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Non-Tech : CHINA PROSPERITY INTL HLDG ADS (CPIH) -- Ignore unavailable to you. Want to Upgrade?

To: michel petit who wrote (34)	2/10/2000 8:09:00 AM
From: Tom Hua	Respond to of 60

Michel, CPIH is set to run today on this announcement. Regards, Tom Thursday February 10, 3:07 am Eastern Time China Prosperity to invest in China broadband HONG KONG, Feb 10 (Reuters) - China Prosperity Holdings (Hong Kong) Ltd and parent China Prosperity International Holdings Ltd (Australia:CHI.AX - news) (NasdaqNM:CPIH - news) said they were investing in and developing broadband Internet networks and cable television in China through joint ventures and acquisitions. China Prosperity Holdings (CPH) subsidiary Win's Prosperity Group Ltd has secured the exclusive right granted by Sichuan province's Broadcasting and Television Bureau to invest in cable networks in all Sichuan province cities for the development of broadband Internet networks, the companies said in a statement on Thursday. China Prosperity International (CPI) had agreed to purchase a 51 percent interest in Worthope Technology Group Co Ltd for HK$400 million to be satisfied by new CPI shares or debentures. Worthope has an 80.6 percent interest in a joint venture to develop and operate the China Satellite Tele-Health for Education Network. CPI also said it agreed to purchase the remaining 50 percent interest in Solar Touch Ltd, which has a 49 percent in a cable TV network joint venture in Baoding city in northern China's Hebei province. The joint venture has the exclusive right to operate and manage the cable TV network in Baoding city. CPI planned to make further investment by developing the network into a bilateral broadband network. A joint venture owned 80 percent by Win's in eastern China's Nanjing city had agreed to take a 49 percent interest in a new company formed together with Fujian TV Broadcasting and Information Network Co. The new company would develop the existing cable networks around 68 cities in southeastern China's Fujian province into bilateral broadband interactive networks. The company would have a registered capital of 60 million yuan and the total investment would be 400 million yuan. ''The application for the business licence for the new company is now in progress,'' the statement said. Win's also agreed with Harbin Century Digital Information Network Co Ltd to form a joint venture to develop a broadband multimedia network in Harbin city in northeastern China. The joint venture, with total investment of US$29 million, would be 49 percent held by Win's and 51 percent by Harbin Century. CPI had been informed by its sister company, China Prosperity Group Ltd, and Beijing Jing Deshi Co Ltd of the intention to sell their interests in Win's Prosperity Group in return for CPI shares and debentures. However, the parties had disagreed on the consideration and they had sought advice from independent financial advisers on this issue. Win's is 37 percent held by China Prosperity Group, 33 percent by CPH and 30 percent by Beijing Jing Deshi. Win's also said it and China Weapon and Equipment Group Co would establish a joint venture for the production of digital network set-top boxes. The investment for the set-top box factory would cost US$29.8 million. ''The two listed companies (CPH and CPI) will invest more than HK$2 billion in the next two to five years in the above projects,'' CPH executive director Gareth Tang told a news conference.