HARTCOURT-News - 500 Beiträge pro Seite

[boschler-]

wären jetzt nicht schlecht.
wo ist all die euphorie von euch geblieben?
mit jedem posting deckt jemand was neues auf.
ich weiss echt nicht mehr: halten oder verkaufen?
bei den ganzen vorwuerfen muesste der kurs doch
runterrauschen wie nichts.
glaubt ihr noch an was positiv kursbewegendes diese
woche? warum hat phan seinen trip verschoben?
oder soll ich den traum vergessen.
alles nur erlogen, nachdem letzte woche noch alle
bullish waren? wie ist die stimmung auf raging-bull?

[BusterNo1]

aOnline - Industry News - Information Technology - Hartcourt Makes a Troubled Bid for China Infohighway
















Hartcourt Makes a Troubled Bid for China Infohighway
By Douglas C. McGill
News Editor, ChinaOnline
(5/12/99) The Hartcourt Companies Inc., a Los Angeles-based holding
company that says it has agreed to buy 90% of a Chinese internet
service provider worth US$80 million, is a shell company formed last
year to "reap a short-term windfall" in "the stock market of a New
World Order," the company’s chairman told his investors in a letter
last week.
"We must cast aside a lot of textbook principles and age-old
experience in management to keep up with increasing demand from
shareholders who are now used to the average gain of 300 percent on
Internet stocks," the chairman, Dr. Alan V. Phan, wrote in the
letter.
On March 23, Hartcourt said it would buy a majority stake in China
Infohighway, which was formed in Beijing in 1995 as one of China’s
first private internet service providers. In Hartcourt’s written
announcement of the deal, it said China Infohighway was "the
exclusive commercial internet provider in China."
That story, originally published on the PR Newswire, was picked up
and reported in newspapers in China, Hong Kong and some business web
sites, including ChinaOnline.
On April 8, China Infohighway released a statement saying
Hartcourt’s announcement was "just a rumor," and that "China
Infohighway has never contacted Hartcourt about business
opportunities and cooperation."
In a telephone interview yesterday, Phan said Hartcourt and China
Infohighway had signed a share purchase agreement last September
that was still in effect. A recent change of management at China
Infohighway, however, was not keen on the deal and so denied
knowledge of it in their own statement, Phan said.
Management Reshuffle
In June 1998, three months before Phan said Hartcourt signed its
deal with China Infohighway, Zhang Shuxin, the Chinese company’s
president, resigned after quarrelling with others about the
company’s focus and mission. In November, she was followed by 15
other top executives including sales managers and regional office
heads, who shared her vision and differed with the direction taken
by new management.
Since that time, there has been no report of change in the company’s
top management.
Hartcourt also said in its original announcement of the purchase
that China Infohighway was worth US$80 million, based on an
"independent evaluation," and that the company had 100,000
subscribers who generated US$16 million in revenues in 1998.
Last September, when the company underwent a reorganization, it had
registered capital of RMB 80 million (US$10 million), according to
its website. As of August, 1998, China Infohighway claimed to have
more than 60,000 subscribers to its website nationwide, with 50,000
using its e-mail services. It has never published its revenue
figures, but the Diannao Bao (China Popular Computer Weekly), a
Chinese computer newsmagazine, has said the company`s
expense-to-revenues ratio fell from 9.2:1 in 1997 to 3.5:1 in 1998,
and that the drop was due to falling expenses, not increasing
revenues.
Phan said yesterday the $16 million in revenues his company’s
announcement cited for China Infohighway in 1988 came in part from
other sources than the company’s internet operations, but he did not
specify.
"What’s Yahoo Worth?"
As for Hartcourt’s claim that China Infohighway was "the exclusive
commercial internet provider in China," Phan said yesterday he
agreed the phrase was misleading.
"It’s a goof and I admit my mistake in terms of not reading it
carefully and deleting it out," he said. "It should have said the
exclusive commercial internet provider in the 21 cities where it
operates."
Later in the telephone interview, however, Phan said that China
Infohighway only has a license to operate in 21 cities, while
actually operating in "15 or 16." In addition, he agreed that it
might be possible that more than one internet service provider can
provide commercial internet services in any given city. Indeed, in
most of China’s big cities, many internet service providers compete
with each other to provide internet connections to businesses.
The company’s US$80 million valuation, Phan said, was determined by
a Beijing accounting company named China Y.X. Properties Valuation
Company. A fax copy of their assessment provided by Phan gave two
values for the company. Its "assets value on the account,"
representing the company’s tangible assets such as building and
equipment, accounts receivable and inventory, totalled RMB
163,630,000 (US$19,785,973).
Its "assets evaluation value" was listed as RMB824,710,000
(US$99,723,095) and reflected intangible assets such as licenses
held, goodwill, and an internet premium.
"Look at Yahoo," Phan said. "What’s Yahoo worth?"
The share purchase contemplated in the agreement Phan says was
signed last September called for the issuance of US$80 million in
new shares of The Hartcourt Companies Inc., which would be used to
buy an 85% share of China Infohighway.
At the same time, US$40 million in cash provided by a second
investor would be used to pay off debt, improve facilities, and to
buy 30 percent of the company, Phan said. At the end of the deal,
then, the company would be 55% owned by China Infohighway, 30% by
the second investor, and 15% by Hartcourt.
Phan would not name the potential second investor, except to say it
is "a very big and reputable investment banking firm" which runs a
fund that specializes in direct investments in China. The fund, he
said, is run out of a Chicago office and has US$1.6 billion in
assets, of which US$700 million is already invested in China.
Mission Accomplished
In his April 30 letter to investors, Phan explained that Hartcourt
had been reorganized last fall to create two companies. One of them,
Hartcourt, is "now just a shell with approximately $10 million in
marketable securities and an investment in a Chinese pen factory."
The pen factory, Xin Hui, is in Guangdong province and is worth $11
million, Phan said.
The second company resulting from the reorganization is Enova, which
manufactures environmental clean-up equipment including vapor
extraction pumps and landfill conveyors.
"We remain faithful to our passion and mission of environmental
clean-up," Phan wrote.
As for the plan to buy China Infohighway, he added: "We created an
internet company to satisfy short-term shareholder demand. Upon
completion of such merger, present board members will resign,
shareholders will reap a short-term windfall, and the mission is
accomplished."
To reach Douglas C. McGill:
[e-mail]
See related article(s):
Hartcourt to Buy 90% of Chinese ISP in First Deal of its Kind




