Pacific Century CyberWorks (PCW, PCWKF) Message Board

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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)

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To: John McDonald who wrote ()	1/24/2000 1:35:00 AM
From: Rolla Coasta	of 4541

Major news regarding Li Ka-Shing: Li Ka-shing, HSBC, Hang Seng form $385 mln Net venture Compiled by CBS MarketWatch Last Update:12:55 AM ET Jan 24, 2000 HONG KONG (CBS.MW) -- Internet frenzy in Hong Kong has hit an even more frantic pace as tycoon Li Ka-shing's listed flagships -- Cheung Kong (Holdings) and Hutchison Whampoa -- have teamed up with banking giants HSBC Holdings and Hang Seng Bank to launch a HK$3 billion ($385 million) e-commerce joint venture. Dubbed IBusinessCorporation.com, the joint-venture will have "almost unlimited" business scope. The alliance signals an aggressive push by the four blue chips into the nascent e-commerce sector in Hong Kong and the region, with B2B and B2C services and Internet portals to be rolled out in the coming months for insurance, real estate, procurement, wholesaling and retailing. The joint venture is 75 per cent held by Cheung Kong (CHEUY: news, msgs) and Hutchison (HUWHY: news, msgs), and 25 per cent by HSBC (AND HANG SENG BANK [S: HSNGY: news, msgs). The shareholders left open a possible flotation of the joint venture on the stock market. South China Morning Post

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