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OT: boatRgirl, the way our luck has been going, he's probably not heterosexual!!!
OT: I'm spending my next vacation with Dr. Wallace Ching. One of us has to do some recon and get him drunk and talking!!!
ChinaDaily Article: Railcom and China Telecom Info
http://www.investorshub.com/boards/post_new.asp?board_id=485
Railcom denies share purchase of listed firm
(07/10/2002)
China Railcom Tuesday dismissed rumours it would go public in the domestic stock market via indirectly holding major shares of a listed firm.
The denial also wiped away people's concerns about China Unicom, which is actively preparing a domestic listing and aiming to become the first domestic listed telecom carrier.
The rumours surrounding Railcom surfaced from a statement released over the weekend.
Xingtai Mill Roll Co Ltd, a mill firm based in Hebei Province, released an announcement on Sunday saying China Railcom may indirectly purchase major shares of the company via its construction joint venture, Railcom Huaxia.
Huaxia Construction, the minor shareholder of Railcom Huaxia, is considering buying shares of Xingtai Mill Roll with equities in Railcom Huaxia, the announcement said.
Some local media speculated China Railcom would become the first domestic listed telecom operator via this complex trade.
As China does not yet have a domestic listed telecom operator, stock investors showed deep concern over the issue.
"The statement has no relation to China Railcom, all it talks about are the company's own ideas," said Dong Binfeng, spokesman of China Railcom.
The reports saying that China Railcom will become the first domestic listed telecom carrier are pure speculation, Dong said.
Although China Railcom does have plans to go public in both domestic and overseas stock markets, it has not yet gained government approval, according to sources with the Ministry of Information Industry (MII).
Speculation on China Railcom indicates a strong interest in telecom carriers, industry insiders said.
Domestic stock investors are not able to buy shares of the high growth telecom carriers. None of China's six basic telecom carriers are listed in the domestic A-share stock market, while two mobile operators went public in the overseas bourses and are not accessible to mainland stock investors.
China became the biggest telecom market last year with the most telephone users in the world. Telecom carriers have become the most rapidly growing companies. Domestic stock investors yearn for an opportunity to buy shares of the telecom carriers.
Due to huge capital demand in network infrastructure, all of the telecom carriers are seeking listing in overseas stock markets or dual listing in both overseas and domestic markets.
Top officials from the MII said the government supports telecom carriers going public abroad while domestic stock markets might also be a good choice for the money thirsty telecom carriers.
China Unicom, the minor mobile carrier, is now very close to the initial public offering (IPO) in the mainland bourse, according to company sources. Its IPO will be the biggest one in the mainland stock market with a minimum target of around 12 billion yuan (US$1.4 billion).
In a related development, China Telecom, the biggest fixed-line telecom carrier, is busy preparing for overseas listing. It received government approval a year ago but the IPO was delayed due to restructuring the fixed-line telecom market in which the former China Telecom was split up into two parts.
China Telecom's overseas listing will probably take place next year, according to sources from the investment banking sector.
Related China Daily Article:
http://www.investorshub.com/boards/post_new.asp?board_id=485
Siemens settles Asia-Pacific headquarters in Shanghai
(07/06/2002)
Eagerness to strengthen its market position and profitability has pushed Siemens AG to move the Asia-Pacific headquarters of its mobile phone division from Hong Kong to Shanghai.
Accompanying the move will be Siemens' adjustment of its strategy in this region, where China has been defined by the company as the "key focus' for the coming years in both sales as well as research and development, according to senior company officials.
"We view the move as a consolidation of our regional functions, including marketing, logistics and other regional operations,' said Ray Yam, senior vice-president of the Asia-Pacific mobile phones division of the Siemens Information and Communication Mobile (ICM) Group.
Bolstered by its cell phone manufacturing plant in Shanghai, the consolidation is expected to streamline the division's Asia-Pacific operations in order to meet "dynamic market challenges,' said Yam.
Statistics from the Ministry of Information Industry reveal the number of mobile phone users in China reached 170 million by the end of May, which further strengthens its position as the world's biggest mobile-telecom market.
The huge market potential has lured overseas and domestic handset manufacturers to accelerate efforts to secure their respective niche in the market, industry analysts said.
"We aim to secure a double-digit mobile market share within the Asia-Pacific region, while maintaining sustainable profitability. The China market is our primary focus for the years to come,' Yam said.
To achieve these objectives, Siemens will intensify its marketing endeavours to introduce more products specially tailored for Asian users, such as its latest 8008 series which debuted at the recent CommunicAsia 2002 trade show in Singapore. This will be done in accordance with users unique lifestyles and develop local applications for users in the region.
