Hong Kong, October 9, 2000
Working closely with state-owned enterprises to build the Internet infrastructure in China
— chinadotcom corporation (NASDAQ: CHINA: website: www.corp.china.com), the leading integrated pan-Asian Internet company, welcomes and supports the new Internet regulations published recently by the Chinese government.
The new regulations published by the State Council on October 1, 2000 represent a great step forward in the development of the Internet in Mainland China. The regulations serve as rules and guidelines for foreign businesses to compete in the Internet industry in China. This new set of Internet rules will also facilitate chinadotcom's investment decisions in the country.
Peter Yip, Chief Executive Officer of chinadotcom, said, "We support the Chinese government's comprehensive set of new regulations governing the Internet sector. It is chinadotcom's policy to comply fully with the laws and regulations of every country we operate in, including China. With the support of Xinhua News Agency, one of our valuable founding shareholders, we believe that chinadotcom is well positioned to be a leading player in the China Internet market."
"Internet development in China is still in its early stages. We believe that partnering with the Chinese government to build the Internet infrastructure in China is one of the most important and essential steps in cultivating rapid Internet development. Our three dimensional business model with multiple revenue streams will help us achieve the critical mass necessary for sustained profitability in China," Yip continued.
Since its inception, chinadotcom has always worked closely with the Chinese government to build and support its Internet infrastructure. Some recent partnerships formed and announced with state-owned enterprises are as follows:
1) Ministry of Information Industry - chinadotcom formed a 50/50 joint venture with CCIDnet.com, a subsidiary of Ministry of Information and Industry, to accelerate B2B e-Commerce development in China.
2) China Travel Services, the leading state-owned travel agency - chinadotcom, in partnership with chinaholiday.com, now operates the only website to have the exclusive franchise for distributing online travel products and packages of China Travel Services in China.
3) The Primary Culture Department- chinadotcom's subsidiary in China formed a strategic alliance with the state-owned China Digital Library to provide a digital library system to the organization. The alliance reinforces chinadotcom's leading position in Internet-based digital technology and its commitment to improve economic and social conditions and to increase the efficiency of communications within the government.
In addition to these Internet infrastructure projects, chinadotcom continues to focus on its three-dimensional business model in China, with the establishment of :
1) Web Connection (China) - with offices in Beijing, Shanghai and Guangzhou to build e-business strategies for state-owned enterprises as well as multi-national companies doing business in China, such as Procter & Gamble, Ford, etc.
2) 24/7 Media Asia (China) - a global agent to sell advertising space of the leading and largest websites in China and to deliver unparalleled Internet advertising and online direct marketing solutions for advertisers and Web publishers across Asia.
chinadotcom has set up over 10 offices and has over 500 employees in China, such as Beijing, Shanghai, Shenzhen, Guangzhou, Da-liang, Nanjing, Hangzhou, etc..
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-dimensional business model, 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 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, chinadotcom is well positioned to create long term shareholder value through its investments.
The company has offices in more than 10 markets, including Japan, Korea, Australia, Hong Kong, Taiwan, Singapore, Malaysia, Thailand, and the USA. For more information about chinadotcom corporation, please visit www.corp.china.com
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