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Technology Stocks : Softbank Investment International (HK0648)

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To: Yamakita who wrote ()	3/20/2000 11:11:00 PM
From: ms.smartest.person	of 615

New investments highlight Softbank's shift into Asia Softbank's Hong Kong-based investment arm, Cheung Wah Development Co., has recently announced an array of share swaps with various high-technology companies throughout Asia. Softbank, which owns 61% of Cheung Wah, is making the swaps to build up its Internet as part of its regional Internet investment holding company strategy. The new investments, worth over US$145 mn, includes a US$25 mn share swap with Chinadotcom Corp, a US$50 mn swap with Malaysia's Digi Swisscom Bhd. (a cellular phone operator), a US$50 mn swap with Philweb.com (a promising Philippine Internet start-up), and a US$20 mn share swap with Hong Kong's Lai Sun Hotels International Ltd. Prior to this new string of investments, Softbank already had about US$40 mn invested in tech projects in China and Hong Kong. The deal with Chinadotcom also includes a 50-50 venture to provide consultant services to web start-ups. "We'll introduce Internet companies in Japan to Asia. We will also help the subsidiaries of Chinadotcom set up business in Japan," said Junichi Goto, Cheung Wah's president and executive director. The swap with the Lai Sun Group was primarily made to address content issues. Lai Sun recently inked a deal to buy 50% of HKATV.com. Cheung Wah expects to secure local content from HKATV.com. In connection with the American International Group (AIG), Cheung Wah also aims to set up and investment company with Philweb.com to put up money in Philippine Internet start-ups. Philweb.com will own 50% of the investment company with AIG and Cheung Wah splitting the rest. Cheung Wah will use about 5% of its enlarged capital to finance the swaps. It also plans to change the company's name to Softbank Investment International (Strategic) Ltd. financialgatewaytoasia.com

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