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hot-dog, I believe that you are confusing the 51% that HRCT has
in SinoBull with the 50% it holds in SA. You might want to read
the below press release.
[ Latest Headlines / Market Overview / News Alerts ]
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HRCT.OB
0.49
+0.01
delayed 20 mins - disclaimer
Thursday January 11, 8:04 am Eastern Time
Press Release
SOURCE: The Hartcourt Companies, Inc.
StreamingAsia Webcasts ASPWorld Conference & Expo Hong Kong; ASPWorld Is Premier Industry Event For U.S. And Asian ASP Marketplace
LOS ANGELES, Jan. 11 /PRNewswire/ -- The Hartcourt Companies Inc. (OTC Bulletin Board: HRCT; Frankfurt: HCT), www.hartcourt.com, an investment and development company focused on Internet infrastructure and content delivery, announced today that its Hong Kong-based subsidiary, StreamingAsia (SA), the region's leading webcasting solutions provider, is providing live and archived streaming audio and video via the Internet for the ASPWorld Conference & Expo Hong Kong, whose aim is to provide corporate end-users and decision makers with the latest and greatest tools available worldwide for outsourcing applications and IT services.
StreamingAsia's turn-key solution allows ASPWorld to easily FTP digital content to SA who then webcasts the content via the StreamingAsia Broadcast Network. The event's video clips are hosted and managed by StreamingAsia's Digital Content Manager (DCM) web-based software.
The conference, which is running January 9th to January 11th 2001 in Hong Kong, can be viewed at www.aspworldhk.com.
Through the 3-day event, owned and managed by IDG World Expo, participants can meet thousands of application service providers (ASP) and corporate end-users face to face. For the first time in the Asian arena (a similar IDG event was held in San Jose, California in October, 2000) end-users and ASP providers will gather at a new event showcasing the entire range of outsourcing options.
``ASPWorld was created to assist information technology (IT) decision-makers from small, mid-sized or global enterprises who need to make faster, smarter IT outsourcing decisions for their companies,'' said Focal Ling, General Manager of StreamingAsia. ``As decision-makers struggle to maintain enterprise budgets that keep pace with the demand for network capabilities and retain IT staff, service providers will play an increasing role in providing and maintaining core enterprise functions.''
``StreamingAsia's ability to broadcast the content of this prestigious event to a worldwide audience demonstrates one of the most dynamic aspects of the evolving IT industry.''
About StreamingAsia Limited
StreamingAsia (SA) www.streamingasia.com is the leading Internet Broadcaster providing comprehensive audio and video delivery or streaming solutions to businesses, professionals, organizations, web site owners and content publishers. Powerful network infrastructure enables SA to stream superior-quality multimedia advertising, live event broadcasting and on-demand audio and video content over the Internet to target web-enabled audiences all over the world. StreamingAsia strives to be on the cutting edge of audio, video and computer technologies to ensure that its customers continue to receive the most advanced technology solutions available on the market without prohibitively high up front investment costs.
The Hartcourt Companies, Inc., which owns 50% of StreamingAsia Limited, announced on September 21, 2000 that it has signed an underwriting agreement to bring StreamingAsia public through an Initial Public Offering on the Growth Enterprise Market (GEM) of the Hong Kong stock Exchange.
For information about StreamingAsia or its services, please visit www.streamingasia.com, or call +852 2412 2120.
Detailed information on Hartcourt can be obtained via the company's Web site, www.hartcourt.com.
Forward-looking statements
Certain statements in this news release may constitute ``forward looking'' statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward looking statements involve risks, uncertainties and other factors, which may cause the actual results, performance or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements.
SOURCE: The Hartcourt Companies, Inc.
* NEWS *
http://biz.yahoo.com/prnews/010410/latu075.html
--------------------------------------------------------------------------------
Tuesday April 10, 7:02 am Eastern Time
Press Release
SOURCE: The Hartcourt Companies, Inc.
StreamingAsia Names Former Prudential Asia Executive to Board of Directors;
New Director Brings Proven Experience and Business Contacts To Emerging Company
LOS ANGELES, April 10 /PRNewswire/ -- The Hartcourt Companies, Inc. (OTC: HRCT, Frankfurt: HCT), www.hartcourt.com, today announced that StreamingAsia Holdings Limited, the leading streaming content and web-cast provider in Hong Kong, has appointed Dr. Wallace Ching as an independent, non- executive member to its board of directors. Hartcourt owns a 50% equity interest in StreamingAsia.
Dr. Ching currently serves as the Managing Director of PAMA Group (Hong Kong) Limited, formerly known as Prudential Asset Management Asia Limited, and is in charge of technology-related investment activities. He is responsible for originating, evaluating, structuring and completing private equity and venture capital investment with a technology focus in the Asia Pacific region.
Currently, Dr. Ching is also an assessor of the Small Entrepreneur Research Program (``SERAP'') under the Innovation and Technology commission of the Hong Kong Government.
From 1995 to 1998, Dr. Ching worked for HSBC Private Equity Management Limited as an Associate Director and was responsible for originating, evaluating and executing investment transactions and monitoring investments for regional private equity funds. From 1993 to 1995, Dr. Ching worked for HSBC Asset Management Hong Kong Limited as an Investment Manager. Prior to joining HSBC, he worked for Goldman Sachs & Co. as a fixed income research associate. The HSBC Group is named after its founding member, The Hongkong and Shanghai Banking Corporation Limited, which was established in 1865. HSBC Holdings PLC is one of the largest banking and financial services organizations in the world with 6,500 offices in 79 countries and territories.
