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[eminosch]

China schiebt strategische Firmen an

Nach dem Beitritt zur WTO will Peking die Perlen der
chinesischen Wirtschaft rasch wettbewerbsfähig machen.
19 Firmen sollen bis 2010 in die Hitliste der 500 führenden
Weltfirmen aufrücken.

MARKUS GÄRTNER

HANDELSBLATT, 11.9.2000

PEKING. Chinas Regierung hat strategisch wichtige
Firmen ausgewählt, die nach dem Beitritt des Landes zur
WTO rasch aufgebaut werden sollen, damit sie auf dem
Weltmarkt mithalten. Umgerechnet mindestens 6 Mill.
DM soll jedes Unternehmen pro Jahr erhalten, um
möglichst viele von ihnen in die Rangliste der weltweit 500
führenden Firmen zu hieven. Das streng vertrauliche
Dokument ist unter Verschluss bei der einflussreichen
Wirtschafts- und Handelskommission SETC und umfasst
derzeit 19 Firmen, bestätigte ein Mitarbeiter der
Kommission jetzt dem Handelsblatt.

Bereits 1997 hatte die Wirtschaftskommission eine erste
Liste aufgestellt, der die Computer-Software-Firma
Founder, der Fernseh-Hersteller Changhong, der
Kühlschrank- und Klimaanlagen-Produzent Haier, die
North China Pharmaceuticals, der Stahlriese Baogang
Steel sowie die Shanghai Jiangnan Shipyard angehörten.
Ende 1999, China hatte gerade das bilaterale
WTO-Abkommen mit den USA unterzeichnet, wurde die
Liste um 13 Positionen erweitert. Das sagte jetzt Zhang
Dawei von der technischen Entwicklungsabteilung der
SETC in Peking. Neu aufgenommen worden seien unter
anderen Chinas Computer-Primus Legend Holdings,
Shanghai Petrochemical, China First Automobile in der
nordostchinesischen Industriestadt Changchun, der
Waschmaschinenhersteller Wuxi Kleiner Schwan in der
Ostküstenprovinz Jiangsu, die Motorrad-Gruppe China
Qingqi, der Stahlriese Wuhan Steel, die Telekomfirma
ZTE in Shenzhen sowie der größte Kohleproduzent an
der boomenden Ostküste, Yanzhou.

Die Firmen sind überwiegend in staatlichem Besitz und
weisen in ihrer Branche überdurchschnittliches
Wachstum aus. Sie haben eine vergleichsweise hohe
Innovativkraft, besitzen eine Schlüsselbedeutung als
Lieferant für strategische Branchen, produzieren relativ
effizient und kostengünstig oder setzen bereits stark auf
eigene F&E.

Die Kohlemine Yanzhou hat strategische Bedeutung, weil
sie bereits zu den profitabelsten gehört, wenig
umweltbelastende Kohle fördert, und in der Kohle
hungrigsten Provinz Ostchinas angesiedelt ist. Founder
ist einer der hoffnungsvollen Aufsteiger in der
Softwarebranche. Das Unternehmen hat jede fünfte Stelle
gekürzt und macht sich mit Hilfe von
Integrations-Systemen für die großen staatlichen Banken
unabkömmlich. Changhong ist der größte und
aggressivste Player in der von krassen Überkapazitäten
geplagten Branche der chinesischen TV-Hersteller.

Changhong liefert sich mit der Konkurrenz verheerende
Preiskämpfe und hat eine Exportoffensive gestartet.
Shanghai Baogang Iron and Steel hat Anfang August die
Ausgabe einer 500 Mill. DM umfassenden Anleihe für die
Expansion bekannt gegeben. Jiangnan in Schanghai soll
das Flaggschiff der Schiffbauindustrie werden, die in den
80er Jahren komentenhaft zur Nummer drei hinter Japan
und Korea aufstieg, doch seit Ausbruch der Asienkrise
unter massivem Kosten- und Modernisierungsdruck steht.
Jiangnan baut in Schanghais Finanzdistrikt Pudong eine
600 Mill. $ teure Werft, die China als Sprungbrett an den
Weltmarkt dienen soll.

Legend ist bereits der Klassenprimus in China, das
schon jetzt als größter PC-Markt in Asien-Pazifik gilt.
Shanghai Petrochemical gehört mehrheitlich dem
Petrochemie-Riesen Sinopec, der im Oktober für drei
Mrd. $ Aktien an den Börsen von Hongkong und New
York platzieren will. ZTE stammt aus der Militärindustrie
und bestreitet rund 25 % am chinesischen Markt für
Telefon-Schaltanlagen. ZTE ist einer von neun
Handy-Herstellern , die der ausländischen Konkurrenz in
China einen Großteil der 85 % Marktanteil wieder
abnehmen sollen.

