CMRC + ICAB for Chinese B2B
ICAB trading low end 17s
Commerce One expands into China with new venture
WALNUT CREEK, Calif., March 15 (Reuters) - Internet business marketplace developer Commerce One Inc.
(NasdaqNM:CMRC - news) and seven Greater China businesses have agreed to develop a business-to-business Internet portal
for the worldwide exchange of goods and services among businesses.
The deal calls for the partners -- who include Beijing Enterprises , i-CABLE Ventures (NasdaqNM:ICAB - news) , Jardine
Internet , New World China Enterprises Projects , SUNeVision , Swire Net Ventures and WI Harper Group -- to fund the project with an initial investment of $40
million, Commerce One said.
The seven companies and their affiliates have a trading volume of 20 percent of Hong Kong's gross domestic product, Commerce One said.
The portal will anchor the Hong Kong and mainland China hub of the Global Trading Web -- electronic marketplaces running on the Commerce One MarketSite
Portal. The portal will target several industries including aviation, automotive supplies, building materials, computers and components, fixed and wireless
telecommunications, hotels, medical and healthcare products, retail, shipping and logistics.
``By forming this joint venture we are ensuring that both suppliers and sellers in the Greater China region are able to fully exploit the unparalleled trading opportunities
presented by the Global Trading Web,' Mark Hoffman, Commerce One chief executive and chairman, said in a statement.
biz.yahoo.com |
