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Technology Stocks : Jimbo's Playhouse/CPQ -- Ignore unavailable to you. Want to Upgrade?

To: Kenya AA who wrote (4381)	9/27/1999 7:33:00 AM
From: Kenya AA	Respond to of 12662

Thread: Futures say, "Abby WINS!" My pick for the day would be YHOO. It just broke out of a base at 180 (could form a handle here, though) and is expected to handily beat earnings. Also, this is no small deal .... Yahoo! debuts in China, shrugs at possible ban FRIDAY, SEPTEMBER 24, 1999 3:01 AM- ReutersBy Matt Pottinger BEIJING, Sept 24 (Reuters) - Shrugging off a possible ban on foreign investment in China's online market, U.S. Internet company Yahoo! launched a website on Friday with top Chinese computer maker Founder. Yahoo! Inc. made its entry into China less than two weeks after powerful Minister of Information Industry Wu Jichuan said overseas investments in Internet service and content providers were forbidden. "There are going to be clarifications and extensions of the current set of regulations, but certainly what we're proposing to do today is within the bounds of the law," said Jerry Yang, co-founder of Yahoo!. Wu was quoted last week as saying foreign investment in the Internet was prohibited under Chinese law and that the government intended to clean up "irregularities." Foreigners have long been barred from investing in Chinese Internet service providers -- the companies which offer physical links to the world wide web. But content providers like Yahoo!, which host "portals" or other websites offering news, e-mail and electronic commerce, fall into a regulatory grey area that has attracted overseas talent and capital to China's exploding Internet market. Foreign-invested web companies have been rattled by Wu's remark, but most are continuing business as usual until the ministry clarifies its position. The Yahoo! joint venture with Founder subsidiary Beijing Founder Electronics Co includes a new Chinese-language portal -- Error! Bookmark not defined. -- similar to its popular U.S.-based websites, but packed with Chinese content. The partners would also set up an online advertising company, Beijing Founder Electronics President Ricky Lee said. Yang declined to divulge the structure or price-tag of the joint venture, but the indirect participation of the Ministry of Information Industry (MII) in the project suggested a flexibility behind Wu's hard-line stance. The website is hosted by China Telecom, the state telecommunications giant controlled by the MII. In addition, MII Vice-Minister Qu Weizhi joined Yang on stage at a Beijing news conference to launch the venture. Qu declined to answer reporters' questions, but an official travelling in her entourage said: "They are carrying out their business through a trustee -- Founder." "No company was set up inside China's border," he said. However, Yahoo! International Senior Vice-president Heather Killen said the joint venture was based in China and would be infused with Yahoo! capital. "You can't make an omelette without breaking eggs," she said. China's wish to regulate the Internet indicated the leadership placed a premium on cultivating the sector, which is expanding rapidly from its current base of more than four million users, she said. "This seems a very natural development and indicates that they are alive to the fact that this is going to be a very interesting and vibrant sector of the economy," she said. "We look forward to further clarification of the government's position, and at that time we will be sure, through our partners here at Founder as well, to fully comply with the letter of the law," she said.