Hong Kong, March 13, 2000
Single Largest Corporate Investor in infoisLive.com With Ability To Deliver Wireless Communication, Interactive Entertainment and Commerce To Asia
— chinadotcom corporation (NASDAQ: CHINA; website www.corp.china.com) announced today that its subsidiary, hongkong.com Corporation, has acquired a 30% stake in infoisLive.com Limited, a leading Wireless Application Services Provider in Hong Kong. The partnership allows hongkong.com to offer portal-enabled interactive mobile WAP services to all mobile users in Hong Kong.
In this move, hongkong.com will possess the technology through infoisLive.com to provide leading-edge WAP services through different media, both mobile and non-mobile. These media include WAP phones, Personal Digital Assistants (PDAs) and WebTV. Potential applications can be based on communication modes such as mobile ICQ and email; entertainment such as horoscopes; and commerce such as mobile shopping. The hongkong.com portal-enabled WAP services for mobile users are expected to go online later this year.
hongkong.com is the single largest corporate investor in infoisLive.com with its 30% stake. It also holds a board seat.
"chinadotcom is looking forward to partnering with a company involved in WAP application services, a high-potential growth market," said Mr. Peter Yip, Chief
Executive Officer of chinadotcom corporation. "The announcement further demonstrates chinadotcom's continued commitment to investing in new companies and technologies that add value to our shareholders. We are dedicated to delivering timely, useful information and services through the best possible avenues, and this affiliation with infoisLive.com allows us to reach out to greater numbers of users through a new and portable medium."
"This announcement marks a very exciting step in mobile connectivity and the way people communicate. hongkong.com users will be the first to experience the
convenience and power of connecting to the Internet anywhere, anytime," said Mr. Rudy Chan, Chief Executive Officer of hongkong.com Corporation. "As one of the most popular portals in Hong Kong with an Asian focus, hongkong.com is committed to implementing its 3 'C' strategy encompassing content, community and commerce, creatively exploring new means of delivering its services to users. I see the WAP phone as a new medium that enables hongkong.com to deliver on this promise. We are happy to be bringing the latest in mobile and Internet technology to Asia through this investment and partnership with infoisLive."
"Hong Kong has one of the highest mobile phone penetration rates in the world. The active and on-the-move Hong Kong communication users offer a tremendous growth market for infoisLive's mobile applications and services. In partnership with hongkong.com, we are looking forward to providing hongkong.com users and its Asian partners with the latest in mobile connectivity technology to enhance their everyday lives," said Kin Ko, Chief Executive Officer of infoisLive.com Limited.
Industry figures report that Hong Kong has the highest penetration rate of mobile phones in Asia with 56 phones per 100 people(1). infoisLive's WAP services are currently available through five mobile operators in Hong Kong - C&W HKT, Hutchison Telephone, New World, Peoples and SmarTone.
About chinadotcom corporation
chinadotcom corporation (NASDAQ: CHINA) is the leading pan-Asian Internet company built on an integrated operating and investment business model. 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 also invests in synergistic internet companies throughout Asia-Pacific that add value and depth to its services and portal channels. chinadotcom corporation's investment strategy is largely based on three types of investments. The first, incubation - through chinadotcom corporation's Jump Start program - supports seeding of new companies
and incubates Internet start-ups. For example, chinadotcom corporation's investment in, and development of, looks.com has created a highly popular Asian beauty and fashion on-line retailer. The second, acceleration, builds on existing businesses and accelerates the growth of the existing on-line services, while the third category of investments, partnership, enables chinadotcom corporation to join with established Internet companies to accelerate their entry into the Asian market.
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 1000 employees in 24 offices across 10 Asian markets, including Australia, Hong Kong, Japan, Korea, Malaysia, Singapore, and Taiwan. In Mainland China, the company has nine offices and over 300 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.
infoisLive.com Limited (http://infoislive.com) is the first and leading local wireless application service provider. It is a spin-off from Future Information Technology Limited (http://fitholdings.com), formerly a Linux product developer and solution provider.
"Content delivery made groovy" is the mission of the company, showing its ambition to activate the groovy process of content delivery with WAP, enabling people to access contents through mobile phones anytime, anywhere.
As the leading player of the local WAP market, infoisLive.com has teamed up with five out of six mobile operators in Hong Kong to deliver 5390.com, the flagship application developed by infoisLive.com. The core business of infoisLive.com is to develop cross-media portals for ICPs, and to develop wireless applications for telcos, which in turn provide to their subscribers as value-added service. infoisLive.com is basing in Hongkong but selling to the whole world.
The strategic alliances of infoisLive.com include LinuxTimes, Key2HK.com, and now, hongkong.com.
Trademarks are registered under their respective companies.
(1) Dec 1999, OFTA figure
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