[woehlk]

FOUNDER HOLDINGS LIMITED
(Incorporated in Bermuda with limited liability)
(Formerly listed under the name of Founder (Hong Kong) Limited)

INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 JUNE 2000

FINANCIAL HIGHLIGHT

Profit attributable to shareholders was approximately HK$51 million, representing a turnaround from last period`s loss
attributable to shareholders of approximately HK$106 million;

Basic earnings per share was approximately 4.6 HK cents, comparing to a basic loss per share of 13.2 HK cents in
last period;

Turnover increased by 10% to approximately HK$883 million;

Gross profit increased by 119% to approximately HK$221 million;

Gross profit margin rose to approximately 25% compared to last period`s 13%;

Total operating expenses reduced by approximately 16%.


UNAUDITED RESULTS

The board of directors (the "Directors") of Founder Holdings Limited (the "Company") is pleased to announce the unaudited
consolidated results of the Company and its subsidiaries (the "Group") for the six months ended 30 June 2000, together with
the comparative figures for the corresponding period of last year which are set out as follows:

CONSOLIDATED PROFIT AND LOSS ACCOUNT


Six months ended
30 June 30 June
2000 1999
Notes HK$`000 HK$`000

TURNOVER 1 883,116 802,545
Cost of sales (661,719) (701,939)
----------- ------------
Gross profit 221,397 100,606
Other revenue 6,368 1,618

Selling expenses 67,354 66,934
Administrative expenses 82,461 92,459
Other operating expenses 21,683 44,266
----------- ------------
Total operating expenses 171,498 203,659

PROFIT/(LOSS) FROM OPERATING ACTIVITIES 56,267 (101,435)
Finance costs (5,001) (5,265)
----------- ------------
51,266 (106,700)
Share of profits/(losses) of:
Jointly-controlled entities (66) 939
Associates (618) -
----------- ------------
PROFIT/(LOSS) BEFORE TAX 50,582 (105,761)
Tax 2 (2) (116)
----------- ------------
PROFIT/(LOSS) BEFORE MINORITY INTERESTS 50,580 (105,877)
Minority interests 407 -
----------- ------------
NET PROFIT/(LOSS) FORM ORDINARY ACTIVITIES
ATTRIBUTABLE TO SHAREHOLDERS 50,987 (105,877)
=========== ============
EARNINGS/(LOSS) PER SHARE 4
- Basic 4.6 cents (13.2) cents
=========== ============
- Diluted 4.5 cents N/A
=========== ============

Notes:-

1. Turnover

Turnover represents the net invoiced value of goods sold, after allowance for returns and trade discounts, and the value of
services rendered during the period.

2. Tax

Six months ended
30 June 30 June
2000 1999
HK$`000 HK$`000

The People`s Republic of China (the "PRC"),
other than Hong Kong SAR - 116
Overseas 2 -
----------- ------------
Tax charge for the period 2 116
=========== ============

No provision for Hong Kong profits tax has been made as there were no assessable profits for the period.

Beijing Founder Electronics Company Limited, a wholly owned PRC subsidiary of the Group, is subject to PRC profits tax at
50% of its standard tax rate for the three fiscal years commencing 1 January 1998 and ending 31 December 2000. Beijing
Founder Order Computer System Company Limited, a wholly owned PRC subsidiary of the Group, is exempted from PRC
profits tax for the three fiscal years commencing in 1999 and ending on 31 December 2001 and, thereafter, will be taxable at
50% of its standard tax rate in the fourth to sixth years, inclusive. At present, the standard tax rate applicable to the PRC
subsidiaries is 15%. No provision for PRC profits tax has been made as the relevant PRC subsidiaries were either under the
tax free period or did not have any assessable profits for the period.

Taxes on profits assessable elsewhere have been calculated at the applicable rates of tax prevailing in the countries in which the
Group operates, based on existing legislation, interpretations and practices in respect thereof.

There were no significant unprovided deferred tax in respect of the period (1999: Nil).

3. Transfer to general reserve

No transfer from retained earnings was made to the general reserve for the six months ended 30 June 2000. Such
appropriation will be made at the year end in accordance with the relevant PRC regulations.

4. Earnings/(Loss) per share

The calculation of basic earnings/(loss) per share for the six months ended 30 June 2000 is based on the unaudited net profit
attributable to shareholders for the period of approximately HK$50,987,000 (Six months ended 30 June 1999: loss of
approximately HK$105,877,000) and the weighted average of approximately 1,108,928,000 (Six months ended 30 June
1999: approximately 800,146,000) ordinary shares in issue.

