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To: Jonas1 who wrote (2351)	11/14/1999 8:38:00 PM
From: TobagoJack	Read Replies (1) \| Respond to of 6018

Hello Jonas, We are already in potential plays in China. Sina and China are both up and have been for a while (>2 years). Sina is a portal, China is an ISP/portal. China is actually a reseller ISP as there are only 2-3 real ISPs in China, all controlled by the Government (one of which is China Telecom, not the listed one, but its unlisted parent entity). Yahoo portals are the most popular (in combination) portal in China and in the Chinese speaking world (there are actually 3-4 Yahoo!s, with different Chinese script and/or content focus). Yahoo has a embryonic deal with Smartone, the listed HK cellular operator. Cellular access to net will be a big hit in mobile HK and China as cell phone penetration in HK is around 70% and in China will rise to similar level as growth is tremendous (equivalent to one Baby Bell per year). When China enters WTO, Yahoo+Smartone will be front of mind and head of the line. Smartone is listed in HK (symbol 315, 52 wk H/L 33-19) now at HK$ 32/share, 1.4% yield, buy via www.boom.com. The listed China Telecom (CHL) has risen 100% in past 12 month, but I am still holding and will buy more on any pull back for any reason. Real business with real cashflow. Do not know much about Harcourt to definitively comment, but if they say they got an ISP license from PRC government, they would be definitely wrong. They may have gotten an ISP reseller license, which is economically worthless until they get a real ISP license (no time line from government on when sector to open, but no time soon). The reseller license allows you to go get customers on behalf of the 2-3 real ISPs and gives you the right to be squeezed between the customer, the ISP and the telecom folks until you disappear. I think Harcourt is also manufacturing writing instruments.