While considering the development and manufacture of flip-top handsets in China, Siemens will transfer the focus of its voice-centric product research and development (R&D) to Beijing to better cater to the Asia-Pacific market.
Earlier, Siemens announced that it will invest another US$60 million in its Shanghai plant, whose annual output is expected to grow from 10 million units to 14 million this year.
With a roughly 14 per cent market share, Siemens reportedly ranks third on the domestic market after Nokia and Motorola, though the top three handset giants have begun to feel the growing pressure due to more fierce market competition from other overseas rivals like Samsung and domestic companies like TCL and Bird, analysts said.
Article: China Daily; Bank of China IPO
http://www.investorshub.com/boards/post_new.asp?board_id=485
I have been receiving GEM news and there appears to be a significant increase in the number of IPOs of late.
Bank of China (HK) to list on Hong Kong stock exchange on July 25
(07/07/2002)
Bank of China (Hong Kong) Ltd. will list on the Hong Kong Stock Exchange on July 25, the bank said Sunday, although plans for a dual public float in New York have temporarily been shelved.
Speaking at a press conference to announce the bank's initial public offering (IPO), Chief Executive Liu Jianbao said the Hong Kong arm of the leading state-owned Chinese bank intended to sell up to 25 percent of the company's stock through the share offer.
The indicative price range for the institutional offering of approximately 2.6 billion shares has been set at 6.93-9.50 Hong Kong dollars (0.89-1.22 US dollars) for institutional investors, he said.
"We plan to offer an incentive to retail investors in the form of a five percent discount to the institutional offer price," said Liu.
Standard Chartered Bank will become a strategic investor through the IPO, paying 50 million US dollars for less than a 2.5 percent stake in Bank of China (Hong Kong).
Its stake is dependant on the price of the offering and whether the full allotment of 25 percent of Bank of China's (Hong Kong) shares are sold.
"While we compete in some areas, our two banks have been good friends for a long time and we intend to explore areas of potential strategic cooperation with Standard and Chartered Bank," said Bank of China chairman Liu Mingkang
However, a planned dual listing in New York had been put on hold indefinitely.
"We considered very carefully our listing options, including in the US. But the Bank of China has its home in Hong Kong and we think it is right to list in the Hong Kong market," said Liu Mingkang
One factor which had swayed the bank had been the stringent listing requirements in the US "which would have required a lot of hard work", he admitted.
However, Liu denied the delay to its original plan for a September listing had been due to media reports which had suggested instability on global financial markets following the terrorist attacks in the United States in September last year.
On listing, the bank will become the territory's second largest listed bank on assets behind HSBC.
The bank is one of Hong Kong's three currency note issuing banks. The others are HSBC Holdings plc and Standard Chartered Bank.
Article: China Stock Market Opening To Foreign Securities:
http://www1.chinadaily.com.cn/news/2002-07-04/76504.html
Equal treatment in stock market
(07/04/2002) (China Daily HK Edition)
Foreign securities institutions will get equal treatment with their counterparts in China as the country opens up its stock market.
As a major step in this regard, the Securities Association of China (SAC), a non-government watchdog of China's securities industry, has given the greenlight for foreign securities institutions to become its members.
Zhuang Xinyi, the newly appointed chairman of SAC, who revealed this, said in Beijing Wednesday: "The membership would promote their communication with their Chinese counterparts and facilitate co-operation."
So far, the membership is open only to domestic securities houses, fund management and securities consulting companies.
Foreign institutions are expected to bring more advanced expertise and management to China's securities industry, said Zhuang.
"Domestic securities firms should consolidate their ties with their foreign counterparts and learn more."
The would-be foreign members must acquire a licence from the Chinese Government to do securities business in the country and be registered in China, he said.
A number of foreign financial institutions are in talks with domestic securities and fund management firms concerning the launch of the first-batch of Sino-foreign securities and fund management firms.
The SAC is opening its door to foreign securities firms at a time in which it is assuming more regulatory roles in the stock market.
Top of its agenda is a plan to build up a database of information on employees of the securities institutions and their business records.
The database will record the misconduct of individuals and companies, which can be made public if necessary.
This will help build the creditability of the securities institutions, and serve as a warning to rule-breakers who used to get away with no punishment in the past because investigations of irregularities were often time consuming as a result of a lack of evidence.
To cite some of its other new tasks, the SAC is going to assess and grant qualifications to people working in the securities sectors, set up professional and ethical standards and organize training programmes.
Such functions used to be shouldered by the government, said Zhou Xiaochuan, chairman of the China Securities Regulatory Commission (CSRC).
