NEW YORK -(Dow Jones)- Chinadotcom Corp. (CHINA) formed a strategic
joint venture with Chinese information technology company CCIDNet.com to
develop a business-to-business infrastructure in China.
In a press release Monday, Chinadotcom, a pan-Asian Internet company
based in Hong Kong, said the 50/50 joint venture with CCIDNet.com is
being undertaken under the auspices of China's Ministry of Information.
Chinadotcom said the joint venture will enable market makers and
corporations to perform online business transactions.
The company said it sees an emerging vertical market in China in
industries including heavy machinery, computer equipment, petrochemical
products.
CCICNet.com, a government authorized subsidiary of China's Center of
Computer & Microelectronics Industry Development, will promote and
market the Internet platform, and will help in obtaining necessary
permits, licenses and continued support from the Chinese Ministry of
Information, Chinadotcom said.
Chinadotcom will provide the capital and technical expertise in the
venture.
Shares of Chinadotcom traded recently on the Nasdaq Market at 19 7/8,
up 1/8, or 0.6%, on composite volume of 389,400. Average daily volume is
2.6 million.
The company's Web site is corp.china.com.
-Bill Platt; Dow Jones Newswires; 201-938-5400
(This story was originally published by Dow Jones Newswires)
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