Dr. Ching holds a Bachelor of Arts degree in engineering science with first class honors from Oxford University, England, and a PhD. in computer and information science degree from the University of Pennsylvania, United States. He is also a Chartered Financial Analyst.
About Hartcourt
The Hartcourt Companies is a holding and development company that is building a network of Internet and telecommunication service companies in The People's Republic of China (China), including Hong Kong, in partnership with Chinese entrepreneurs as well as Chinese government-owned entities. Hartcourt's business goal over the next three years is to benefit from a series of IPOs or spin-offs of its core business holdings and investments in Greater China.
Forward-looking statements
Certain statements in this news release may constitute ``forward looking'' statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Such forward looking statements involve risks, uncertainties and other factors, which may cause the actual results, performance or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements.
SOURCE: The Hartcourt Companies, Inc.
OT: hansro, I do not believe one needs to apologize for something that they tried to avoid but were forced to do. Read:
Monday, April 9, 2001
US spy plane 'forced to land'
Fighter pilot asked to shoot down aircraft; brawl broke out as PLA officer tried to board
STAFF REPORTER in BEIJING and AGENCIES
--------------------------------------------------------------------------------
Zhao Yu: account incomplete
The US spy plane stranded on Hainan Island was forced to land by a Chinese fighter after requests to shoot it down were rejected by ground control, Chinese sources said yesterday.
Dramatic new details also emerged of how a senior PLA officer wrestled a US airman to the ground as the mainland military boarded the EP-3E Aries II plane following its collision with a Chinese jet eight days ago. Twenty-four American crew are being held as the Chinese navy searches for pilot Wang Wei, who parachuted from his F-8 fighter.
US President George W. Bush would write to Wang's wife as a "humanitarian gesture", Secretary of State Colin Powell said. She had previously written to Mr Bush, accusing him of being "too cowardly" to apologise.
The Chinese military is continuing to take a hard line on the collision, with Defence Minister Chi Haotian yesterday again blaming the US.
The developments came as Chinese sources gave a more detailed account of the collision than that given by Zhao Yu, the second Chinese pilot.
Zhao told state-run TV that he and Wang initially tracked the EP-3 at a distance of about 400 metres in their F-8 fighters. He said the US plane veered abruptly, the propeller on its left wing smashing into Wang's plane and causing it to plunge into the sea.
The sources said Zhao's account was incomplete. After seeing the loss of Wang's plane, Zhao radioed ground control for permission to shoot down the US plane, but this was refused, they said.
"The officials at ground control were cool-headed," one source said. "Zhao could have shot the plane down but that would have meant the death of 24 US airmen. It would have been an act of war, whereas the collision was an accident."
The sources said that after the collision, the spy plane attempted to fly to the northeast, away from China. However, Zhao manoeuvred to prevent this and forced the plane to land at Hainan's Lingshui base, where it was immediately surrounded by Chinese military.
After landing, the US crew refused to let the Chinese enter the plane, demanding that US diplomats be present. Initially, the Chinese made no attempt to force entry. Then a senior officer arrived, walked up the stairs and wrestled a US crew member guarding the entrance. The officer threw the airman to the ground, enabling the PLA to enter.
"The 24 crew members were given their own area in the base, with Chinese military staying at a distance," one source said. "Two of the crew [guarded] the entrance to this area."
The revelations came as China and the US continued intensive negotiations to resolve the diplomatic stand-off.
Yesterday, US Vice-President Dick Cheney reiterated that the US had no plans to apologise to China. "The President [George W. Bush] has made it clear we regret the loss of the Chinese pilot as a result of this accident. The notion that we would apologise for being in international air space, for example, is not something we can accept," Mr Cheney said in a television interview.
Pressed on whether the US had anything to apologise for, he said: "No, I don't believe we do."
The US Secretary of State said the Sino-US relationship "is being damaged" by the dispute and the crew should be released immediately. Mr Powell told Fox News: "We've got to bring this matter to a close as soon as possible . . . [to] get our youngsters back and see if we can minimise the damage to our relationship."
Mr Powell said intense negotiations were continuing despite China's fresh demand that the US apologise for the collision. "We are in intense diplomatic negotiations . . . Things are moving along," Mr Powell said, though not as fast "as I would like".
US Ambassador Joseph Preuher last night said the negotiations had made progress after he again met Chinese officials. He declined to give details.
OT: Pardon the interruption and the arrogance, but I do believe
that America is " the best." History does show that we have made some serious errors in judgement, but who hasn't? IMHO, this be-
havior on the part of the Chinese is simply another chapter in
the long saga of holding America hostage for both political and
financial gain. Not only have other countries detained our living
( POWs ), but even our dead ( MIAs ). They, especially the Chinese, know that we value every individual and that we will go to great lenghts to bring every one home; dead or alive ( this
was a significant part of my Marine Corps basic training ). Yet,
how can we be surprised and outraged by this recent action taken by a country that does not even fully value their own female
infants? I need to stop, I have already said too much.
Article: China + fibre-optics
Friday, April 6, 2001
China bans illegal fibre-optic networks
REUTERS in Beijing
Next story
--------------------------------------------------------------------------------
China has started regulating construction of long distance fibre-optic networks, banning projects without government approval, the official China Daily said on Friday.
The State Development Planning Commission and the Ministry of Information Industry had started to inspect fibre-optic network resources as many companies had invested in the hope of gaining a larger share of the broadband communications market, it said.
