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For Immediate Release
Hong Kong, August 1, 2001 - TOM.COM ('TOM.COM' or 'TOM', stock code 8001) was pleased to announce today the signing of a letter of intent with China Sports Industry Co., Ltd. ('CSIC') on the establishment of a new joint venture. A subsidiary of China National Sports Bureau, CSIC is Mainland China's only listed sports development company with its A-shares trading on the Shanghai Stock Exchange. Both TOM and CSIC will jointly expand their sports business, riding on promotional opportunities of the 2008 Olympics.
TOM and CSIC have agreed to take a 50% stake each in the joint venture with an initial registered capital of US$1 million. Its prime objective is to spread the popularity of sports and elevate sports marketing in China to a world-class level. The parties will also be able to strengthen their respective sports marketing networks through the alliance.
The joint venture will seek to secure the commercial rights and management of TV broadcasting rights to all popular sports events in China, including international broadcasting of domestic sports events and domestic broadcasting of international sports events. The new company will explore opportunities in representing and marketing famous Chinese athletes. It will also participate in the news dissemination of the 2008 Olympics and related consultancy services.
TOM's Chief Executive Officer and Executive Director Sing Wang said, "Mainland sports development has always been one of the core businesses of TOM's cross-media strategy. TOM is proud to be a partner with CSIC, the flagship company of China National Sports Bureau. This joint venture will open new business areas for TOM. I am confident that with CSIC's vast resources and network, we will make great things happen."
In the press conference, Wei Jizhong, Chairman of CSIC said, "We are very pleased with the alliance with TOM.COM. The joint venture will actively participate in the representation and promotion of China's top athletes, act as agent for national sporting events and manage domestic and national TV broadcasting rights of these sports events. TOM through YC Companies has contributed a great deal to the marketing of sports in China. I have no doubt that the joint venture will work perfectly, with the vast potential in the market and the solid experience of both joint venture partners."
The joint venture with CSIC is another landmark in TOM's sports business development in China. This is TOM's most significant sports investment since its acquisition of YC Companies. YC Companies is a TOM subsidiary engaged in advertising and marketing of sport events through a cross-media network. It has won commercial rights to some leading sporting events in China, including advertising and marketing rights, and participated in the production of sports programmes in China.
Separately, TOM announced today that it has secured the consent of the Chinese Basketball Association (CBA) in granting YC Companies exclusive commercial rights for CBA League A Games from 2001-2003.
Press enquiries:-
Rachel Chan, TOM.COM LIMITED; Tel: 2121 7810; Fax: 2127 7576
e-mail: rachelc@hk.tom.com
Notes to Editors
About China Sport Industry Co., Ltd
China Sports Industry Co., Ltd., founded in March 1998, is the listed A-share company formed by China National Sports Bureau, China Sports Fund Committee and Shenyang Real Estate Company. It is the largest stock holding company in the Mainland sports industry, with a total of 20 subsidiaries. The mission of the company is to offer sport products and health services of premier quality. It engages in a wide range of sports-based businesses, including organising sports event, sports marketing research, sports training programmes, TV and video production, advertising, marketing and insurance. The company has rich experience in sports facilities planning, programme design, organisation of sports association and arrangement of sport events. It acted as agent for Chinese Men's Basketball Team and organiser for International Men's Basketball Super Cup, and Four-Country Women's Basketball Invitation Cup.
The company is also responsible for the market research for China's application for hosting the Olympic Game and has close relationship with the Chinese Olympic Committee. Its subsidiaries, China Sports Management Co., China Sports Advertising Company, China Sports Event Promotion and Consulting Company are very experienced in organising international sports events.
About TOM.COM LIMITED
TOM.COM LIMITED (TOM) was founded in October 1999. TOM is a joint venture between Hutchison Whampoa Ltd., Cheung Kong (Holdings) Ltd. and other strategic investors. TOM was listed on the Growth Enterprise Market of the Stock Exchange of Hong Kong in March 2000 (stock code: 8001). TOM's head office is in Hong Kong, with regional offices in Beijing, Shanghai, Guangzhou and Kunming.
TOM has pioneered the cross media strategy, building a portfolio of online and offline media assets through acquisitions and organic growth. TOM's business now includes outdoor media advertising, Kunming Fench Star Information Industry Ltd. (Fench Star) and Shanghai Maya Cultural Transmission Company Ltd. (Shanghai Maya Cultural); sports event management and advertising, YC Companies; print media, Yazhou Zhoukan, PC Home Publishing Group and Cite Publishing Ltd. in Taiwan; online media businesses, CN TOM, HK TOM, 163.net, Shawei.com; and broadband content and services provision, Shanghai Maya Online Broadband Network Company Ltd. (Shanghai Maya Online) and GreaTOM.
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