Hartcourt Investors and Analysts Complete Historical Due Diligence Trip To China
January 08, 2001 08:07:00 AM ET
Hartcourt's 'China High-Tech Development & Finance Conference' Acknowledged as Major Success
LOS ANGELES, Jan. 8 /PRNewswire/ -- The Hartcourt Companies Inc. (OTC: HRCT; Frankfurt: HCT), www.hartcourt.com, an investment and development company focused on Internet infrastructure and content delivery, today announced the successful completion of its first Investors Due Diligent Trip. All 35 of the participating Hartcourt investors and analysts expressed strong confidence in the business and revenue models of the company's business ventures in Hong Kong, Shanghai and Beijing.
"The Hartcourt operations we have seen in China during this trip are absolutely incredible," commented Mr. Ben Robinson, President of BFR Investments, one of the trip's participants. "The group was very encouraged by Hartcourt's investment perspective in China. We observed the operations of each Hartcourt operating subsidiary as well as new ventures currently in development. In each case, we were very impressed with the revenue generating potential as well as their current level of activity. In addition to creating market leading opportunities in the areas of streaming technologies and services, financial information with multiple channels of distribution, and an evolving sales organization for IT solutions, Hartcourt has assembled a young, highly talented and motivated entrepreneurial management team for each enterprise."
The CEO's of Hartcourt's eight subsidiaries in China made detailed presentations and answered a wide range of questions relating to their operations. The presentations included a look at each company's revenue/profit model, market position, product demonstrations, technologies and competitive advantages, management team, and most importantly, a selected client list of each company. With stops in Hong Kong, Shanghai, and Beijing, the group toured the corporate headquarters of Hartcourt subsidiaries: StreamingAsia, Financial Telecom, Koffman Securities, SinoBull Information (Guo Mao), Wind Information, TSS, UAC Stock Exchange Online, and SinoBull Networks (Shangdi).
In all three cities, the group witnessed first-hand the vibrancy of China's growing economy, which will be receiving additional momentum following its anticipated admission into the WTO. They also visited the Shanghai Stock Exchange and observed the potential trading power of China's 48 million investors.
In Beijing, Hartcourt CEO, Dr. Charlie Q. Yang, hosted a gala banquet on the evening of January 3rd for the group where the guests of honor included the Vice Chairman of China's Peoples Congress, the Minister of Science and Technology, top government officials from China's State Council and Beijing City Government, as well as conference speakers from Microsoft, Merrill Lynch, Prudential Securities, and GlobeNet Capital.
Over 150 participants attended the High-Tech Development and Finance Conference, representing established companies, small to medium sized high- tech start-ups, and other significant parties crucial to the entrepreneurial environment such as investment bankers, venture capitalists and institutional investors from Mainland China, Hong Kong and overseas for formal discussion and networking opportunities.
Mr. Lu Hao, Chairman of Beijing Government Committee for High-Tech Industry delivered the opening speech on behalf of the China government welcoming U.S. investors and attendees to the conference. Mr. Lu said, "This conference, jointly organized by Hartcourt and Beijing City Government, is the first China investment conference held in Beijing in the 21st century. We are very impressed with Hartcourt's vision and understanding of the huge business and investment opportunities here in Beijing as well as in other parts of China. Foreign investment regulation and legal systems in China are improving every day, becoming more open and fair to foreign investors. We particularly welcome foreign companies like Hartcourt, who see the great opportunities and also understand the way of working with us, together, to improve the foreign investment environment in China."
Dr. Thomas Lee Boam, Minister-Counselor of Commercial Affairs with the U.S. Embassy in Beijing, attended the conference and said, "We have enormous respect for China's decision to enter the WTO. Expansion and growth of the Chinese economy is not only for the people of China, but also good for the United States. We want to see an expansion of wealth in China with a growing consumer base that can buy high quality American goods. The only way for this to happen is to see massive economic growth in this country. To achieve this, both foreign investment, and domestic reinvestment is necessary. America does NOT have a monopoly on entrepreneurs. I have seen them in America, Europe, and right here in China. In both the United States and China there is much work yet to be done. One of the best ways this work can be fostered is through exchanges like this conference organized by Hartcourt. You must take a long-term perspective. In your highly technological field, you have an opportunity to create systems and relationships for sustained growth."
Dr. Charlie Yang said, "With China poised to become an increasingly important market for telecommunications, Internet and other high-tech enterprises, Hartcourt has proven that it has the capabilities to identify attractive opportunities, create investment, and build up successful enterprises in the rapidly growing China market. Through this conference and other presentations here, we are thrilled with the opportunity to actually demonstrate to our U.S. investors how we have been working together with Chinese government officials and brilliant young entrepreneurs to develop successful companies."
In Hong Kong, while being interviewed by the leading Hong Kong Economic Times, Dr. Alan Phan, Chairman of The Hartcourt Companies, Inc. commented, "Many experts are expecting a sluggish year for the U.S. economy and western stock markets. While this could affect the global economy in general, the huge internal demand for goods and services within the Chinese economy should minimize the local impact. We could not have chosen a better region to operate in during these turbulent times."
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 IPOs or spin-offs focused on four main divisions: StreamingAsia, the streaming content (video/audio) web-casting and web hosting leader in Hong Kong; SinoBull Financial Group, the multi-media financial data provider and online securities trading platform; the Broadband ISP and Internet Infrastructure Group; and Hartcourt Capital Inc., the financial E-Finance transactions platform offering online banking, securities, insurance, equipment leasing, credit, and B2B transaction settlements. Detailed information on Hartcourt can be obtained via the company's Web site, www.hartcourt.com.
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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