Illegal construction had caused overlapping of networks, wasted large sums of money and impeded the government's attempts at regulation, the newspaper said.
Companies that were not licensed to offer basic telecommunications services but were using optical fibre resources must report to the government within 30 days, it said.
The Ministry of Information Industry would issue licences to telecommunications operators for network leasing and sales soon to ensure an orderly competitive environment, China Daily said.
Licence holders would be able to lease and sell network bandwidth and optic fibre networks, and could buy networks set up illegally which were confiscated by the government, it said.
Overseas capital - including funds from Hong Kong, Macau and Taiwan - was banned from direct investment in telecoms network construction and operation before China's entry into the World Trade Organisation, the newspaper said.
China-backed conglomerate Citic Pacific, which is listed in Hong Kong, said on Friday its fibre-optic network project was approved by authorities and would not be affected by Beijing's order putting non-approved projects on hold.
Citic Pacific has no telecoms licence in China but the company was granted special approval to invest in, build and own the nationwide China Express No1 backbone Network in China, managing director Henry Fan said.
Mr Fan said Citic Pacific's fibre-optic network would not be affected by the directive and that its parent, Citic Beijing, had applied for a full telecommunication licence.
Citic Pacific said earlier that it was in talks with a licensed mainland telecommunications operator to lower its interest in China Express No1 to below 49 per cent from 60 per cent.
Mr Fan declined to identity the potential partner. But merchant banking sources said Citic Pacific was in talks with China Satellite Communications Group, a spin-off of China Telecom.
Article: China + WTO + Technology
Friday, April 6, 2001
China WTO entry could give techs an edge
LYDIA ZAJC in Beijing
--------------------------------------------------------------------------------
Mainland and foreign technology firms are hoping China's acceptance into the World Trade Organisation (WTO) will give them an edge when it comes to expanding their horizons both in China and abroad.
Tech executives interviewed at Comdex China 2001 are looking ahead to the time that China will become a member of the trade group. Talks to hammer out details - including ways that China will open up its industries to wider foreign competition - have been slowly progressing and a deal could be signed later this year.
Mainland giant Great Wall Technology, which makes computers, printers, monitors and network equipment, could expand its horizons and improve on its already strong market share, said manager of computer research and development He Xin.
"After China joins WTO, I think it's a good chance for Great Wall to sell our computers to other countries," said Mr He on Friday.
Mr He, speaking at his company's booth at Comdex China 2001 in Beijing, said the company's PCs could make inroads in South Asian markets. The company, which is listed on the Hong Kong stock exchange, sold about one million computers at home last year and many more pieces of other equipment on top of that, he said.
Great Wall, which already works and shares building space with IBM in Shenzhen, does not anticipate too many problems with increased competition from its partner or other foreign companies, Mr He said, amid the blare of music and noise at the electronics show.
Instead, a strong rivalry between firms could mean a drop in price for PC parts. "Maybe, some parts will be cheaper and we can make our computers more cheaply," he said.
Great Wall could also see increased demand for its PCs at home as well as abroad. "Maybe, small companies will die and it's a good chance for Great Wall to have more presence in the market," Mr He said.
Roland Andersson, senior vice-president of worldwide sales at processor-maker National Semiconductor who was visiting Comdex China from California, also said China's WTO membership would be a good thing. National Semiconductor has already partnered with mainland companies such as big computer-maker Legend.
On the other hand, Eric Brewer, founder of network software maker Inktomi from California, is not convinced the WTO-related changes will help his smaller, five-year-old company break into the Chinese market. Inktomi has about 1,000 staff members, and has installed seven in China in the past year.
Mr Brewer said after his keynote speech on Friday that Inktomi was attempting to sell more of its products in China partly because of the slowdown in US economic growth. "China will be less affected by the global economy than Japan or Europe," Mr Brewer said.
However, he believes that China will remain largely self-sufficient when it comes to making and selling electronics, despite the talk of an increased international presence.
WorldNews.com Article
Congress Weighs China Trade Status
The Associated Press, Thu 5 Apr 2001
Email this story to a friend Print this story
WASHINGTON (AP) — Some lawmakers urged caution Thursday over moves in the House to wipe out China's new normal trade status with the United States as a way to punish China for holding the crew of a U.S. spy plane.
``I think that's very premature and I think it could be counterproductive,'' said Sen. Pat Roberts, R-Kan., a Senate Intelligence Committee member who strongly supported last year's law granting China permanent normal trade relations.
House Minority Leader Richard Gephardt, D-Mo., said Thursday, ``I didn't totally agree with the policy on China PNTR, but we made a decision as a country. If we're asking them to live up to their obligations ... we ought to live up to ours.''
A U.S. surveillance plane collided with a Chinese fighter jet Sunday over the South China Sea. The Chinese pilot was lost; the crippled American plane made an emergency landing on a Chinese island. The plane and its 24 crew members are being held by the Chinese government.
Lawmakers rejected either a violent confrontation or a U.S. apology for the incident. Senate Majority Leader Trent Lott dismissed the idea of an apology as ``absolutely ludicrous.''
But China's tourism industry could suffer a hit, at least in terms of congressional travel plans.
Senate Assistant Majority Leader Don Nickles, R-Okla., said he would postpone his planned trip to China with Oklahoma business and government leaders unless the situation was resolved, saying, ``If the crew is not released, we will not go.''
Others in Congress may back out of a separate China trip scheduled to start Saturday. And the trade status is up for grabs.
