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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF) -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (623)	3/9/2000 3:05:00 AM
From: ms.smartest.person	Respond to of 4541

CyberWorks invests in e-commerce specialist iMerchants -- By Eddie Chan Richard Li's Pacific Century CyberWorks (PCCW) has taken an equity stake in iMerchants, one of Hong Kong?s earliest companies to offer companies e-commerce consulting services and technologies. Details regarding the amount and size of the stake were not disclosed, although it is said to be around 10 percent. "This strategic investment is another milestone for iMerchants. We see a clear synergy between PCCW and us," exclaimed Leroy Kung, iMerchants' chairman and CEO. "The investment highlights their confidence in our proven record and leadership in providing e-commerce solutions to leading businesses in Asia." Kung said that the investment would pave the way for future cooperation between the two companies to expand Asia's Internet economy. Kung believes that his firm would also "have the opportunity to develop relationships with PCCW's companies including its various investments in e-commerce." Founded in 1996, iMerchants boasts an impressive portfolio of clients. The company has developed and designed e-commerce-related services for the Stock Exchange of Hong Kong, the JETCO banking consortium and its 51 member banks, the iSteelAsia business-to-business steel exchange portal, Cathay Pacific Airways, China Light & Power, and the Wing On department store. PCCW is a subsidiary of Pacific Century Group, which exploded onto the IT scene by winning the sole rights to build the Hong Kong Cyber-Port, a facility designed to develop Hong Kong's information services sector. Since then, PCCW has made numerous high-profile deals, including partnering with US-based Internet giant CMGI to bring a host of its companies to Asia, and buying Cable & Wireless HKT. PCCW has also invested in companies offering broadband-related Internet services to help beef up its upcoming Network of the World (NOW) converged broadband Internet and video service. Investing in iMerchants would allow PCCW to leverage iMerchants services, perhaps to help build e-commerce infrastructures for NOW and PCCW companies. infoagehk.com