China Online : Es könnte ein Überflieger werden -- mit KZ-Angabe

Kopiert aus dem WO-Board:  Fazit folgt am Ende in Deutsch
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China Online provides data communication services and wireless communication services in Hong Kong and greater China and plans to be a major Internet company in greater China. It is 47.32 percent owned by China Strategic Holdings Ltd <0235.HK> and 7.42 percent owned by Pacific Century Regional Development and holds 3.45 percent of Pacific Century CyberWorks Ltd <1186.HK>.

China Online (0383) announced that, the company acquired 120 million shares of Sun Hung Kai Company (0086) during the period from 6 January to 25 January, representing 10.5% stakes. The share price was between $1.1 and $2.225 each, the amount being $240 million in total. The announcement stated that the company did not require to join the Board of Directors of Sun Hung Kai Company.

We believe the takeover of China Online (COL) by China Sci Tech, a company controlled by Stanley Ho, is likely to lead to a series of major corporate restructuring exercises which will refocus the group towards new PRC Internet and telecoms investments. The sale of a 32.8% stake to China Sci Tech becomes effective from 28 January. We expect COL`s new management team might take the opportunity to spell out expansion plans then.
China Online (previously Star Telecom) had its origins as a handset distributor and was an early ISP player. However, the group soon acquired a series of assets, the most important being a stake in Pacific Century Cyberworks last year. The 200mn PCCW shares were reportedly acquired at below $8.00 a share.
In addition, the group has built up a cash pile of $700mn. Debt levels are believed to be negligible. Management said COL is a net lender to the interbank market. The large cash pile certainly suggests COL is well positioned to go on an acquisition spree for new telecoms and Internet investments in China and Hong Kong.
Other PRC projects that have been carried over from the previous management include an option to acquire a 35% interest in a CDMA network in Beijing and Shanghai and a 55:45 interest in a mobile handset distribution business in North and Northeastern China with Hikari Tsushin. The latter JV has 180 sales points and is said to be profitable. Preliminary discussions have begun regarding the potential expansion of the distribution network to 1,000 outlets.
Finally, COL is one of the two largest distributors of Nokia handsets in Hong Kong. COL represents the whole range of models. Management is talking with Nokia about setting up a separate service centre for its customers.

China Online (0383) increased shareholding in SHK Co. (0086) to 140 M shares
(Infocast News) China Online (0383) has increased its shareholding in SHK Co. (0086) from 122 million shares to 140 million shares.

China Online (0383) acquires 10.5% Sun Hung Kai Company (0086)
(Infocast News) China Online (0383) announced that, the company acquired 120 million shares of Sun Hung Kai Company (0086) during the period from 6 January to 25 January, representing 10.5% stakes. The share price was between $1.1 and $2.225 each, the amount being $240 million in total. The announcement stated that the company did not require to join the Board of Directors of Sun Hung Kai Company. ^

CHINA STRATEGIC<0235> & CHINA ONLINE<0383>-Announcement & Resumption
The Stock Exchange of Hong Kong Limited (the `Stock Exchange`) takes
no responsibility for the contents of this announcement, makes no
representation as to its accuracy or completeness and expressly
disclaims any liability whatsoever for any loss howsoever arising
from or in reliance upon the whole or any part of the contents of
this announcement.CHINA STRATEGIC HOLDINGS LIMITED(`CSH`)
(Incorporated in Kong with limited liability) CHINA ONLINE (BERMUDA) LIMITED
(`COL`)(Incorporated in Bermuda with limited liability)
On 12th October, 1999, CSH and COL have received and are
considering a non-binding conditional proposal (the `Proposal`) from
an interested party for COL to carry out internet related businesses
which, if it proceeds, may be treated as a very substantial
acquistion for COL. The Proposal may or may not proceed.
Summary of the Proposal:-

1. The interested party a major internet player in (`IP`): the Greater China region and a third party independent of each of CSH and COL. CSH and
COL consider it to be premature to disclose the name of IP or the Web site
referred to below.
2. The Proposal : COL is to acquire a basket of assets (the `Assets`) from
the IP at a consideration to be settled by new shares and convertible bonds of COL. The Assets include, inter alia, substantial ownership of a Web site which provides cultural, travel and business information, ownership of
partnership which provides e-business solutions and other related assets. The value of the Assets will be determined by an independent
valuer.

