Cheung Wah (SBISF) news
Still bravado and announcement only, but it's something!
Softbank to Launch China Internet Conversion
Fund, SCMP Says
By Joshua Fellman
Hong Kong, May 6 (Bloomberg) -- Softbank Investment
International (Strategic) Ltd. said that it will start a $200
million to $300 million fund investing in ``traditional'' mainland
China businesses from next month to help them convert themselves
into Internet companies, the South China Morning Post reported,
citing Junichi Goto, the company's president. Softbank Investment,
the Hong Kong arm of Softbank Corp., Japan and Asia's largest
Internet investment company, will take a 10 percent stake in this
``Net-trans'' fund and invite other companies to join. The fund --
which has identified about 20 potential investments in the
manufacturing, retailing and trading industries -- will provide
the capital and Softbank International the technical knowledge to
help these companies businesses move on-line, the report said.
Softbank Investment, formerly Cheung Wah Development, a
textile company, rose as high as HK$16.30 in February after
Softbank Corp. said that it would take a controlling stake in the
company. The stock increase 1.5 percent to HK$3.325 on Friday.
(South China Morning Post, 5/6, Business p.3)
{CNMP } for the south China Morning Post Web site. |
