HRCT US: To Acquire Major Stake In China's Leading Financial
8/1/0 12:1 (New York)
HARTCOURT COMPANIES INC ("HRCT-L")
- To Acquire Major Stake In China's Leading Financial &
- Securities News Provider
The Hartcourt Companies Inc., hartcourt.com, announced that
it has reached an agreement with Shanghai Wind Information Co., Ltd.
(WindInfo) to acquire a controlling interest in the leading provider of
financial research and news in China. Hartcourt, and its subsidiary, the
SinoBull Group, would provide capital and marketing assistance to further
expand WindInfo's market share in conventional media while gaining control
of valuable content for the SinoBull E-Finance platform and portal
(SinoBull.com). WindInfo (http://www.wind.com.cn) is China's #1 Financial
Research Content provider, developing original content through its
nationwide network. The acquisition is expected to be completed by the end
of 2000. Terms of the transaction were not disclosed.
Founded in 1994 in Shanghai, China's new center for the investment
banking and finance industries, WindInfo quickly rose to its #1 position of
prominence in the Financial Research industry with quality in-depth
reporting. Its main business is the development of proprietary content and
research information services. In addition, WindInfo develops and
distributes the Wind Securities Information Navigation System software used
to access its comprehensive corporate securities information database. The
WindInfo's flagship product (now in its 7th version) is widely used by
China's investment banking and securities brokerage firms. The Shanghai
Municipal Government awarded WindInfo "The High-Tech Model Company" in
1999. WindInfo has over 1,000 registered corporate clients, including all
major investment banks, securities brokerage firms, and media companies and
generated a net profit of 3 Million RMB on 9 Million RMB revenues in 1999.
Dr. Alan Phan, Chairman & CEO of Hartcourt said, "We are very proud of
the addition of WindInfo, which will add tremendous resources to the
SinoBull Group, particularly synergistic with Guo Mao's financial research
division. They are very respected in China's financial industry for its
high quality financial and securities information services and its value
added products and software technology. With over 1,000 corporate
subscribers, it has the largest institutional client base in China,
including national and provincial branch offices of every major Chinese
investment bank and brokerage firm. The addition of WindInfo's media
assets solidifies SinoBull.com's position as Mainland China's top financial
services portal, offering secure online stock trading, real-time market
data, financial analysis & commentary, and now Mainland China's top source
of financial research information. As we continue merger talks with a Hong
Kong-listed company, we still maintain our focus on developing Hartcourt's
Internet infrastructure strategy and the development of a 24hr Financial
News-Cultural Science TV Channel."
About Hartcourt:
The Hartcourt Companies is a holding and development company that is
building a network of Internet and telecommunication service companies in
The People's Republic of China (China), including Hong Kong, in partnership
with Chinese entrepreneurs as well as Chinese government-owned entities.
Hartcourt's business goal over the next three years is to complete a series
of IPO's or spin-offs focused on 3 main divisions: the SinoBull E-Finance
Platform and wireless financial services, Broadband ISP and Internet
infrastructure, and the Financial Transactions Group (online banking,
insurance, equipment leasing, mortgages, credit, bill payment, etc.).
Detailed information on Hartcourt can be obtained via the company's Web
site, hartcourt.com.
About The SinoBull Group:
SinoBull is a financial services integrator, which enables Chinese
brokerage firms to provide online stock trading to its customers, over
SinoBull's secure nationwide Virtual Private Network UAC162, which is
separate from the Internet. With much concern and restriction to
Internet-based trading in China, the SinoBull.com portal acts as secure
docking station between the Internet and the UAC162 intranet, providing the
best of both worlds (Internet access by investors to input trade decisions
& transactions delivered and processed over a secure network by attached
brokerages). SinoBull's clients are leading securities firms in China,
including giant China Securities (Hua Xia Securities,
csc.com.cn), Guosen Securities (http://www.guosen.com.cn),
Xiangcai Securities (http://www.xcsc.com) and Anshan Securities.
In addition, the portal SinoBull.com also provides real-time financial
news, market data, analysis and commentary; rising quickly in popularity
receiving over 1.6 million page views daily. Assisted in software
development by a Hartcourt subsidiary, Legend Computers (China's largest
computer manufacturer) developed the set top box "Stock Easy," which is
enabled to access SinoBull.com for secure online trading. This turnkey
solution provides ease of connection for the many investors in China's 80
million cable TV market. Building on the "anytime, anywhere" SinoBull
access paradigm, SinoBull has partnered with SIFTT in developing wireless
financial services for Nokia's 7110 product line of WAP-enabled mobile
handsets, distributed by SIFTT throughout Eastern China.
Forward-looking statements:
Certain statements in this news release may constitute "forward
looking" statements within the meaning of Section 21E of the Securities
Exchange Act of 1934. Such forward looking statements involve risks,
uncertainties and other factors, which may cause the actual results,
performance or achievement expressed or implied by such forward looking
statements to differ materially from the forward looking statements.
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-0- Aug/01/2000 16:01 GMT |