Rep. Duncan Hunter, R-Calif., who opposed granting China permanent normal trade relations last year, introduced a bill Wednesday to revoke it.
``A favored trading partner with our country would follow proper protocol and not continue to hold our service men and women, along with our equipment, after being asked for their return,'' said Hunter, who wrote the bill with Rep. Tom Tancredo, R-Colo.
Chinese Ambassador Yang Jiechi said trade sanctions would hurt both countries, telling PBS' ``Newshour with Jim Lehrer'': ``Trade relations serve mutual interests. It's not a one-way street.''
Most of the Hunter bill's two dozen co-sponsors are Republican, and most voted last year against the law to end Congress' annual review of whether to extend China's normal trade status and to make it permanent instead.
Congress could end up dealing with the issue even if the repeal legislation goes nowhere. That's because the benefits flow to China only when it joins the World Trade Organization, and negotiations leading to that entry are bogged down.
If China isn't in the WTO by June, the Bush administration will have to decide whether to extend trade benefits for another year. That could trigger a battle in Congress.
``If the current situation continues much longer, I don't see how members of Congress could possibly vote to give China an extension of trade privileges,'' said Rep. Spencer Bachus, R-Ala., a free-trade advocate who supported last year's law.
Meanwhile, nine senators and 13 House members planning to take an eight-day Aspen Institute trip to China may be reconsidering.
``I think everyone is weighing their options,'' said Sen. Patty Murray, D-Wash., who met Wednesday with Ambassador Yang.
They met three years ago when Murray's father died while she was in China. Yang, then head of the foreign ministry's North American affairs bureau, came to her hotel room to express China's condolences. The personal relationship continues, she said.
``I told him that it was very important for all of us that our men and women be returned home'' to Whidbey Island Naval Air Station in her state, she said.
Sen. Bob Graham, D-Fla., vice chairman of the Senate Intelligence Committee, said despite numerous recent incidents, including China's detentions of scholars with U.S. ties, there appeared no likelihood the spy-plane impasse will go beyond diplomatic, and perhaps economic, pressure.
``We're not going to go to war over any of these instances,'' Graham said.
———
TFN - I do plan on selling SA/IPO shares if the launch is a
successful one, but only those additional shares that I will be permitted to purchase as a HRCT Long. Those that I may
receive as a dividend will be held Long. Isn't this the advantage of being offered IPO shares and a good investment
strategy?
SCMP Article: Good Read; Very Promising.
Thursday, April 5, 2001
China seen as global trend-setter
LYDIA ZAJC in Beijing
--------------------------------------------------------------------------------
China could lead the world in making Internet Appliances (IAs), once the simple home or mobile devices surpass personal computers as the instrument of choice for hooking up to the Web, National Semiconductor executive Roland Andersson said at Comdex/China on Wednesday.
"We believe that China will be the trend-setter in the 21st century," said Mr Andersson, who is senior vice-president of worldwide sales at the chip-maker.
Mr Andersson cited company statistics that predict the PC's popularity as an Internet link will be overtaken by other devices, such as mobile phones and set-top boxes which turn a television into Web surfing instrument, in 2003. By 2005, there would be more than 300 million of PCs in use – compared with more than 800 million for all the other devices, he said.
Also, the take-up of mobile phones in China is growing extremely quickly. China was adding about three million new cellular phone subscribers every month, Mr Andersson said.
The nation already produces more than 10 per cent of the world's electronics. China's big domestic market, its strength in manufacturing electronics and its low-cost labour pool could boost it into the top country for the creation of IAs, Mr Andersson said.
National Semiconductor is in the IA business itself – it runs a joint laboratory with giant Chinese computer maker Legend to develop the low-cost devices. The international company has a line of high-quality, x86 processors called Geode for use in such gadgets.
IAs have been seen as an up-and-coming trend: from refrigerators that connect instantly to online grocery stores to re-order food, to palm-sized units which can surf the Internet and are as easy to use as phones.
China could also sell such devices abroad. "A strong home market combined with expert [manufacturing] will support export growth out of China as well," Mr Andersson said.
Mr Andersson spoke to a crowd of about 400 people at Comdex/China 2001, which runs from Wednesday to Saturday in Beijing. The theme of this year's show is "e-Solutions for the New Economic Age".
The 2001 event is the fifth annual Comdex/China, which is an offshoot of the enormous Comdex get-together in Las Vegas every year. The venture in Beijing was organised by China's Ministry of Information Industry, the Ministry of Science and Technology, and the China Council for the Promotion of International Trade, along with overseas organisers Key3Media and International Data Group or IDG.
Mr Andersson said after his speech that China's domestic market was so large, that if local manufacturers could figure out what their consumers wanted, they would have a volume "that other countries would kill for".
China's population is more than 1.2 billion.
The nation has lured electronics manufacturing away from other hot spots such as Taiwan, Mr Andersson said. "China has proven it can manufacturer at lower cost than anyone else."
"With that, they can conquer the world, because they [IAs] need to be affordable," Mr Andersson said.
Also, if Chinese manufacturers wanted to win other markets, they need to develop brand names that could be exported elsewhere, he added.
In a press conference after his talk, one journalist pointed out that set-top boxes were not that successful in China. National Semiconductor executives replied the set-top box market was still developing worldwide.
rip52 - Although your questions are both relevant and timely, I
believe the only honest answer possible to them ia a " Maybe!"
