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23 January 2000
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| The Hongkong and Shanghai Banking
Corporation Limited, Hang Seng Bank, Cheung Kong (Holdings)
Ltd, and Hutchison Whampoa Ltd announced today the formation
of a joint venture to facilitate e-commerce businesses on the
Internet. |
|
| Named iBusinessCorporation.com,
the new Internet joint venture intends to be the dominant service
provider and business facilitator by capitalizing on the resources,
network, and customer base of Cheung Kong, Hutchison, HSBC and
Hang Seng. Work is being carried out for the launch of Internet
businesses and portals in the coming months. |
|
| Cheung Kong and Hutchison hold
approximately 75% of iBusinessCorporation.com while HSBC and
Hang Seng hold approximately 25% of the joint venture. Minority
shares have been reserved for senior executives. The shareholders
have already committed up to HK$3 billion for the joint venture,
and may decide to increase this amount at a later stage. |
|
| "We are very excited about partnering
with HSBC and Hang Seng in the formation of iBusinessCorporation.com.
Leveraging on the four partners' customer reach and synergistic
marketing capabilities, Internet service offerings that the
joint venture can provide encompass an extremely wide range
of areas. In addition, this joint venture will explore new business
ventures with appropriate promising partners. We are confident
that iBusinessCorporation.com will be a major player in the
Internet arena," said Mr Victor Li, Managing Director and Deputy
Chairman of Cheung Kong (Holdings) Ltd, and Deputy Chairman
of Hutchison Whampoa Ltd. |
|
| "This is an exciting opportunity
for HSBC. The joint venture, we believe, is in the interests
of our shareholders and the services it will offer should be
of benefit to many of our customers and Hong Kong as a whole.
I am confident the venture will place Hong Kong at the forefront
of the Internet and e-commerce revolution in Asia," said Mr
Aman Mehta, Chief Executive Officer of The Hongkong and Shanghai
Banking Corporation. |
|
| The Hongkong and Shanghai Banking
Corporation Limited is the principal and founding member of
the HSBC Group which, with over 5,000 offices in 82 countries
and territories and assets of HK$3,852 billion (US$497 billion)
at 30 June 1999, is one of the world's largest banking and financial
services organisations. |
|
| Founded in 1933,
Hang Seng Bank, a principal member of the HSBC Group, is the
second-largest locally-incorporated bank in Hong Kong and employs
a staff of about 7,500 in its 156 local branches; its Guangzhou,
Shanghai and Shenzhen branches; and its representative offices
in Beijing and Xiamen. With consolidated assets of HK$435.5
billion at the end of June 1999, the Bank reported a profit
attributable to shareholders of HK$4.26 billion for the first
half of 1999, and HK$6.79 billion for the full year of 1998.
|
|
| Cheung Kong (Holdings)
Ltd is the flagship company of the Cheung Kong Group which consists
of Cheung Kong (Holdings) Ltd, Hutchison Whampoa Ltd, Cheung
Kong Infrastructure Holdings Ltd and Hongkong Electric Holdings
Ltd. All members of the Cheung Kong Group are constituent stocks
of Hang Seng Index, and the combined market capitalization of
the four companies in the Group is about HK$700 billion. The
Cheung Kong Group is one of Hong Kong's most diverse conglomerates
with businesses ranging from property development, infrastructure,
and port operations to energy, retailing, hotels, and telecommunications.
With about 90,000 employees worldwide, Cheung Kong Group operates
in 26 countries. |
|
| For further enquiries, please
send mail to contact@ibusinesscorporation.com
or contact Mrs Wendy Tong Barnes of Cheung Kong (Holdings) Ltd
at 2122-2062 or Mr Gareth Hewett of HSBC at 2822-4929. |
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