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To: Haim R. Branisteanu who wrote (58644)	9/3/2000 10:10:41 AM
From: Les H	Read Replies (1) \| Respond to of 99985

Bezos makes front page of Washington Post washingtonpost.com A World Without Gap washingtonpost.com

To: Haim R. Branisteanu who wrote (58644)	9/3/2000 10:23:18 AM
From: Les H	Respond to of 99985

Businessman Sees 90% Of China's Dot-coms Failing - Report SHANGHAI (Dow Jones)--Nine out of 10 Internet companies in China are likely to close shop by the end of the year, a prominent entrepreneur told the official Business Weekly on Sunday. "It's not exaggerating to say 90% of Chinese dot-coms will go bankrupt by the end of this year," said Zhi Tan, chief executive officer of 8848.net, one the leading business-to-business Web sites in China. The 8848.net site is one of the more than 1,100 online shopping and e-commerce sites operating in China. The company was earlier reported to be preparing for an overseas listing. After the Nasdaq correction earlier this year, news about its pending initial public offering also died down. "The Internet companies should seek ways to grow by themselves, and the external support can only play a subordinate role," Zhi said. Venture capitalists, who used to be the lifeline of fledging Chinese Internet firms before they go public, have also turned cautious with the market correction. Liu Zheng, an economist at the Chinese Academy of Social Sciences, said the absence of a standard credit system and an efficient delivery network in China will continue to hamper the growth of local e-commerce companies. In order to remain afloat, several e-commerce firms have either expanded their business scope or have diversified into off-line businesses. Some companies have started to provide application programs for small- and medium-sized enterprises or have gone into the retail sector to support their online businesses, the newspaper said.