Home : Economic News : Industry News : About ChinaOnline
Membership Registration : Products & Services : Calendar of Events
Contact Us : Statistics : Reference Materials


© ChinaOnline 1999.

[BusterNo1]

hinaOnline - Industry News - Information Technology - Hartcourt to Buy 90% of Chinese ISP in First Deal of Its Kind
















Hartcourt to Buy 90% of Chinese ISP in First Deal of Its Kind
By William J. McMahon
ChinaOnline Reporter
(3/24/1999) The Hartcourt Companies Inc., a California-based holding
company, announced yesterday it will acquire a 90% share in China
Infohighway Communications (CIH), marking the first merger of a
foreign company with a Chinese Internet service provider (ISP).
The biggest problem facing China`s ISPs has been a lack of capital.
Official estimates are that over RMB 1 billion (US$120 million) is
needed to lay the cables, buy the equipment, and train the personnel
to build the country`s Internet networks.
If financing is successfully secured, the Hartcourt- China
Infohighway deal could change the capital drought by opening the
door to foreign investment.
China currently has 2.1 million Internet users, according to the
latest government figures, a small number relative to the country`s
1.2 billion population. But the number of Internet subscribers has
nearly doubled in six months, and forecasts have 10 million people
online by the year 2000, especially if the county`s Internet
equipment infrastructure is upgraded.
The closing of Hartcourt- China Infohighway deal is subject to two
conditions: an independent valuation of CIH in excess of $80
million, and the arrangement by Hartcourt of US$30 million in
financing for expansion and repayment of CIH liabilities.
Hartcourt hopes to raise the $30 million before June 30, according
to Dr. Alan Phan, president of Hartcourt.
Technology problems have also hindered the development of ISPs in
China. Access speeds are far slower in China than in developed
countries; what takes only a few seconds to access in other
countries can take over 10 minutes in China.
One of the main reasons for the technology problems is a lack of
capital for infrastructure construction. Up to 80% of a Chinese
ISP`s operating income goes to pay connection charges, compared to
5% for ISPs in the United States. Such a revenue drain is expected
to change this year, however, as China Telecom, the state-run
telecom monopoly, initiates reforms. In January, China Telecom cut
Internet access fees in response to widespread user complaints over
the high fees.
China Infohighway was formed two years ago. It is licensed to
provide Internet services in 21 cities in China and owns the
exclusive right to provide commercial Internet services in these
cities.
Currently, CIH has about 100,000 subscribers, and last year it
received $16 million in revenue. In addition to access services, CIH
operates two Chinese language web sites: a search engine, ``China
Info Resources Online,`` and an online database of Chinese history
and culture, ``China on the Net.``
CIH plans to increase the number of subscribers to 500,000 within
three years and retain its 30-year exclusive commercial ISP license.