"But they should be transferred to SAC in the market-oriented reforms," he said.
He said recently that great changes would take place concerning the transfer of functions of CSRC. The commission's information centre has already been transferred to SAC.
Zhuang pledged to improve services of his association, especially in setting up new industrial ethical and self-discipline rules.
He also said domestic securities companies should set up a foothold outside the country to join the competition in the foreign market. But they need to first improve management and standards and pace up innovation, he said.
Optimism that a more open stock market in China and subsequent investment opportunities will emerge was expressed by David Lin, chief representative in Shanghai of the Taiwan International Securities Corporation. He hoped that Taiwan securities companies would be allowed to do business on the mainland.
Article: China Telecom Turf Wars:
http://www1.chinadaily.com.cn/news/2002-07-04/76450.html
Emerging telecom carriers condemn 'unfair competition'
(07/04/2002) (China Daily)
China's emerging telecom carriers condemned dominant carriers for "unfair competition" and called for concrete protection from the government.
China Railcom, a small player in the fixed-line telecom business, claimed employees of China Netcom - the dominant carrier in North China - "intentionally" cut off its network in a northern city and led to communication being down for several days.
According to sources from China Railcom's branch in Tangshan, in northern Hebei Province, China Netcom cut off the telephone network of China Railcom three times between June 6 and 14.
"Many users could not use their telephones," said Liu Rongfu, president of China Railcom's Tangshan Branch. "This rude action severely hurt China Railcom's reputation."
A manager at China Netcom's Tangshan Branch responded to the accusation by stating the telephone line of Railcom was "too close" to Netcom's and was thus "unsafe" for Netcom's ordinary operation.
The anonymous manager said he did not know whether any users had been influenced following the lack of communication.
In a related development, China Unicom - a minor player in both fixed-line and mobile telecom - complained of unfair treatment by dominant players in both lines of business.
In Sichuan Province, where the fixed-line telephone business is dominated by China Telecom, the Unicom network was allegedly cut off by employees of China Telecom, which led to an eight-hour communications halt for Unicom users.
In Suining County of Sichuan Province, employees of China Telecom reportedly intruded into Unicom's operation centre on April 12 and cut off telephone trunk lines, which immediately stopped Unicom users' access to communication.
The so-called troublemakers allegedly admitted what they did, claiming their supervisors asked them to do the dirty work.
China Unicom severely suffered after experiencing hard market promotion for the newly launched code division multiple access (CDMA) mobile telecom services.
Due to an extreme shortage in the supply of handsets, CDMA users grew slowly with only 800,000 subscribers in May; lagging far behind market expectation.
China Mobile, the dominant mobile carrier, said in a conference the actual number of CDMA subscribers was only one-tenth of the number China Unicom announced.
This was a heavy blow for China Unicom, as it further reduced investors' confidence in CDMA services.
China Unicom made a fierce and quick response, and entrusted lawyers to settle China Mobile's "severe distortion and malicious depreciation" toward its competitor.
China's telecom watchdog, the Ministry of Information Industry, recently reiterated its strong condemnation to related parties, and said the troublemakers would be punished according to the law.
However, such cases happened time and time again, and very few people or companies are actually punished.
Therefore, the government should launch the telecom law as soon as possible to ensure a healthy, fair and equal competitive environment, industry experts said.
China still has no telecom law but only a Telecom Regulation issued two years ago.
OT: NEW YORK Weather: HOT...HOT...HOT...eom
" Ah, yea, I'd give it an 85. I thought it had a good beat and it was easy to dance to."
andi - The markets are closed on the 4th and I believe they also close early on the 3rd.
Article: Xinhua News Agency
INTERVIEWHong Kong Ready to Set Up Internet Peering Hub
--------------------------------------------------------------------------------
Xinhuanet 2002-06-30 14:41:55
HONG KONG, June 30 (Xinhuanet) -- With its excellent telecommunications infrastructure and unique position vis-a-vis the Chinese mainland, Hong Kong has a strong competitive advantagein setting up an Asia Pacific regional internet peering hub, a senior telecom official said on Sunday.
In his exclusive interview with Xinhua, Tony Hou, chairman of Internet & Telecom Association of Hong Kong, said his association has made investigations and proposed the setting up of an internetpeering hub for the Asia Pacific region based in Hong Kong.
"So far, the relevant government departments in the Chinese mainland and the Hong Kong government have paid close attention tothe proposal," Hou said.
Hou said, for better efficiency in terms of cost and network resources utilization, instead of having each Asian country and region connect back to the United States, it will be better for Asia Pacific traffic to be exchanged directly amongst Asian countries and regions and this would keep inter-Asia traffic within the region.
