corporation plans to list shares on the Nasdaq National Market

New York, June 25, 1999 — Hong Kong-based Corporation filed a registration statement with the U.S. Securities and Exchange Commission yesterday to launch an initial public offering of its Class A common shares. will offer a total of 4,200,000 Class A common shares, plus an underwriters' over-allotment option to purchase an additional 630,000 Class A common shares. The shares are expected to be sold to the public in late June or early July. The shares will be listed on the Nasdaq National Market under the Nasdaq trading symbol "CHINA". The anticipated price range in the offering is US$14 to US$16 per share. Lehman Brothers is acting as the lead managing underwriter of the offering and Bear Stearns is the co-lead manager. Corporation is a pan-Asian Internet company delivering content, community, and commerce to Chinese language audiences interested in services emphasizing the People's Republic of China, Hong Kong and Taiwan. offers services through its Portal Network, comprised of four Internet Web sites, ,,, and, each of which acts as a gateway to the Internet. Services provided include search engines, directories, e-mail, chat and message boards, and e-commerce products. also provides Internet advertising services involving the sale, electronic delivery and tracking of advertisements on a network of pan-Asian Web sites developed in cooperation with 24/7 Media, Inc., a U.S. Internet advertising firm. Through its wholly-owned subsidiary, The Web Connection, offers corporate Internet strategy and development services to businesses seeking to explore online business opportunities.

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This announcement shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such state or other jurisdiction.

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