O.T. In response to the previous message, here is the story and a possible NEW investment for all of us:
Thursday, March 9 12:22 PM SGT
Hong Kong's Hutchison Whampoa seals US alliance to tap e-commerce
HONG KONG, March 9 (AFP) -
Hong Kong-based multi-national conglomerate Hutchision Whampoa Ltd. has teamed up with US-based Internet Capital Group (ICG) to tap Asia's e-commerce potential, executives said Thursday.
Hutchison, chaired by tycoon Li Ka-shing, and Internet Capital, said they will launch two businesses in the latest in a rash of e-commerce and Internet-related business deals unveiled here this year.
The first new joint venture, ICG AsiaWorks, would "incubate, acquire and build e-commerce market makers and business-two-business infrastructure companies."
The other was an "e-procurement services joint venture" which would provide a buying and selling portal for companies in Asia. Both would be based in Hong Kong.
A joint statement announcing the tie-ups quoted figures saying worldwide business-to-business e-commerce will generate 7.3 trillion US dollars by 2004, with one trillion dollars in Asia.
"We believe there is enormous potential in Asia," ICG managing director Kenneth Fox said.
"We will create the leading portal for entrepreneurs and large corporations to buy and sell products and services globally, reducing their procurement costs and growing their revenues."
He said the deals also would "provide a platform for our US and European-based companies to expand to Asia."
The statement said Internet Capital, Hutchison and Li Ka-Shing Foundation Ltd. were acquiring a controlling stake in Hong Kong-listed Harbour Ring International Holdings and renaming it ICG AsiaWorks Ltd.
ICG will be the majority shareholder, subject to approvals by Harbour Ring shareholders and Hong Kong authorities.
sg.dailynews.yahoo.com
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I checked OTCBB:
Harbour Ring International Holdings is shown as OTCBB-foreign (probably pink sheets) as HBRRF
Quote on e-finet.com <0715.HK>showed no trading, last price HK$1.23, News: suspended 3/1/2000.
Quote on MSN showed symbol & last price US$0.07. Bet we won't see these prices again, when it starts trading!
Merry |
