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Technology Stocks : Softbank Investment International (HK0648)

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To: Yamakita who wrote ()	5/18/2000 9:15:00 PM
From: ms.smartest.person	of 615

O.T.--Yahoo! tied to red chip for listing HUI YUK-MIN United States-based Yahoo! is teaming up with red-chip Founder Holdings to take over Management Investment & Technology (Holdings) (MIT) in a bid to gain a backdoor listing in Hong Kong, according to sources. Subsidiaries of Yahoo! would take a controlling stake of the consumer and industrial electronic products-maker while a Founder unit would take about 20 per cent, the sources said. Founder would inject its e-commerce and on-line electronic-publishing business and other Internet assets into the listed vehicle, they said. The company would also assume responsibility for overseeing the development of three joint ventures planned by Yahoo! and Founder in the mainland. Trading in Founder was suspended yesterday, pending an announcement related to a conditional disposal of a business. Shares in Founder surged 14.2 per cent this week on expectations of a substantial transaction by the company, brokers said. Founder was unchanged at HK$5.2 on Wednesday after reaching an recent peak of HK$5.45 on Tuesday. The counter was traded heavily on Wednesday, with 49.5 million shares changing hands. In the past month, its average daily turnover has amounted to 17.1 million shares. Trading of MIT shares has been suspended since May 4, pending an announcement relating to a possible transaction. MIT rose 13.8 per cent on that morning before it was suspended from trading. Founder and Yahoo! last September agreed to set up three joint ventures. However, the ventures - one Internet services company and two portals - were put on hold until Beijing announces guidelines on foreign-investment in the mainland's Internet sector. Founder is forming a company - EcFounder - to manage e-commerce and other Internet businesses targeting mainland and Hong Kong markets, according to sources. By teaming with Founder for a takeover of a locally listed company, Yahoo! would become the latest in a string of overseas companies obtaining backdoor listings in Hong Kong. In December, Japan-based Hikari Tsushin became the first overseas company to secure a backdoor listing in Hong Kong when it teamed with Pacific Century CyberWorks to take over Golden Power International Holdings. In January, Softbank - Japan's largest Internet investor - agreed to purchase a 61.5 per cent stake in Cheung Wah Holdings. scmp.com MIT is HK[0618]

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