Virtual China: Information Technology - Press Reviews, June 28, 1999

Weekly Press Review

June 28, 1999

China.com filed its IPO registration papers with the SEC last Thursday, putting an end to speculation about the timing of its planned initial public offering on NASDAQ. CIC registered with the SEC to launch an IPO of 4.2 million shares at an expected price of 14 to 16 dollars a share. Including post-offering outstanding shares, China.com is valued at roughly 500 million dollars.

The China Matrix has prepared a special addendum to this week's press review, China.com in a Nutshell, for those interested in learning more about the company's history and background.

In other news, MyWeb officially launched its Chinese language portal site last Thursday. In cooperation with Beijing Telecom, MyWeb plans to deploy more than 200,000 set top boxes in the Beijing area. The boxes, expected to retail for less than 1600 RMB ($200 US), will be tightly linked to the online portal. "Our vision is that MyWeb will change the way the Internet is accessed in China," said T. S. Wong, MyWeb's co-founder and CEO.

Also last week, China Unicom announced its intent to raise at least one billion US dollars with simultaneous listings in Hong Kong and New York. The majority of this financing is planned for expansion of the company's mobile phone business. Unicom was recently given approval to run a nationwide CDMA network. Unicom currently services about seven per cent of the cellular market in China.

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October 22, 1999

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