Hong Kong, April 24, 2000
Top Entertainment Content on chinadotcom's Fastest Growing Portal Network
— chinadotcom corporation (NASDAQ: CHINA, Website: www.corp.china.com), the leading pan-Asian integrated Internet company, announced that it has entered into a joint venture agreement with Mainland China's top entertainment website, KP.com Limited.
Under the terms of the agreement, chinadotcom corporation will hold a minority stake of KP.com Limited. 24/7 Media Asia, a subsidiary of chinadotcom corporation, will become the preferred advertising agency of KP.com. In addition, KP.com will be hosted on chinadotcom's Chinese language portals, www.china.com and www.cww.com.
Launched in 1998 by well-known Mainland celebrity, Jiang Kun, KP.com has fast become the most popular entertainment website in China. KP.com provides comprehensive information including news, sports, weather, arts, entertainment events, community activities, recreation, and business from Mainland China.
Mr. Jiang has been selected as one of the Outstanding Chinese Internet People in January 2000 by a committee with members from the China Information Department, CCTV and Chinese Internet Competition.
Mr. Zhou Shun Ao, Chief China Officer of chinadotcom corporation, said, "chinadotcom is very pleased to be partnering with one of Mainland China's most exciting and vibrant Internet companies. The growth of the Internet in China is phenomenal, and we believe that KP.com is well positioned to take full advantage of the Internet growth. It has a strong management team, including its Chairman and Mainland China's most famous comedian, Mr. Jiang Kun. With his charisma, as well as KP.com's compelling content, I am confident that it will attract more viewers and increase the stickiness of chinadotcom's portal network in China."
Mr. Jiang Kun, Chairman of KP.com Limited, said, "KP.com is expanding rapidly, and with our content available on the leading network of portals in China - china.com and cww.com, it will enable us to grow even faster by expanding KP.com to Chinese communities located throughout Asia. Currently, we are investing heavily on building content as we believe that the traffic generated from our web pages will provide an attractive platform for the development of online advertising and e-commerce distribution capabilities."
Mr. Peter Yip, Chief Executive Officer of chinadotcom corporation, said, "Our joint venture with KP.com strengthens the "Distribute" part of our unique investment-driven "Build, Distribute, Sell" business model. chinadotcom is committed in distributing engaging and compelling content to our users by leveraging our existing operational and cost infrastructure. In addition, our experience and reach across Asia, combined with KP.com's strong management experience and the popularity of its site will solidify chinadotcom as having the fastest growing portals in China."
chinadotcom corporation is aggressively investing in the development of technology and content, that results in tremendous growth of page views. The aggregate page views of Greater China portals stood at 10.2 million at the end of March 2000 compared to 4.2 million at the end of December 1999.
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 the Asia-Pacific region 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. The second, acceleration, builds on existing businesses and accelerates the growth of existing on-line services. The third, partnership, enables chinadotcom corporation to join with established Internet companies to accelerate and expand their entry into the Asian market. To date, through chinadotcom's investment program, the company has invested in more than 30 Internet companies around the world.
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 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 12 offices and over 350 employees. Major corporate shareholders include America Online Inc., Mitsui & Co. Ltd., Nortel Network Corporation, 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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