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.

End