However, because of Dr. Phan's position in China and the relationships that he has established and cultivated, IMHO, if
any US based company has a chance, at this moment, in China it
is HRCT. At least, that is where I am placing my money!
thanks kiel for the update. eom
mmayr wrote:
"Anyone who is under the age of 40 should eventually see good results from HRCT. Anyone over 60 who holds this stock is probably at a higher risk level. At this point, I'm like many ~~ I just don't know. There are health variables and many other variables."
Would this not be true for any long term hold...seems rather
obvious!
Article: SOE mergers allowed
Thursday, April 05, 2001
SOE MERGERS
Foreigners to be allowed to conduct SOE mergers
Apr 5 2001 10:05AM
Homeway
Foreign investors will be allowed to conduct mergers and acquisitions of the state-owned enterprises (SOEs) in Xi'an, capital of northwest China's Shaanxi Province, the city announced Tuesday, Xinhua reports.
Foreign investors will also be allowed to buy or even hold the largest proportion of SOEs' shares, according to the announcement.
This means another big step forward has been taken to revitalize the SOEs in northwest China, local officials said.
According to an official document, the mergers and acquisitions of SOEs by foreign investment will be achieved through contracts, equity markets, stock markets and the transfer of stock rights.
On the one hand, the government will take measures to support foreign investors who wish to merge Chinese SOEs; on the other, the government will settle the SOEs' debts, exclude non-operational capital, and make suitable arrangement for laid-off workers, the document explained.
"Mergers and acquisitions have proved to be effective means worldwide to attract foreign investment," said an unnamed official, citing the fact that over 70% of the money circulation in the world is facilitated in this way.
"If the mergers and acquisitions succeed in Xi'an, the city will attract more investment," the official noted.
He also added that the mergers and acquisitions will not incur loss of state-owned assets.
In addition, the sectors with great potential for high profits, such as banking, insurance and tourism, will also be opened to foreign investment, local officials said.
The Chinese government has emphasized on many occasions that China will revitalize its SOEs by various means and encourage foreign investors to participate in this reform.
"We hope that foreign investment, technologies and management experience will help accelerate the reform process of China's SOEs, " an official with the Chinese Ministry of Foreign Trade and Economic Cooperation (MOFTEC) told Xinhua.
In addition, the four leading sectors of information, machinery, light industry and petrochemicals have expressed a welcome for foreign investment, sources said.
Copyright (c)2001 Beijing Homeway Info.Media Ltd.All Rights Reserved
marshell - Although I fully agree with your post, I cannot help but think that we have gone down this road at least once
before.
OT: Mark - I was going for the laugh! eom
OT: IMHO, countries will continue to display paranoid behavior
under the guise of territoriality however, the real tragedy occurs when military service personnel become pawns in a nation's
gesturing.Our thoughts & prayers should be with them.
Mark - are you suggesting that the US government has engaged
in the practice of providing mis-information?
Origin of GEM IPO Funds Information: =?big5?B?pl7C0CA6IEludmVzdG1lbnQgSW5mb3JtYXRpb24gUmVxdWVzdA==?
Date: 4/3/01 9:55:05 PM Eastern Daylight Time
From: JamieLam@hkex.com.hk (Jamie Lam)
To: Minddoc7@aol.com
Our reply is: -
Thank you for you inquiry.
We are sorry to say that we don't have the statistics regarding the origin
of GEM IPO funds. Accordingly we are not able to provide you with the
information requested.
> -----Original Message-----
> From: Minddoc7@aol.com [SMTP:Minddoc7@aol.com]
> Sent: Sunday, April 01, 2001 5:07 AM
> To: JamieLam@hkex.com.hk
> Subject: Investment Information Request
>
> Hello -
> I was wondering if you could provide me with an estimate of the average
> percentage of GEM IPO funds that are of foreign origin? I realize that the
>
> range might be quite
> broad, but I am interested in an approximation. Once again, I wish to
> thank
> you for
> your time and anticipated cooperation.
> Dr. XXXXXXXXXXXX
> MINDDOC7@aol.com
OT: The Year: 2007; The Scene: Somewhere in rural NE
" Grandpa, is it true that you once had money? "
" Yes, dear, that is correct. "
" Well, where did it all go, grandpa? "
" I lost it all during the stock market crash of 2001."
" Grandpa? "
" Yes, dear? "
" What's a ' stock market? '"
" Now that's a tough one!!! "
SCMP Article: Some reason for optimism???
Tuesday, April 3, 2001
US firms see better mainland margins
MARK O'NEILL in Beijing
--------------------------------------------------------------------------------
Three-quarters of United States companies in China expect profit margins to improve this year and more than 80 per cent plan to expand their operations, according to a survey published yesterday by the American Chamber of Commerce in China.
The survey was part of the chamber's 2001 white paper, its third annual report on US business in China. The report, drawn up after extensive talks with the chamber's 650-member companies since July last year, was presented to government economic ministries last week.
About 160 companies responded, of which 61 per cent said their profit margins would improve this year over 2000, with 14 per cent saying they would improve substantially.
Asked about five-year business outlooks, 45 per cent were optimistic, 46 per cent cautiously optimistic and 8 per cent neutral. On their future plans, 61 per cent said they would expand gradually, 24 per cent expand rapidly and 9 per cent no change.
On their biggest headaches, 67 per cent cited bureaucracy, 56 per cent the difficulty of attracting, developing and retaining talented staff, 43 per cent transparency, 42 per cent corruption and 38 per cent market access.