The calculation of diluted earnings per share is based on the unaudited net profit attributable to shareholders for the period of
approximately HK$50,987,000 and the weighted average number of approximately 1,108,928,000 ordinary shares in issue
during the period, as used in the calculation of the basic earnings per share and the weighted average of approximately
13,403,000 ordinary shares assumed to have been issued at no consideration on the deemed exercise of all options outstanding
during the period.

Diluted loss per share for the six months ended 30 June 1999 has not been shown as the impact of the outstanding share
options was anti-dilutive.

INTERIM DIVIDEND

The Directors do not recommend the payment of any interim dividend for the six months ended 30 June 2000 (1999: Nil).

FINANCIAL HIGHLIGHTS AND BUSINESS REVIEW

Following the successful implementation of internal management and business restructuring, the Group has achieved remarkable
results and resumed its position to a profitable level. Summary of the financial results of the Group for the six months ended 30
June 2000 is as follows:

Electronic Publishing Systems ("EPS") and Multi-media Systems

The EPS and Multi-media Systems business`s turnover was approximately HK$262 million, representing 8% decrease over the
corresponding period in 1999. Gross profit was approximately HK$70 million, representing 3% decrease over last period. The
gross profit margin has increased to approximately 27% from last period`s 25%.

The shifting of business focuses on the high proft margin and the rapid growing market segments in E-media, multi-media and
internet sectors resulted in the slight decrease of 8% in turnover. The management expects this would bring in potential growth,
hence, more profitable, to the Group in long-term.

Meanwhile, the Group has maintained its leadership in the media industry and in particular has the following achievements:

In the first half of year 2000, the Group has successfully gained several major PRC news groups which include: Zhuhai
Te Qu Bao(), Shanghai Zheng Quan Bao(), Hua Shang Bao(),
Wulumuqi Wan Bao ().

A new contract worth approximately RMB20 million was signed with the largest PRC news group, People`s Daily(
), for the integrated supply contract for newspaper publication.

The Group`s new research product for news data search system - "Founder Infobase" ()was launched
successfully and over 100 units were sold in the period with approximately RMB3 million in turnover

The Group also continues its expansion of business and clientele in the multi-media and internet sector:

The establishment of internet business unit for the promotion of "e-media" strategy and gained several new contracts such
as Yang Cheng Wan Bao () for construction of web-site.

In April 2000, the Group launched a new upgrade version of Founder Internet Content Publish Sever ("ICS")(
) version 2.0 which is an universal application tool for the setting up of web-site and distribution of
information. Several TV boardcasting companies in Beijing, An Hui, Zhe Jiang and other ICP web-sites are now using
this new version.

In April and June, 2000, the Group`s new software product - Wires Agency Modules() was adopted by the
web-sites of South China Morning Post and tom.com respectively.

Systems Integration

As indicated in the annual report last year, the systems integration sector will become a major profit contributor to the Group.
The systems integration business`s turnover rose by more than 10 times to approximately HK$226 million. Gross profit
amounted to approximately HK$96 million, accounting for 43% of the Group`s total gross profit.

Through extensive relationship network and excellent services and technical support, the Group has established a strong
clientele in the PRC`s industry and financial institutes, which serve over 100 customers. The major customers now include The
Industrial and Commercial Bank of China ("ICBC") and China Construction Bank ("CCB") for most of their branches in the
PRC.

The Group has successfully secured a total of approximately HK$150 million new contracts during the period under review
which includes: the IC card financial application system for the Country Credit Union Bank of China (Jiangyin Branch) (contract
sum is approximately HK$10 million), verification system for ICBC (Guangdong Province branch) (contract sum is
approximately HK$11 million) and the installation of the H-1000 POS terminal system for Zhongxin Guoan Information
Joint-stock Ltd and Industrial, Commercial and Administration Bureau of the Shandong Province with a total contract sum of
approximately HK$18 million. At 30 June 2000, the major outstanding contracts on hand amounted to approximately HK$160
million.

Hardware Distribution

The hardware distribution business`s turnover was decreased by 24% to approximately HK$342 million. However, the gross
profit rose by 61% to approximately HK$22 million. The gross profit margin has improved to 6% as compared to 3% in last
period.

The substantial increase in profit margin was mainly due to shifting towards distributing higher end and higher profit margin
products to the commercial and business sectors. The management believes that this would bring in more profitable return to
the Group.

Operating Expenses

The results demonstrate that our tight cost control and prudent measures through financial and strategic actions are both
practical and effective. The Group has taken various measures to control the operating costs. These measures include the
restructuring of business segment and manpowers in order to optimise the resources, streamlining and curtailing of
under-performance business units, and strengthening internal control on account receivables and inventory level.

The implementation of these procedures proven to be fruitful in the year 2000 which contribute to approximately 16%
reduction of total operating expenses.

