Hong Kong, July 17, 2000
Over 800 registered travel agents and 2000 hotels serviced with comprehensive B2B platform
— chinadotcom corporation (NASDAQ: CHINA; Website: www.corp.china.com), the leading pan-Asian integrated Internet company, today announced it has acquired a majority stake in chinaholiday.com (www.chinaholiday.com), the leading Mainland China B2B travel platform. chinaholiday is the only website to have the exclusive online franchise for distributing travel products and packages of China Travel Services, the leading state-owned travel agency in China.
chinaholiday.com has been rated by China Internet Network Information Centre (CNNIC) as one of the best e-travel sites in China. Its B2B platform allows travelers and travel agencies to make online purchases of airline tickets and hotel rooms. The site has been able to establish itself as a leader in the industry due to its superior service and its comprehensive e-Commerce platform. Today, over 800 registered travel agents and 2000 hotels in China use chinaholiday.com for online purchasing and product distribution and it is expected that within the next two years, 30% of registered travel agents in China will be using the chinaholiday platform.
According to a recent report by IDC, by 2004 there will be more than 33 million people in China using the Internet. Of these, 21% are expected to make purchases online. China is considered to be potentially the largest e-Commerce market in the world; a market that is estimated to be worth US$11.71 billion by 2004. The travel industry has been rated by industry analysts as one of the key B2B e-Commerce growth areas, and through its investment in chinaholiday, chinadotcom is well positioned to take full advantage of this.
"We are committed to developing the Internet industry and e-Commerce in China. To support and grow the B2B market, chinadotcom will continue to work closely with leading government organisations and state-owned enterprises. We are looking to partner with the dominant players in key industries and our investment in chinaholiday.com is a great example of such a partnership. This majority stake demonstrates our commitment to playing a leading role in China's B2B market which is predicted to grow rapidly in the coming few years, " said Peter Yip, Chief Executive Officer of chinadotcom corporation.
Lang Wei, Director of chinaholiday, commented "We are delighted to be partnering with chinadotcom on the further development of chinaholiday. We believe a leading, multilingual, full service, pan-Asian travel portal will result from the combination of chinaholiday's popularity, coupled with chinadotcom's proven record of success in the Internet industry across Asia."
About chinadotcom corporation
chinadotcom corporation (NASDAQ: CHINA; Website: www.corp.china.com) is a leading pan-Asian Internet company offering web solutions, portal and online advertising services. Through its three business units, chinadotcom provides 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 these three business units is a synergistic investment strategy that leverages on 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 nearly 2,000 employees in 28 offices across more than 10 markets, including Japan, Korea, Australia, Hong Kong, Taiwan, Singapore, Malaysia, Thailand, and the USA. In Mainland China, the company has 13 offices and over 550 employees. For more information about chinadotcom corporation, please visit www.corp.china.com
Chinaholiday (Website: www.chinaholiday.com) is one of the earliest pioneer websites focused in travel and tourism e-commerce in China. Over the course of three years since 1997, Chinaholiday has set up itself as a leading name brand in the field of online travel and tourism business in China. Chinaholiday provides a full range of online travel products such as ticketing, hotel booking, and package tours. Chinaholiday also provides advertising services specifically tailored to the travel business. Website building (ASP) is also a unique feature for Chinaholiday since most of the smaller travel agencies lack the ability to construct their own internet presence and capability.
Chinaholiday operates strongly in its B2B platform business feature, working closely with hundreds of travel agencies. Chinaholiday is also the only official partner for CTS (China Travel Service, one of the largest travel operators in China) to distribute its products and services through chinaholiday's website platform.
Chinaholiday is ranked among the top websites for many times by both the media and government agencies. Just this week, Chinaholiday is awarded by the Ministry of Culture as the only excellent website in the category of travel and tourism. This survey was conducted by a third party over a period of 8 months monitoring over 600 websites in China, and only 15 came out as winners.
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 and annual report, as filed with the United States Securities and Exchange Commission.
For More Information