Hartcourt will have its wholly owned subsidiary, AsiaNet, take over
management of CIH`s Internet infrastructure and operations, as well
as assume responsibility for future development.
``Subject to our ability to commit the necessary resources and
depending on the group`s ability to market and attract a high
percentage of customers," said Phan, "the Chinese joint venture can
buy out the government`s position and effectively convert the
venture into a privately owned company and become Asia`s largest
Internet provider.``
The Hartcourt Companies (OTC:HRCT) focuses on high tech businesses,
with an interest in developing markets in Asia.
To contact William J. McMahon:
P: [phone]
F: [phone]
E: [e-mail]
See related article(s):
Chinese Internet Service Providers Lack Connections
Statistical Report on Internet Development in China
*ChinaOnline does not endorse external web sites.



Home : Economic News : Industry News : About ChinaOnline
Membership Registration : Products & Services : Calendar of Events
Contact Us : Statistics : Reference Materials


© ChinaOnline 1998.

[BusterNo1]

ChinaOnline - Industry News - Information Technology - China Infohighway In No Rush for Overseas Investment
















China Infohighway In No Rush for Overseas Investment
(7/15/99) China Infohighway, a internet service provider (ISP) and
internet content provider (ICP), says it is no hurry to gain foreign
investment, the June 22 Zhongguo Qiye Bao (China Enterprises News)
reported.
In March, Hartcourt Companies Inc., a California-based holding
company, caused a stir when it announced it would acquire a 90%
stake in China Infohighway. If true, Hartcourt would have been the
first foreign firm to merge with a Chinese ISP.
Han Xu, the executive director of China Infohighway, said his
company is not in an "urgent" need for foreign funds. A recent round
of funding from Xingfa Group, a subordinate organisation of China’s
State Council, and which made Xingfa majority stockholder in China
Infohighway, has pushed back any needs.
Han said Hartcourt has in fact no substantive "touch with the
administrative structure of the company." Downplaying the
controversy, Han added that many people have expressed interest in
investing in China Infohighway.
Han, however, did not rule out ever taking on a foreign partner in
the future. His only requirement for a co-operative partner was a
willingness to make a "considerable contribution" to the development
of the company.
Infohighway reports that it has about 100,000 registered users in
mainland China. Jiang Shaoming, consultant to the chairman of China
Infohighway, said the company’s 1998 income was US$3.02 million, up
from US$1.2 million in1997. He believes the company will see a 10%
increase on revenue this year.
Jiang said the registered capital of China Infohighway is US$14.5
million, and its invested capital is US$30.24 million. Income and
expenses have so far been "balanced."
Han says that the company works hard to develop the market and
places great emphasis on the research and development, on which the
annual investment amounts to no less than USD1.2 million (RMB10
million), which is much more than in the early period of the
company.
For the year, China Infohighway’s main goals are to build a strong
brand name, and to develop advertising channels on the internet. In
the future the company hopes to get into e-commerce.
The site averages one million hits per day via its eight nodes, with
each node averaging 50,000 to 100,000 hits.
See related article(s):
Hartcourt Makes a Troubled Bid for China Infohighway
Hartcourt to Buy 90% of Chinese ISP in First Deal of Its Kind




Home : Economic News : Industry News : About ChinaOnline
Membership Registration : Products & Services : Calendar of Events
Contact Us : Statistics : Reference Materials


© ChinaOnline 1999.

