three years ago. BOC's huge capital support helped Konka expand its production capacity of colour TV sets. Last year, Konka produced 4.77 million colour TV sets and reaped 10.5 billion yuan (US$1.27 billion) in sales, which made it Shenzhen's biggest industrial enterprise in terms of sales value. (CD News) Date: 07/02/99 Author: Copyright© by China Daily

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