Hong Kong, July 6, 2000
Former Templeton Senior VP Jack Lin Leads Team of Seasoned Investment Professionals to capitalize on Strategic Investment Opportunities from Expected Industry Consolidation
— chinadotcom corporation [NASDAQ: CHINA; Website: www.corp.china.com], the leading pan-Asian integrated Internet company, today announced the creation of a new wholly-owned subsidiary, chinadotcom ventures Inc.. The new company aims to extract increased value from chinadotcom corporation's investments and assess the value of the multitude of current investment and business opportunities in the Asia Pacific region resulting from the expected consolidation of the Internet industry.
In addition to driving greater value from its existing investments and partnerships, the establishment of chinadotcom ventures Inc. is in response to the number of Internet businesses in Asia facing an uncertain investment environment. This current climate has resulted in dynamic new opportunities - which can complement chinadotcom's range of online content, advertising, and web solutions services - to expand the company's investment portfolio under favorable terms and conditions.
chinadotcom ventures will assess proposed investments in the light of their business potential and "fit" with chinadotcom's unique "Build, Distribute and Sell" business model. In particular, the new subsidiary will be focused on investments that will be able to effectively leverage chinadotcom's existing cost and operational infrastructure across Asia. chinadotcom ventures will play an increasingly active management role in many of chinadotcom corporation's existing investments, with a view to maximizing the yield from the promised synergies. The team will standardize the investment review process across chinadotcom's business units to bring about greater efficiencies and enhanced shareholder value.
"The current investment climate, combined with our strong balance sheet leaves us in a commanding position to make further synergistic investments to reinforce our business strategy. We aim to select the very best investments that complement our business model and roll-out strategy. That's why we have set up chinadotcom ventures", commented Peter Yip, Chief Executive Officer of chinadotcom corporation.
Jack Lin, Chief Investment Officer and Senior VP, Strategy of chinadotcom corporation, will head chinadotcom ventures. In addition to his role in managing the new subsidiary Mr. Lin will be responsible for developing corporate joint venture partnerships with companies such as Softbank and Trans Cosmos. He will also be responsible for continuing to ensure that chinadotcom corporation's overall business strategy is fine-tuned to take account of the rapidly changing landscape of the Internet industry in Asia.
Mr. Lin brings substantial investment experience to this role, having previously served as Senior Vice President, responsible for direct investments for Templeton's worldwide Emerging Markets Group. Prior to Templeton, he held senior positions in two venture capital firms; China Development Corporation, a Venture Capital group in Taiwan; and a consortium venture capital group funded by Standard Chartered.
Reporting to Mr. Lin in chinadotcom ventures will be three managing directors, Ken Wong, Lyall Stuart and Jack Michalowski, each of whom has substantial direct investment experience.
Mr. Wong has extensive experience in venture capital, mergers and acquisitions, and investment banking in the Asia Pacific region, having spearheaded private equity investments as Senior Vice President for ChinaVest Funds and headed the Investment Banking Department at Sumitomo Bank.
Mr. Stuart, in addition to his tenure as General Manager, Strategy at chinadotcom corporation, has 15 years of operations and investment experience in Asia, including 8 years' venture capital experience as Vice President of Transpac Capital and as Senior Vice President of Bridgewater China Partners.
Prior to joining chinadotcom corporation Mr. Michalowski was Managing Director and Head of Project Finance & Treasury at Lucent Technologies Asia. He was previously Vice President, Project Finance at Bank America Asia, heading the Power Industry team for the region.
"With the top investment experience of the new senior management team at chinadotcom ventures, we have a capability - unmatched by any other Internet company in Asia - to be able to maximize the value of our existing investments as well as to capitalize on the current investment climate, to our great advantage," added Mr. Yip.
Said Jack Lin, "With business opportunities coming at us from different industry sectors and different countries in the region on a daily basis, I see my role as one of centralizing a multi-faceted process, so that we act with complete knowledge and input from all our business units before moving forward with investments. With our thorough investment review process already in place, we will find the most appropriate investments to complement our multiple operating business units and existing investment portfolio. Our aim is to ensure that our investments increasingly help us to meet our operational and financial goals and, by so doing, create long term shareholder value."
About chinadotcom corporation
chinadotcom corporation (NASDAQ: CHINA) is a leading pan-Asian integrated Internet company offering web solutions, portal and online advertising services. Through its three business units, chinadotcom is able to provide a full range of Internet services around the Asia Pacific region 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).
Fuelling the growth of each of these three business units is a synergistic investment strategy that leverages off chinadotcom's existing operational and cost infrastructure.
By partnering with companies that have proven and successful track records, such as America Online, Softbank, Trans Cosmos and Agence France Presse, chinadotcom is well-positioned to create long term shareholder value through its investments.
The company has over 1,900 employees in 24 offices across over 10 markets, including Japan, Korea, Australia, Hong Kong, Taiwan, Singapore, Thailand, Malaysia, and USA. In Mainland China, the company has 12 offices and over 550 employees. For more information about chinadotcom corporation, please visit www.corp.china.com.
Safe Harbor Statement
The statements in this news release, other than the historical financial information, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ from anticipated results. Further information on risk factors that could affect chinadotcom corporation's results of operations is detailed in chinadotcom corporation's registration statements, as filed with the United States Securities and Exchange Commission.
For More Information