3. Conditions:

These are the conditions contained in the Proposal. They may or may
not be the only conditions, if the Proposal proceeds.

a) CSH to place out a significant portion of its existing holding upon completion of the Proposal.
b) The Stock Exchange not treating the Proposal as a very substantial
acquisition and a new listing application. (Based on the information
currently available to the Stock Exchange, it has indicated to CSH
and COL that it will regard the Proposal as a new listingapplication.)
(c) The Securities and Futures Commission granting a waiver for a
general offer for all shares of COL.
(d) The Stock Exchange granting a permission to deal for the new shares
to be issued and to be converted from the convertible bonds of COL.
(e) There is no change in the listing status of COL.
(f) Approval by shareholders of COL, if appropriate under the ListingRules.
(g) All other consent necessary for the Proposal such as a consent from
joint venture partners of the IP.4. Possible Effect on Shareholding
If CSH and COL decide to proceed with the Proposal (which they are
still considering whether or not to accept), the holding of CSH in
COL would be significantly diluted from the existing 47% and the IP
will become a major shareholder of COL. CSH would agree to dispose of
its remaining interest in COL over a period of time.5. Further Announcement
The boards of directors of CSH and COL will further consider whether
or not to proceed with the Proposal and the main terms and conditions
of the Proposal.
Your attention is drawn to the fact that no agreement has yet been
reached between CSH, COL and the IP. The Proposal may or may not
proceed. CSH and COL will make further announcements when a decision
has been made, which is expected to be within the next couple ofweeks.
6. Resumption of Trading
Trading in the shares of CSH and COL was suspended at their
respective request from 10:00 a.m. on Wednesday, 13th October, 1999.
Application has been made to the Stock Exchange for resumption of
trading of the shares of CSH and COL from 10:00 a.m. on Thursday,
14th October, 1999.
Investors are advised to exercise extreme caution when dealing in
the shares of CSH and COL.By Order of the Board
China Strategic Holdings LimitedMa Wai Man, CatherineExecutive Director
By Order of the BoardChina Online (Bermuda) LimitedMa Wai Man, Catherine
Executive DirectorHong Kong, 13th October, 1999
The directors of CSH, jointly and severally, accept full
responsibility for the accuracy of information contained in this
announcement other than information relating to COL and confirm,
having made all reasonable enquiries, that to the best of their
knowledge, there are no other facts not contained in this
announcement, the omission of which would make any statement in this
announcement misleading.
The directors of COL, jointly and severally, accept full
responsibility for the accuracy of information contained in this
announcement other than information relating to CSH and confirm,
having made all reasonable enquiries, that to the best of their
knowledge, there are no other facts not contained in this
announcement, the omission of which would make any statement in this
announcement misleading.

Deshalb folgendes Resumeé:
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Chinesische Perlen

Wer am Neuen Markt den Hightech-Boom verpasst hat, sollte sich möglicherweise mit chinesischen Startup-Unternehmen beschäftigen. Denn das Reich der Mitte ist der am schnellsten wachsende Internet-Markt der Welt. Derzeit sind zwar nur rund neun Millionen der 1,3 Milliarden Chinesen online, doch bis zum Jahr 2003 soll diese Zahl auf 33 Millionen steigen ­ und sich bis 2010 noch mal verdreifachen. Bereits börsennotierte Internet-Provider wie China Online und China.com werden davon profitieren, so die China-Expertin der BHF-Bank, Ute Gries. Technische Neuerungen können Anleger von I-Cable Communications erwarten. Die Firma will den Internet-Zugang über das Fernsehen ermöglichen. An der Nutzung des Internet für Telefongespräche arbeitet die Firma Pacific Century Cyberworks ­ die zudem in den Bereich E-Commerce investiert. Auch die chinesische Telekommunikationsbranche wächst stark. Der Kurs der mehrheitlich staatlichen China Telecom hat sich 1999 vervierfacht. In Kürze will die Regierung nun auch einen Teil ihres Mobilfunkbetreibers China Unicom an die Börse bringen. Analysten halten auch andere Staatsfirmen, wie beispielsweise China National Petroleum, für aussichtsreich. Ein Teil der größten chinesischen Ölfirma wird demnächst an der Nasdaq platziert.

Mein Kursziel von China Online bis Ende 2000: 2,5 Euro