[BusterNo1]

So jetzt soll sich jeder selber gedanken machen, ich für meinen Teil denke, dass es do dchlecht wie einige sagen nicht aussieht.

[NETMAN1]

Buster,ich denke du bemerkst selbst,was jene Basher vorhaben,und das schlimme ist,daß sie dabei tatsächlich eine Verunsicherung erzeugen,die nun einmal nicht berechtigt ist.
Meist tauchen jene Basher dann auf,wenn neue News/Akquisitionen anstehen.
Man will durch die Verunsicherung der Anleger den Kurs kurzfristig drücken,um selbst zu profitieren,was hier teilweise geschieht,müßte jedem zu denken geben!!!
Hier wird mit der Angst der Anleger gespielt,ich kann nur hoffen das man sich nicht von cyperhyper`s verunsichern läßt und das endlich einmal wieder sachlich diskutiert wird.
HRCT ist und bleibt ein Unternehmen mit hervorragender Zukunft.
Die Beweise werden in den folgenden Wochen und Monaten folgen,und auch dem letzten Basher die Grundlagen nehmen.


Mit freundlichen Grüßen

NETMAN

[Alanso Mosley]

ist irgendwem schonmal aufgefallen, daß das ne olle kammele ist?

heute 5/12/99 zu lesen mag ja zunächst nach aktualität aussehen.

ist aber engl. datum, also 12. Mai!

wenn das also wirklich schwerwiegend wäre, hätte das doch schon viel früher gefunden und diskutiert werden können. v.a. im rb-board. da sind nämlich nicht wenige dabei, die durchaus wissen, wie man dd betreibt.

[NETMAN1]

Richtig,der Artikel ist über ein halbes Jahr alt.
Aber etwas anderes hat unser Basher cyperhyper=georgina nicht finden können.
Kindergartenniveau halt,no comment!

NETMAN

[l_o_g_o]

Viele Kritiker scheinen zu vergessen, dass mit Schwartz bereits ein Risikokaptialgeber mit im Boot sitzt. Und wenn ich mich nicht irre, bauen Beteiligungsprofis ihre Investments nicht auf Sand, zumindest muss hier festgehalten werden, dass deren Nachforschungen zumindest mehr zu trauen ist, als irgendwelche Postern auf irgendwelchen Boards, die zwar Unstimmigkeiten aufdecken, aber dazu keine Begruendungen liefern.

[dexter]

leute,

mittlerweile bin ich mehr als stinksauer, wird demnächst phan noch vorgeworfen er sei homophil oder was???

es ist ja nicht mehr zum aushalten!!!

echt kranke geister! mir fehlen mittlerweile wirklich die worte wie hrct durch den schlamm gezogen wird und stehts unter dem dem mantel: "als interssierter anleger muß man auch darüber sprechen dürfen..." -

[BusterNo1]

Wer verkaufen will soll verkaufen, ich bleibe investiert.

[NETMAN1]

Ich möchte erst einmal allen danken,die sachlich und intelligent an einer Diskussion interessiert sind.
In US-Boards werden Personen wie Cyper...in der Luft zerrissen.
Aber ich glaube der Großteil der Anleger weiß inzwischen, wie er jene Artikel zu bewerten hat.
Wer jetzt die Ruhe bewahrt,wird die Früchte seiner Geduld bald ernten,aber wer zweifelt soll bitteschön verkaufen.
Ich denke der Kursverlauf und die Umsätze der letzten Wochen sprechen für sich und für gut informierte Anleger.

Mit freundl. Grüßen

Netman