To: April G who wrote (4 ) 5/20/1999 9:36:00 AM From: StockDung Respond to of 70
Bloomberg Article About MYWB's Plans with China Sci-Tech....Can anyone guess whats wrong with this picture? MyWeb Inc.com, China Sci-Tech to Offer Online Trading in China 5/19/99 5:12 MyWeb Inc.com, China Sci-Tech to Offer Online Trading in China Beijing, May 19 (Bloomberg) -- MyWeb Inc.com, a New York-based maker of television set-top boxes that connect customers to the Internet, signed an agreement with a Chinese partner aimed at becoming the first provider of online stock trading in China. MyWeb will now cooperate with China Sci-Tech International Trust and Investment Co., part of China Sci-Tech Holdings, to provide online financial information to retail and institutional investors. The company hopes to be the first to allow investors to trade stocks on the Internet in China. Local securities regulators have yet to give their approval to the plan. ''It's a gray area,'' said T.S. Wong, president and CEO of MyWeb. Wong said MyWeb has approached the Beijing office of the China Securities Regulatory Commission, which supports the idea. The company will set up the infrastructure for online trading through a contract it signed in last month with Beijing Telecom, a wholly owned subsidiary of China Telecom, which operates an estimated four million phone lines in China's capital area. Online trading has a good chance of succeeding in China, analysts say. "The key is how online credit transactions will take place," said Jared Peterson, research director at International Data Corp. in Beijing. The solution could be for online trading to take place at brokerages, which would help settle transactions by accepting cash directly from retail investors, he said. Peter Harmsen in Beijing (8610) 6532-4492 through the Hong Kong newsroom (852) 2977-6600/sc/jr