He said the association also proposed that the local governmentshould assume a key role in setting up an Asia Pacific task force for establishing governance and standards pushing for the systematic implementation of IPv6 in the region, and this would mirror the efforts and actions in this respect already taken in the United States and the EU.
There are two large internet exchanges around the world, with the New York International Internet Exchange in America serving the international and the U.S. domestic ISP market and the Amsterdam Internet Exchange in Europe serving as an neutral and independent internet exchange, while there is no equivalent for the Asia Pacific region.
A recent research by the Nielsen/NetRatings survey revealed that the number of Internet users in China had surpassed the totalof other Asia Pacific countries to rank just the second globally to the United States, representing only about five percent penetration to the market that leaves a lot of potential for the future growth. Inevitably, the supply and demand between China andother countries will increase rapidly.
"This gives China a distinct competitive advantage to assume the role as a main Internet center both in the Asia Pacific regionand globally," Hou stressed.
However, Hong Kong, with its unique position as a part of Chinawith an open market policy, a free flow of information, a well-structured regulatory environment and a trusted position as a leading financial center, has the opportunity to former partner with the mainland to assume this leadership position to set up such an exchange, he added.
Hong Kong is one of the first cities in Asia to introduce GPRS service and the first to introduce a broadband-based interactive television. In Hong Kong, there are 4.4 million Internet users fora population around 7 million people and 80 percent of the population has mobile phones.
In addition, there are over 500 telecom-related establishments in Hong Kong providing employment for 30,000 people, over 98 percent of households and more than 95 percent of business buildings are covered by broadband connections, and 60 percent of the households have installed personal computers.
"By building a high-speed information highway between China andother Asia Pacific countries and a regional Internet peering hub in Hong Kong, Hong Kong would increase its core competence and also attract more investment from overseas service providers," Housaid.
Hou concluded that having an Internet peering hub based in HongKong not only makes sense from an infrastructure point of view, but would ensure that productivity gains from the information technology sector ripple through to the entire economy. Enditem
http://news.xinhuanet.com/english/2002-06/30/content_463357.htm
China Daily Article:
Microsoft inks US$750m deal with China
(06/28/2002)
The US software giant Microsoft Corp won a major battle in improving its image in China on Thursday by investing 6.2 billion yuan (US$750 million) in the country.
"We have entered the third phase of our development in China -- that is to grow as a full and valuable participant and partner in China's software industry," said Steve Ballmer, president and chief executive officer of Microsoft.
The first two stages were product sales and marketing, and the establishment of research facilities.
Ballmer made the remarks after signing co-operation pacts with the State Development Planning Commission (SDPC) and the Ministry of Education on Tuesday and Thursday respectively.
According to the memorandum of understanding (MOU) between SDPC and Microsoft, the US company will invest 6.2 billion yuan (US$750 million) in three years in education and training, academic research and co-operation, hardware manufacturing outsourcing, support in software outsourcing and strategic investments in local software companies.
The company will launch a "Great Wall Plan" in the next three years with 200 million yuan (US$24 million) determined in the MOU to co-operate with 35 Chinese universities, which have been approved to set up software colleges.
The US software vendor also said on Thursday they will invest 4 million yuan (US$500,000) in a joint venture to build a software college and offer software services with Shanghai Jiaotong University and two Shanghai companies, controlling 10 per cent of the stakes in the venture.
"The co-operation will help Microsoft build a good corporate image in China and lay a stable foundation for its future development in China," said Zhao Qinping, vice-minister of MOE.
Microsoft was once troubled by the government's dislike for its reluctance in investment, security problems of its products and their high prices.
Fang Xingdong, author of the famous book "Who Will Challenge the Hegemony of Microsoft," said Microsoft still needs to solve the problems of high prices and security to achieve long-term development.
"The high pricing actually prevents the use of its authorized products and is harmful to the adoption of information technologies in China," Fang said.
China Daily Article: Accounts easier for foreigners
(06/29/2002)
Accounts easier for foreigners
Settlement of investment accounts will soon be more convenient to foreign investors following reforms in account settlements which take effect on Monday.
China's State Administration of Foreign Exchange (SAFE) announced yesterday that starting from July 1, overseas investors can settle capital stock accounts directly with authorized local banks.
Prior to the reform, every settlement of foreign investors' capital stock accounts had to be first approved by SAFE before being submitted to banks.
Now individual banks will be responsible for checking settlements and SAFE will oversee bank operations.
