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Technology Stocks : China.com Corp-(CHINA) -- Ignore unavailable to you. Want to Upgrade?

To: Secret_Agent_Man who wrote (445)	6/7/2000 10:23:00 AM
From: Sarkie	Read Replies (2) \| Respond to of 504

INTERVIEW-Chinadotcom to invest $100 mln in SKorea ================================================================ By Yoo Choon-sik SEOUL, June 7 (Reuters) - Asian Internet firm Chinadotcom (NASDAQ:CHINA) plans to invest $100 million in cash in forming partnerships with South Korean companies over the next year or so, chief executive officer Peter Yip said on Wednesday. Yip told Reuters in a telephone interview that the planned investment is for joint ventures or acquiring Korean companies if needed. "Our plan is to invest $100 million in cash," Yip said. "The time frame is for next 12 to 18 months for the right kind of projects." Chinadotcom has been operating in South Korea for about a year and holds a 60 percent stake in online advertising agency 24/7 Media Korea Co, set up last year. Daum Communications Co <35720.KQ> holds the remaining stake. Yip said the Hong Kong-based company was looking to form partnerships in the broadband and wireless Internet services and in projects to help Korean companies expand their operations into other countries, such as China. "Korea probably has the most broadband experience, most mature of any Asian country," Yip said. "The second area is the wireless, and the structure of partnerships is to make investments as well as making joint ventures to help them expand beyond Korea." He declined to name any Korean company in talks for partnerships but said the company was "open minded" in terms of the number of partnerships and how it would select them. Yip said Chinadotcom might consider acquiring Korean companies involved in "core businesses" such as e-business and mobile services with technological capabilities. He said he thought the Nasdaq market's (INDEX:$COMPX) weakness since March this year and a slump in Internet business this year in general was a correction, which he said was good for the industry's growth for the longer term. "Looking for investment for the long term, this correction is very healthy," he said. "When you look at the history of Internet, they have corrected several times already." He declined to comment on remarks by emerging markets investment guru Mark Mobius that the Nasdaq index could drop to 2,500 points. The Nasdaq index closed Tuesday at 3,756.37. "I must be very careful to comment because I'm not a market specialist and my job is to focus on quality companies with strong fundamentals," Yip said. Mobius said in an interview with Austria's Profil magazine published on Monday that he expected further falls in the price of "new economy" stocks. Chinadotcom shares closed Tuesday's session at $25- per share, down $1-5/16 on the day, while Daum Communications stock closed 10,400 won ($9.29) higher at 97,800 won. seoul.newsroom@reuters.com)) Copyright 2000, Reuters News Service ================================================================