For Immediate Release
Hong Kong, September 4, 2000----Further to the announcement of the signing of separate Memoranda of Understanding on August 14, 2000, TOM.COM LIMITED ("TOM.COM" or "TOM") is pleased to announce that the Company has entered into separate agreements with YC Press and shawei.com ("shawei").
Under the agreement, TOM.COM acquires 70% equity interest in YC Press at a total consideration of HKD236.60 million which will be satisfied by (i) the issuance of 44,640,000 Shares at HKD5.30 per Share (being the equivalent of HKD236,592,000); and (ii) the payment of HKD8,000 in cash in respect of the balance of the consideration.
Separately, TOM.COM acquires the entire issued share capital fo shawei and the Sale Loans at a total consideration of HKD155 million which will be satisfied (i) by way of the issuance of 24,050,000 Shares at HKD5.50 per Share (being the equivalent of HKD132,275,000) and the payment of HKD13,306.30 in cash as consideration for Shawei Sale Shares; and (ii) by way of issuance of 4,128,000 Shares at HKD5.50 per Share (being equivalent of HKD22,704,000) and the payment of HKD7,693.70 in cash as Employee Consideration.
Mr Sing Wang, CEO and Executive Director of TOM.COM reiterated that TOM is poised to capitalize on the enormous potential of the Mainland China sports market which is estimated to worth RMB140 billion. "The partnerships create the strongest winning edge for all, capitalizing on the strengths of unique cross-media synergies. We expect these acquisitions will generate an addition of HK$230 million per annum in aggregate revenues to our company," said Mr Wang.
Notes to Editors
About TOM.COM
Founded in December 1999 and an associate of Hutchison Whampoa Limited, TOM.COM Limited is a joint venture formed by Hutchison Whampoa Limited, Cheung Kong (Holdings) Limited and other strategic investors. The company was listed on the Growth Enterprise Market (GEM) of the Stock Exchange of Hong Kong in March 2000. Targeted at Chinese-speaking and global audiences to "Bring China to the World and the World to China", TOM.COM LIMITED is building a multi-lingual mega portal to offer the most comprehensive China-related infotainment content. Headquartered in Hong Kong, TOM.COM has established offices in Beijing and Shanghai.
TOM.COM can be found on the Web at WWW.TOM.COM
About YC Press
YC Press is a leading sports advertising and event management company in Mainland China. Since its establishment in Hong Kong 12 years ago, YC Press has helped numerous local and foreign enterprises build their brands and establish their corporate images in China. Eight years ago, Guangdong Yang Cheng Press Sports Development Limited was set up to manage sponsorships and marketing for sports events. It has organized or participated in numerous major national sports events, covering football, table tennis, bowling, volleyball and sports games for college students. The company also produces various TV sports programs jointly with different local TV stations, which are aired by over 30 TV stations in China.
Guangdong Yang Cheng Evening Post Group is the shareholder of YC Press. Its Yang Cheng Evening Post is the country's first major evening newspaper, and has a daily circulation of over 1.3 million - putting it among the top 3 in China, and making it one of the country's largest and most influential media companies. YC Press has built excellent relationships with major local advertisers and media.
About shawei.com
Launched in July 1999, shawei.com is the leading sports site in China. It currently records an average of over one million pageviews per day. shawei.com offers original content and content aggregated from domestic news agencies and magazines, Reuters and AFP. It also provides unique community and interactive features.
Press Enquiries
Rachel Chan, TOM.COM LIMITED
Tel: 2121 7810; Fax: 2127 7576; e-mail: rachelc@hk.tom.com
| © Copyright 1996-2024 irasia.com Ltd. All rights reserved. |
|
DISCLAIMER: irasia.com Ltd makes no guarantee as to the accuracy or completeness of any
information provided on this website. Under no circumstances shall irasia.com Ltd be liable
for damages resulting from the use of the information provided on this website.
TRADEMARK & COPYRIGHT: All intellectual property rights subsisting in the contents of this website belong to irasia.com Ltd or have been lawfully licensed to irasia.com Ltd for use on this website. All rights under applicable laws are hereby reserved. Reproduction of this website in whole or in part without the express written permission of irasia.com Ltd is strictly prohibited. TERMS OF USE: Please read the Terms of Use governing the use of our website. |