Chamber chairman Tim Stratford said the business environment was difficult but better than five years ago.
"Foreign businesses have become more sophisticated and are recruiting better talent. The government has become more pragmatic. The nature of our dialogue with Chinese officials has improved over the last five years," he said.
"Over the next five to 10 years, China's economy will have the highest growth in Asia, which you will not see in Japan or South Korea. As China's economy grows, there will be more [business] opportunities."
Mr Stratford said reforms to which China was committed by membership of the World Trade Organisation were critical for the country's continued economic development and would benefit US firms by fostering a more transparent and predictable business environment, and dramatically expanding market access for foreign goods, services and farm products.
"Given the breadth and depth of the numerous commitments made by China during the negotiation process, full compliance will not be easy and will not be achieved overnight.
"Over the next six years, hundreds of old laws and regulations at the national and local level must be amended to become WTO-consistent."
Mr Stratford said Chinese leaders faced the task of maintaining employment and family incomes at socially acceptable levels as inefficient state-owned enterprises met foreign competition pressures.
"If employment gets out of hand and if a viable safety net cannot be established and maintained, then Chinese leaders may be forced to choose between domestic turmoil and deferring implementation of some of their WTO commitments," he said.
CABBY, after reading what has been posted over the last 24 hrs.
I do believe that the question is more serious & much broader
than you suggest; namely, how can HRCT shareholders continue to
trust and hold for the long term if they are not kept informed
of the company's operations, but have to " discover " them only when financials are made public? Once again, we have seen very poor judgement on the part of HRCT Officers. I will con-
tinue to hold only and only if, the SA IPO occurs this month.
Article:Listing rush begins anew
Apr 3 2001 9:46AM
Homeway
While most venture capitalists are pulling stakes out of the battered high-tech stock market, Chinese software companies are doing the opposite: planning a new gold rush through getting listed on the mainland, Hong Kong and overseas markets.
The move was heralded by Shenzhen-based Kingdee International Software Group Ltd, which became the first listed software company from the mainland on the Growth Enterprises Market in Hong Kong in February.
Following Kingdee's footsteps, Top software - a Chengdu-based high-tech firm - succeeded with an initial public offering (IPO) in Hong Kong last Friday.
Officials from other major industry players including the Beijing-based Kingsoft, Start-Sunway and Federal also claimed last week on E-Shock talk show that they were going full steam towards listing in the near future.
Federal, the biggest software retailer in China, recently unveiled its IPO plan to get listed in Hong Kong later this year. Kingsoft, which focuses on office applications and game software, plans to try to get listed on the proposed second-board market on the mainland. Start-Sunway said it was gearing to get listed by the end of next year.
Analysts said behind the gold rush was nervousness of getting knocked out as most of Chinese software companies are facing two major problems: shortage of capital and small-sized operations, according to Business Weekly.
As most software companies are private firms, IPOs serve as a quick way to channel capital for long-term development and to bring them closer to the world market. It will also benefit their brand reputation and overseas business, analysts say.
Kingdee piled up US$9 million through its IPO, which the company said would be used for future acquisition, business software development and sales network expansion.
Daniel Huang, vice-president of Kingdee Software Technology (Shenzhen) Co Ltd, said the company's IPO marked the company's most critical step towards becoming the biggest industry player in China.
"What Kingdee cares more about is that our IPO will bring us to a globalized and mature capital market and elevate our reputation in the world," said Huang.
Kingdee has set up an international business department to rival its US counterparts. This year, sales of their enterprise management software overseas will contribute 7% to its total sales, Huang said.
Start-Sunway, another major software company, is even more ambitious: It announced recently it would establish a research and development (R&D) center in the US Silicon Valley and the revenue from the international market was expected to account for 30% of the total.
"We should not totally depend on the existing team to develop the international market," said He Enpei, president of Start-Sunway.
"We hope to have talents with international background in our management team and an R&D team, which will bring us a tremendous edge." However, many industry analysts doubt how far the IPO fever can carry Chinese software companies under many bottleneck problems yet unsolved, such as management and piracy.
"IPO could not guarantee sufficient capital and sustainable development of software businesses. This is obvious over-optimism in the industry," said Yu Fang, a Beijing-based industry analyst.
"Domestic software companies should focus on their core operations while increasing their business scale and get ready for international competitions," he said.
Copyright (c)2001 Beijing Homeway Info.Media Ltd.All Rights Reserved
Very Good ( Positive??? ) Article:
US equities
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Global Investor: A dash of psychology
By Daniel Bogler
Published: April 1 2001 15:53GMT / Last Updated: April 1 2001 23:33GMT
Investors: Come out with your hands up! As the world's stock markets have continued to lurch around at dangerously depressed levels, those paid to explain their gyrations have been forced to add a dash of pyschology to their analysis. The latest buzzword among equity strategists and economists, therefore, is capitulation.
Markets are capitulating, it seems, so are investors and - in a rather different sense - some companies are too. Just think of Nortel Networks, the Canadian telecoms equipment maker, which admitted last week that things were so murky it could no longer offer guidance on its future performance. The idea, of course, is that the point of capitulation and maximum gloom is precisely the point at which the market reaches its bottom - and, having flushed out the bears, the level from which it should then rally.
So what exactly are these signs of capitulation? One, rather obviously, is selling. US retail investors pulled $2bn out of equity mutual funds in February, according to fund tracker Lipper, the first net withdrawal since the Russian crisis in 1998. Institutional money managers too have taken money out of the market and are now sitting on record levels of cash, calculates Merrill Lynch.