A SAFE spokesman said the change is aimed at improving the investment environment in China by improving efficiency of foreign funded enterprises. The current approval system has hindered the capital flow of foreign investors.
The national reform was led by a trial programme launched last August.
The pilot programme, carried out at 200 authorized banks in 20 cities and provinces including Shanghai, Guangdong and Zhejiang, received positive feedback from foreign-funded enterprises.
The spokesman said the adjustment shortens settlement time for foreign investors who can finish up all procedures at bank counters.
The necessary documents for settlement remain unchanged and the reform is only limited to the settlement of investment accounts, the spokesman stressed.
He refuted the idea that the reform means SAFE is abandoning or weakening control of the settlements of capital stock accounts, adding that it has just shifted its monitoring focus from foreign investors to authorized banks.
Only banks that have had no big faults in capital account settlements in the past three years will be authorized by SAFE.
Banks involved should report settlement data to the administration every working day and those without networks are asked to submit monthly reports.
SAFE has made continuous efforts to improve the management of foreign exchange under the standards of the World Trade Organization.
China's foreign reserves reached US$233.8 billion in April.
DC100 - This should help.
http://www.10kwizard.com/main.php?g=
IMAN - You have P/M. eom
OT: G/M board. IMDS.OB moving today! eom
Yesterday's recovery coupled with today's performance could be the beginning of something good. If the Markets can hold on to today's gains on Friday ( tomorrow ) we just might have the start of a summer rally. Naturally, just MO!
Tin - I had figured that out. Thanks! eom
Tin - Would you provide the link for the site of the last 10 trades info? TIA
OT: Ah, EZ, would you know where I could rent/borrow such an outfit for the weekend? I have a friend visiting. :)
OT: CALY.OB breaking out!!!eom
EZ - As requested, I have submitted my application, including my DSM-IV diagnosis, to the new board. Not sure that I will be accepted since they are not partial toward trichotillomanics, even though my condition has been caused by the Markets!!!
G/M DC100 - Looks very promising...
http://moneycentral.msn.com/scripts/webquote.dll?iPage=lqd&Symbol=hrct
Tin - Thanks to you and EZ.....what a way to end the day with CCR!
OT: Tin and EZ Request line. How's about a little CCR; Bad Moon Rising.
Tin - The Markets have been hypersensitive to negative news and not at all responsive to positive reports. IF they manage to get beyond today's WCOM fiasco, and close near to even or in the green, we may have the start of something really good!
OT: Just to name a few, with emphasis on the fiber optics and
two of the big boys!
OT: Anybody remember EVER seeing pps like these???
CIEN 3.73; GLW 3.17; JDSU 2.34; TKLC 8.42; CSCO 13.29; SUNW 4.70
When you consider everything the Markets currently have going against them, you cannot help to begin to wonder just how long it is REALLY going to take for them to recover. I only hope it is sooner than later, because so many issues are looking dirt cheap that I am tempted to continue to buy. ( I think some would claim; " Today's buyers are tomorrow's wealthy!" ).Ugh, addiction is a terrible thing!!!
OT: NOT TO BE VIEWED BY THOSE WITH A WEAK STOMACH:
http://moneycentral.msn.com/investor/charts/charting.asp?Symbol=WCOM&C1=0&C2=1
Interesting Read on Investing in Asian Companies:
http://www.financeasia.com/articles/FE4C2F8C-773B-11D6-81E00090277E174B.cfm
Tin - Go back to sleep, but I am concerned that if you wait for our pps and/or these markets to improve before you rise, you may become a modern day Rip Van Winkle!
Irons - This should help:http://www.bbxchange.com/Press_releases/IssuerLetter_3_22_02.stm
With the state of the equities markets, I am surprised that there is any trading! Tough, really tough situation. Largest obstacle; lack of investor confidence. This is ceasing to be fun.
Well, can we assume that the rather low volume indicates that we have consolidated since the recent run-up and that there is now very little motivation to sell? IMO, the recent increase in PRs has shareholders holding and awaiting further NEWS. Well, the weather is beautiful here and it is Friday so......see you all on Monday.
OT: Congratulations to our German friends! eom
G/M shareholders! Germany is the 5:1 favorite. I always bet on the underdog....after all, didn't I invest in HRCT? LOL
I,too, want the pps to significantly increase, but lets not rush the seasons! Time to enjoy the LI beaches.
OT: G/M Tin! Hey thanks for the video poker, but I have walked around this darn monitor 3X and cannot find the slot for the quarters!!!
EZ or Tin - Is there anyway one of you tech guys could link this tread to an interactive poker game so that on days like today those of us here could have SOME FUN????