HONG KONG (03/01/2000) - Legend Holdings Ltd., a unit of Beijing-based Legend Group Holdings Co., tomorrow will announce a memorandum of understanding with Pacific Century CyberWorks Ltd. (PCCW) to jointly develop broadband Internet projects in China and build PCs for Internet access, a Legend spokeswoman confirmed today.
The company also made a share placement yesterday on the Stock Exchange of Hong Kong to raise an estimated HK$1.65 billion (US$212 million) for investment in Internet content providers and development of Internet access devices and e-commerce solutions, according to a company statement.
Legend will look to invest in content providers in China, but will not limit its sights there, said Legend spokeswoman Fion Lee.
"If they can find good content providers in China, that would be the best choice," Lee said. The management will be open-minded, however, investing in and licensing content from providers wherever they can find them, she added.
The device that Legend will build for PCCW will be called Legend-NOW PC and will provide easy broadband access to the Internet through PCCW's Network of the World (NOW), envisioned as an Asia-wide broadband multimedia network, Lee confirmed. Users also will be able to run applications on the PC, she said.
The moves this week mark a major push into the Internet for Legend, a leading PC vendor in China. Legend launched its first Internet-related products last year: a Chinese-language portal called fm365.com and an Internet-oriented PC called IPC.
The company plans to develop solutions for both business-to-business and business-to-consumer e-commerce, Lee said.
Legend Holdings Ltd. is in Hong Kong and can be reached at +852-2590-0228 or online at http://www.legend.com.cn.