HK Firm to Bridge Tech Firms East and West

Cheuk Nang Properties (Holdings) Ltd., a development firm little known outside Hong Kong, yesterday reinvented itself as a high-tech company, with plans to help bring together Mainland Chinese companies with Western partners.

The newly-named Cheuk Nang Technologies (Holdings) Ltd. will be split into two units, Cheuk Nang Cyber Technologies Ltd. and Cheuk Nang Properties Ltd, the company said in a statement.

Through a deal being negotiated with Seattle, Washington-based Semaphore Inc., Cheuk Nang intends to localize that company's financial management and Internet solutions for China, Hong Kong and Taiwan.

Cheuk Nang also intends to provide entrepreneurial companies in Mainland China with management and planning assistance and help them create joint ventures with foreign companies following China's accession to the World Trade Organization. It also will offer high-tech services such as Web design for companies both in China and in Hong Kong.

Through its link to Semaphore, Cheuk Nang hopes to raise capital from U.S. venture capital firms and eventually to take its Cyber Technology unit public in the U.S., Hong Kong, and China. Cheuk Nang currently is listed on the Stock Exchange of Hong Kong.

More information on Cheuk Nang Technologies will be available at http://www.cheuknang.com.

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