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Technology Stocks : Softbank Group Corp -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (3890)	2/14/2000 11:06:00 AM
From: barbie13607	Respond to of 6018

Internet Giant Softbank Takes Equity Stake in ChinaWeb, A Leading Chinese Financial Portal Softbank Joins Elite ChinaWeb Investor Group BEIJING, Feb. 14 /PRNewswire/ -- ChinaWeb, Ltd., China's largest online provider of bilingual financial and e-commerce services, today announced that Softbank China Venture Investments No. 8, a wholly-owned subsidiary of Softbank Corporation of Japan ("Softbank") has taken an equity position in the company. Softbank, Japan's global Internet giant, has taken an 8.0% percent equity interest in ChinaWeb for an undisclosed sum. ChinaWeb's Chairman and CEO, Mr. Boming Wang stated, "With Softbank's backing and on-line financial transaction experience, ChinaWeb is very well positioned to further its leading role in on-line trading and in the provisioning of front and back-end electronic commerce clearing and settlement services for participants in China's on-line e-commerce and financial services industries." Mr. Wang stated further, "ChinaWeb 's ability to provide enabling and enhanced web-solutions for some of China's largest financial institutions is clearly enhanced by having Softbank as our partner. With this outstanding new investor and partner, ChinaWeb benefits from an expanded platform to build and consolidate China's most extensive financial e-commerce network." Mr. Yoshitaka Kitao, Executive Vice President and Chief Financial Officer of Softbank Corporation and CEO and President of Softbank Finance Corporation, has joined ChinaWeb's board as its second independent outside director. Mr. Kitao is also the CEO and President of E*Trade Japan and Morningstar Japan. Mr. Kitao joined Softbank in 1995 and prior to that, Mr. Kitao worked at Nomura Securities for over 20 years, where he headed various divisions, including Wasserstein Perella & Co. "Mr. Kitao obviously brings extensive knowledge and experience of financial markets to ChinaWeb's board. We are honored to have a director of this quality join ChinaWeb's board," stated Mr. Wang. As China's first major financial information website, ChinaWeb's new equity stakeholder, Softbank, joins a distinguished private and public sector group including: the Stock Exchange Executive Council of China (SEEC) -- a Beijing-based organization that has been instrumental in the development of China's capital markets; China International Trust and Investment Corporation (CITIC) -- China's largest diversified financial institution; the South China Morning Post (SCMP) -- Hong Kong's largest English language newspaper; Talisman Capital -- a US-based private technology investment firm; and several leading Chinese organizations including the China Foreign Exchange Consulting Company, Central State Bond Registration and Clearance LLC ChinaBond), and China Merchants Bank. ChinaWeb Ltd., originally founded in 1995, offers a broad array of Internet services through its bilingual financial portals, www.chinaweb.com (English) and www.homeway.com.cn (Chinese). These services including extensive web-based e-commerce solutions, Greater China-related financial news, real-time equity, bond and Foreign Exchange quotes, free email and other Internet tools and enhancement services. These offerings enable end users and merchants to conductonline financial and commercial transactions in partnership with China's largest banks and financial institutions. ChinaWeb's Homeway portal is one of China's most popular websites -- consistently ranking amongst the top ten most visited and popular sites.