FUTURE PROSPECTS

Following the remarkable turnaround results in the period, the Group expected the improvements will continue in the second
half of the year and in particular, several major development and prospects are summarised as follows:

EPS and Multi-media Systems

Launch of upgrade version for advertising management system "Jing Wei" () and newspaper publishing
management system "Wen Tao" () in November 2000.

Launch of "e-book" integration system with the co-operation with the PRC`s publishing house and internet "book shops"
in September, 2000.

Development of integration systems for the production and boardcast system TV programs

Systems Integration

Tax system for PRC Tax Bureau

Call Centre system for China Insurance Company

Data Centre system for CCB

Police IC system for PRC Police Bureau

Internet Business

In order to capture the rapid growth of the internet business opportunities in China and leverage off the close co-operative
relationships between the Group and its business partners (especially those in the PRC media industry), the Group has recently
begun to engage in the non-media internet business through Founder Data Corporation International Limited ("FDC") and its
subsidiary and associated companies (the "FDC Group").

As disclosed further in the circular dated 9 September 2000 of the Company, it is the intention of the Company to dispose its
entire interests in FDC to Management Investment & Technology (Holdings) Limited ("MIT"), a company listed in The Stock
Exchange of Hong Kong Limited, in exchange for a substantial shareholding in MIT. Hence, MIT will serve as an independent
vehicle for raising new capital from the equity market for the future development of the business of the FDC Group. On the
other hand, MIT (through the operation of FDC Group) will act as the flagship of Founder for the provision of Internet
services.

FDC Group operates 3 major business through its principal subsidiary companies namely: Beijing AdTargeting Inc.
("AdTargeting"); Founder EC-Media Limited ("EC-Media") and Founder EC-Tech Limited ("EC-Tech") and their principal
activities are as follows:

a. AdTargeting aims to act as an Internet advertisement agency in the PRC. AdTargeting has been appointed as Yahoo!`s
on-line advertising agent in the PRC and also it has established a Super Media Alliance ("SMA") with more than 30 leading
newspaper and publisher in the PRC to act as an exclusive agent for their website advertisements.

b. EC-Media is catered for establishing business-to-business e-commerce platforms which allows news publication/network
media to conduct on-line trading of press content such as news and photos and the trading of advertisements for various media
advertising resources.

c. EC-Tech mainly acts as a software developer with emphasis on the development of e-commerce platform technology and
provision of application service primarily for retail management and supply chain management.

Overseas Market

It is the Group`s intention to expand its geographical business segment and develop its overseas market.

Malaysia

To mark the Group`s first step to list an overseas operation, on 11 September 2000, PUC Founder (MSC) Sdn. Bhd.
("Founder (MSC)"), an associated company of the Company in Malaysia, held a signing ceremony in Kuala Lumpur, Malaysia
to appoint K & N Kenanga Bhd. as its sponsor for its proposed listing on the Malaysian Exchange of Securities Dealing and
Automated Quotation Bhd. ("MESDAQ") in 2001. Founder (MSC) has captured over 70% market share of the Chinese
newspaper publishing market in Malaysia and the company is developing the Founder FingerTec Fingerprint Identification
System and the FingerTec products will be marketed worldwide next year.

Founder (MSC) will intend to raise approximately RM16 million from the proposed initial public offer to invest in fingerprint
and e-commerce product research and development.

Japan

The Company has successfully introduced a renowned strategic partner to the Group and reached an agreement with Softbank
Investment Company Limited ("Softbank") to invest in Founder Inc., a wholly-owned subsidiary of the Company in Japan.
Softbank will hold approximately 18% interests in Founder Inc. for an investment of approximately US$10 million which will be
satisfied by cash. The principal activities of Founder Inc. was mainly software development, systems integration and hardware
distribution.

In general, the Directors are optimistic with the future business outlook of the Group and have strong faith that year 2000 will
mark both a fruitful year and brilliant start in the new century for the Group.

PURCHASE, SALE OR REDEMPTION OF LISTED SHARES

Neither the Company nor any of its subsidiaries purchased, redeemed or sold any of the Company`s listed securities during the
six months ended 30 June 2000.

AUDIT COMMITTEE

According to the requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited
(the "Listing Rules"), the Group has established an Audit Committee in March 1999 comprising two independent non-executive
directors of the Company. They are responsible for dealing with matters relating to audit which include reviewing and
supervising the financial reporting process and internal control to protect the interests of the shareholders.

COMPLIANCE WITH THE CODE OF BEST PRACTICE

In the opinion of the Directors, the Company has complied with the Code of Best Practice as set out in Appendix 14 of the
Listing Rules during the six months ended 30 June 2000.



By Order of the Board
Cheung Shuen Lung
Executive Director and President

Hong Kong, 14 September 2000

Source: Founder Holdings Limited



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