A second indicator is sentiment. The latest investor optimism survey from UBS PaineWebber, released last week, suggests sentiment reached rock bottom around the turn of the year and confidence has started to rise again, though it is still rather shaky. More significantly, perhaps, investors have tempered their expectations of future gains. In the US they now expect an average return from stocks of 10.4 per cent over 12 months, stil high, but more realistic than the 20 per cent and more they had hoped for in 2000.
But none of this has yet culminated in the sort of climactic, heavy volume, sell-off that often signals the end of a bear market. Many analysts thought that we had reached this point three weeks ago. Between March 8th and March 22nd, the S&P 500 index dropped 12 per cent in 10 trading sessions to its lowest level for more than two years. Then it rallied 6 per cent in just four days. Unfortunately, that upswing has since petered out. It seems that capitulation is turning out to be a rather messy, prolonged process that is probably best appreciated with 20/20 hindsight.
Rather than speculating about the exact timing of a market bottom, it may therefore be more helpful to look at the fundamental building blocks needed for the start of a new bull market.
The first is undoubtedly monetary easing and lots of it. This is happening: the US Federal Reserve, the Bank of Japan and the Bank of England have all cut rates this year and the European Central Bank is expected to do so later this month (APR). An indication that this is starting to have the desired effect is the recent shift of the US yield curve from inversion - which generally signals recession - back to a positive slope. But more may be required. In the early 1990s, the Fed cut rates five times and by 250 basis points before the markets turned. So far, it has cut only 150 basis points.
A second factor is clarity on the depth of the downturn. This is gradually evolving. Hopes of a short, sharp, V-shaped contraction have been replaced by grudging acceptance that the downturn is more likely to be longer and U-shaped. The most probable scenario for the US is two or three quarters of profit (though not necessarily economic) declines, followed by several quarters of below-trend growth. This is hardly pleasant. But given that corporate profits fell 4.3 per cent in the fourth quarter of 2000 and are estimated to have dropped 8 per cent in the past three months, according to First Call Thomson Financial, the US may already be through the worst. The muted reaction to some recent profit warnings, at least in the computer and semiconductor sectors, suggests investors are adjusting to reality.
The third requirement is cheap valuations. This is a hotly debated topic. But even established bears are starting to see bargains. Peter Oppenheimer, global strategist at HSBC in London, argues that until recently, valuations had merely wiped out the excessive expectations of the bubble period. Now, however, he believes they are showing evidence of recessionary expectations and even, in some cases, the kind of overshoot that tends to be seen at the trough of a cycle. Using a discounted earnings model that has proved accurate in the past, he calculates that at current market levels, the implied real earnings growth for global equities over the next 10 years is now slightly negative - which does indeed sound gloomy. Perhaps, without realising it, investors have capitulated after all.
Contact Daniel Bogler
Good Morning, Mark-
Although I believe that you may have decided to trade some
HRCT shares at the wrong time, I have always respected your
apparent frankness and willingness to " lay it out there " for
us to do what we might with your posts. I salute you for that!
However, would you please do us LONGS a big favor; if and when
you decide to have that " wheelbarrel " full of HRCT shares
turn into a Little Red Wagon, give us the heads up!!! TIA :)
To belabor the point:
Sunday April 1 6:01 PM ET
IPO Market Ends Slow Quarter
By Emma-Kate Symons
NEW YORK (Reuters) - The first quarter was the slowest for new stock offerings in more than a decade, despite this week's multibillion-dollar spinoff of Lucent Technologies' Agere Systems Inc.
Only 25 companies went public in the first three months of 2001, a low unseen since the fourth quarter of 1990 when 19 initial public offerings were completed, according to figures provided by Thomson Financial Securities Data.
More than $7 billion was raised from IPOs in the first quarter, compared with $16.9 billion in the same period a year ago, when more than 100 companies went public.
Most of the first-quarter IPO proceeds, however, came from two spinoffs. KPMG Consulting Inc.'s (NasdaqNM:KCIN - news) $2 billion debut and Agere's $3.6 billion IPO contributed $5.6 billion to the total.
The deal flow is unlikely to pick up anytime soon, fund managers and analysts said.
``The market won't pick up until Nasdaq can stabilize and start to show it can hold above the levels where it is now,'' said Alan Loewenstein, assistant portfolio manager of the John Hancock Technology Fund, with $1.3 billion under management.
``If the market stays where it is, redemptions pick up and then there's no cash. There's a lack of liquidity.''
Year to date, the Dow Jones industrial average (^DJI - news) has fallen 8.4 percent and the Nasdaq composite index (^IXIC - news) -- the barometer for IPOs because it is the exchange where most new companies list -- has tumbled 25.5 percent.
For the Dow, it was the worst first quarter since an 8.9 percent drop in 1978. On the Nasdaq, the drop was the worst since the fourth quarter of 2000, when the composite fell 32.74 percent.
WHY BUY AN IPO WHEN BIG NAMES ARE BARGAINS?
Investors have turned to established technology companies, rather than riskier new public companies, while technology stocks remained deep in bear market territory and concerns about the slowing U.S. economy remained.
``Why buy (an IPO) if you can buy a Cisco (NasdaqNM:CSCO - news) or Oracle (NasdaqNM:ORCL - news) at $15?'' Loewenstein asked.
``I'm not saying these are the bottoms, but these are good prices to get involved with high-quality companies.''
