IPO Priced at US$20 Per Share

Hong Kong, July 13, 1999 — (NASDAQ: CHINA) today announced that its initial public offering of 4,200,000 Class A common shares was priced at US$20 per share. Lehman Brothers is acting as the lead managing underwriter of the offering and Bear Stearns is the co-lead manager.'s net proceeds from the offering will be used for capital expenditures, expanding the sales and marketing operations, and for general corporate purposes. 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.'s shares will be listed on NASDAQ under the symbol CHINA.

A registration statement relating to these securities was declared effective on July 12, 1999 by the Securities and Exchange Commission. 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 under the securities laws of any such state or other jurisdiction.

Copies of the final prospectus relating to the offering may be obtained from Lehman Brothers Inc., 3 World Financial Center, New York, New York 10285 (Telephone 212/526-7000).

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