Hong Kong, January 27, 2000
July 12, 1999 Initial Public Offering Selected as Asia's Landmark Equity Offering
— chinadotcom corporation (NASDAQ: CHINA) today was awarded Equity Issuer of the Year in Financial Intelligence Asia's (FIA) inaugural Distinction Awards for its July 12, 1999 Initial Public Offering, which raised US$96.9 million in capital. The offering, the first United States listing for an Asian integrated Internet company, was oversubscribed as it generated over US$4 billion in demand.
This award comes just days following the company's announcement of its successful second public offering of common stock. During the second offering, a total of 4,975,500 shares were sold at a price of US$85 per share for gross proceeds of more than US$422 million. The offering was 10 times oversubscribed.
Mr. Peter Hamilton, chinadotcom corporation's Chief Operating Officer, accepted the award at ceremonies held during a FIA-sponsored awards dinner with profits going to benefit the Save the Children Fund. He said, "We are honoured to win this award as it is a demonstration of the market's acceptance and confidence in our business strategy, which is based on our unique business model 'Build, Distribute, Sell'. It is that model and our commitment to bringing it to the Internet community throughout Asia that has made our firm so successful and so attractive to global investors."
Candidates for the awards were nominated by a panel of 250 investment bankers through written questionnaires and nomination sheets. Further rounds of elimination included a poll of international institutional investors, followed by one-on-one interviews with 30 of the leading institutional investors in Asian securities. Additionally, 15 of Asia's leading sovereign and corporate issuers of debt and equity securities were asked for their input, and finally, a panel of investors, editors and reporters at FIA compiled the input to reach final decisions.
Evaluators' criteria for each transaction reviewed included its ability to satisfy the separate requirements of both issuers and investors, its contribution to the development and standing of regional financial markets, the level of innovation implicit in its conception, structuring , and execution, as well as its timing relative to prevailing domestic, regional and international market conditions.
Mr. Tony Shale, Editor-in-Chief of Financial Intelligence Asia, commented, "The Distinction Awards have been given to those organizations that achieved merit above and beyond the call of duty in 1999, and clearly chinadotcom corporation stood out. It is the first time that an Internet company has won the Equity Issuer Award. It is obvious that the global investment community, including leading institutional investors are convinced that chinadotcom corporation's floatation created very high value in the marketplace."
Mr. Hamilton continued, "It has been so exciting to see the market's acceptance of our unique business model. We were the first to offer an integrated Internet approach that combined e-Business consulting, on-line advertising, as well as portal distribution within one company. We have successfully leveraged this through the development of an investment model, allowing us to partner with companies at three stages of their development. This will accelerate our development as well, providing us with strategic relationships with the companies as the Internet industry comes of age in Asia."
chinadotcom corporation's acquisition and investment strategy centres around three types of investments. The first, incubation, through the company's Jump Start program, supports seeding of new companies and supports the companies' growth from concept to IPO. The second, acceleration, builds on existing business and accelerates the growth of their online services, while the third category of investments, partnership, enables chinadotcom corporation to join with established Internet companies to enable their entry and expansion into the Asia market.
About chinadotcom corporation
chinadotcom corporation is the first pan-Asian integrated Internet company listed in the United States (NASDAQ: CHINA). The company provides a full range of Internet services that; 1) build e-business strategies and solutions (Web Connection), 2) distribute content via its portal network (china.com, cww.com, hongkong.com, and taiwan.com), and 3) sell services through online advertising (24/7 Media Asia). chinadotcom corporation is committed to enabling digital communities to realize their full potential, thereby facilitating the development of the Internet in China and across Asia. The company has over 900 employees in 24 offices across 11 Asian markets, including Australia, Hong Kong, Japan, Korea, Malaysia, Singapore, and Taiwan. In Mainland China, the company has five offices and over 200 employees. Major corporate shareholders include America Online Inc., Mitsui & Co. Ltd., Nortel Network Corporation, Sun Microsystems Inc., New World Infrastructure Limited and 24/7 Media Inc. For more information about chinadotcom corporation, please visit www.corp.china.com
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