When chief underwriter Morgan Stanley Dean Witter & Co. (NYSE:MWD - news) took Agere (NYSE:AGRa - news) to Wall Street this week with a debut price of $6 a share for 600 million shares, it raised less than half of what it originally expected. And this was after three price reductions and one delay.
What was touted as potentially the second-largest U.S. IPO ever, after last year's $10.6 billion spinoff of AT&T Wireless (NYSE:AWE - news), wound up in fifth place.
Morgan Stanley -- the top underwriter of U.S. equity sales in the first quarter -- also co-managed Loudcloud Inc.'s (NasdaqNM:LDCL - news) IPO earlier in March, with Goldman Sachs Group Inc. (NYSE:GS - news) The stock began trading at a reduced offering price of $6, but barely managed a rise in its debut. On Friday, the shares of the infrastructure services company closed at $5-23/32.
``This is the first time that they have had IPOs at $6 -- such a low price -- since 1987,'' said Thomson Financial Securities Data analyst Richard Peterson.
``It's rock-bottom prices.''
At the risk of being redundant another article mentioning that
companies have decided to postpone listing due to poor Market
conditions.
Friday, March 30, 2001
Pacific Broadband sets target of US$200m
HUI YUK-MIN
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Taiwan-based Pacific Construction Group plans to spin off its cable-television arm for a listing on the Hong Kong main board, according to banking sources.
Pacific Broadband, the third- largest cable TV operator in Taiwan, hopes to raise up to US$200 million from the flotation.
The proceeds would mainly be used to roll out its cable broadband network in Taiwan. The company, which is a subsidiary of Taiwanese conglomerate Pacific Construction Group, has a subscriber base of 600,000 households.
ING Barings has been appointed the sole bookrunner on the deal.
Sources said the company originally planned to merge with Taiwan Broadband Telecoms Corp, but later decided to seek an individual listing instead.
Pacific Broadband is waiting for Hong Kong Exchanges and Clearing approval and hopes to see its shares begin trading in the middle of this year.
If the listing plan progresses smoothly, it will become the biggest initial public offering on the Hong Kong market so far this year.
A number of companies have postponed their listing plans due to the sluggish market.
The Pacific Broadband move is the latest effort by a key Taiwan conglomerate to spin off a unit for a Hong Kong listing.
In January last year, Taiwan's largest textile conglomerate Far Eastern Textile group spun off its Shanghai polyester manufacturing unit, Far Eastern Polychem Industries, for a listing on the Growth Enterprise Market.
Investment bankers said Taiwanese companies were interested in listing their businesses in Hong Kong as the Taiwanese listing regulations had too many constraints.
"It takes a far longer period for companies to get listed in Taiwan, and companies need to apply for a quota before they can list," a banker said.
Investment bankers also said the Taiwanese Government's restriction limiting domestic companies to domestic investment also discouraged companies from seeking local listings.
**IPO/Stock Offerings Not Uncommon** The below is the major part
of an article from SCMP which seems relevent to the suspected SA/IPO delay.
Monday, April 2, 2001
Global slump shelves listing
DENISE TSANG and ENOCH YIU
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Manufacturer Prosperity International Holdings has shelved a HK$54 million share offering at the last minute, due to the downturn in the world's stock markets.
Yesterday, the laminate maker said it had frozen its share offering - which began on March 22 - and indefinitely shelved plans to list on the Growth Enterprise Market (GEM).
Just two days earlier the company was inviting reporters to a press conference to explain its plans. On Saturday night officials said the press briefing would be cancelled. In February, 11 GEM candidates scrapped listing plans even though approvals had been granted.
But unlike them, Prosperity not only had approval to list but also had launched its offer.
The turnaround comes in the wake of Friday's decision by the Government not to seek any alternatives to the Tracker Fund for disposing of its remaining HK$70 billion stock portfolio amassed during the market intervention in 1998.
Global markets have fallen dramatically in the first quarter, and as a result listing candidates are likely to generate lower funds.
United States stocks have taken a battering since the beginning of this year, with the Dow Jones Industrial Average losing 8.4 per cent and the Nasdaq 25.5 per cent.
It has been the Dow's worst first quarter since an 8.9 per cent drop in the 1987 crash. The performance of Hong Kong's Hang Seng Index has been even worse. It declined 14 per cent during the first quarter.
The Prosperity issue, sponsored by Oriental Patron Asia, had aimed to sell some 120 million new shares to professional and institutional investors via a private placing.
The offering price, ranging between 25 HK cents and 45 HK cents a share, was originally scheduled to be fixed tomorrow.
Under that timetable the company's debut on the GEM was planned to occur next Monday.
Yesterday, a company official said Prosperity was changing its flotation timetable even though the date of reviving the issue had yet to be determined.
Insiders said the share offering might be frozen until the stock market rebounded.
Prosperity, which has its headquarters in Hong Kong and a production base in Guangzhou, had planned to spend the proceeds of its offering mainly on installing additional production lines and buying equipment for making decorative sheets or high-pressure laminates.
Investment bankers said it was more common to see listing candidates trying to entice wary investors by slashing offer prices, instead of pulling out of share offerings such as Prosperity had done.
Software provider Epro slashed its share price 30 per cent below the low end of its indicative range, computer-system designer Beijing Beida Jade Bird Universal Sci-Tech cut its initial public offer (IPO) price by 41 per cent and Internet portal 36.com offered gift warrants to sweeten its IPO.
EZ - I went " toward the light " and look where I am!!! Looking
forward to our new forum.