CHINA PROSPERITY INTL HLDG ADS (CPIH) Message Board

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Non-Tech : CHINA PROSPERITY INTL HLDG ADS (CPIH)

CBBC 24.15

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May 23 4:00 PM EDT

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To: RockyBalboa who wrote (48)	2/13/2000 8:37:00 PM
From: 2MAR$	Read Replies (1) of 60

DJN: DJ HK China Prosperity In US$29.8M Mainland Joint Venture HONG KONG (Dow Jones)--China Prosperity Holdings (Hong Kong) Ltd. (H.CPR) has agreed to set up a joint venture with several mainland parties to make decoding products for the terminals of broadband networks, the company said Monday. The joint venture will be 15% owned by China Wuhan South China Light Electricity Equipment Factory, a mainland firm ultimately controlled by the mainland State Council and 5% by private mainland enterprise Beijing SHT. Construction fitting-out contractor China Prosperity will hold the remaining 80%. The company said the new start-up will have an investment capital of US$29.8 million, of which US$0.5 million will be paid up by South China Electricity Equipment in the form of an injection of fixed assets, premises and related land use rights in the mainland province of Wuhan. China Prosperity will contribute US$11.92 million as registered capital and US$5.38 million as working capital in cash. An additional US$12 million will be paid in the form of fixed asset injection. China Prosperity said the joint venture will be complementary to its investment in the broadband multimedia network business. It also said the alliance with local telecommunications industry practitioners will be beneficial to the company because of various restrictions over making and selling telecommunication products in China. The joint venture will begin operations by the second quarter of 2000. The venture's products will also be sold to China Prosperity's associate Win's Prosperity Group Ltd. China Prosperity Holdings is 50%-owned by China Prosperity International Holdings Ltd., whose shares are traded in Australia and the U.S. Shares of China Prosperity Holdings closed last at HK$5.10, up 21% from HK$4.225 before they were suspended last Thursday. Trading will resume Monday. (END) DOW JONES NEWS 02-13-00 08:27 PM * end of story *

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