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Microcap & Penny Stocks : Largo Vista -Crown Jewel of China 1998 and Beyond! LGOV
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To: Dusty who wrote ()4/22/2000 11:52:00 PM
From: jmhollen   of 295
 
China Legend Invests US$24.2 Mln In Internet

(4/20/2000) Legend, China?s largest information technology company, on April 18 launched its new FM365.com Web site, the April 19 Beijing Chenbao (Beijing Morning Post) reported.

Legend President Liu Chuanzhi said this new Web site marks the start of his company?s comprehensive transformation of its focus from information products and technologies to Internet network technologies and information services.

Liu also told the newspaper that it currently is very difficult for Internet companies to make money and that Legend has not come up with any extraordinary idea.

Therefore, Liu said, Legend has placed the profit-making emphasis of FM365.com on ads, paid subscriber information services and ecommerce commissions.

Despite the difficulties Liu described, however, the newspaper reported that many industry observers still are optimistic about Legend?s prospects because of its strong financial background and its huge marketing network.

At the start of this year, Legend raised HK$ 2.8 billion (US$ 359.9 million) on the Stock Exchange of Hong Kong. The newspaper reported that the clear direction of this investment was in the Internet.

So far this year, Legend has invested RMB 200 mln (US$24.2 mln) in FM365.com, according to the newspaper.

The newspaper also reported that Legend intends to buy and invest in small Web sites in a planned manner, and that the company is currently negotiating at least 10 deals.

Also, the head of the 8848.net Web site recently disclosed that Legend Hong Kong has just acquired the Web site's shares. According to the newspaper, 8848.com is currently China?s leading ecommerce Web site.

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