China's Legend Holdings To Split In Two

HONG KONG (04/07/2000) - Legend Holdings Ltd., the Hong Kong-listed unit of Beijing-based PC giant Legend Group Holdings Co., on Wednesday announced a reorganization which it said is designed to speed up the company's response to a fast-paced IT market.

The company announced at a Beijing press conference that it has created two divisions, one focused on PCs and Internet access devices and the other on e-commerce and systems integration businesses, Legend Holdings spokeswoman Jenny Lee said in an interview today.

"The IT market is changing so quickly that in order to shorten the time for decision-making, we made this move," Lee said. "It will allow the management of our subsidiaries to respond more quickly to market demands."

Lee said the company currently has no plans to spin off either of the subsidiaries.

Legend will change its organization from a business-division model to a subsidiary model, in which each subsidiary can handle its own accounting and hiring, Lee said.

Its newly-created Legend Digital China subsidiary will handle the company's existing systems integration business and e-commerce ventures. It will provide e-commerce solutions to clients and use Legend's extensive distribution network for e-commerce fulfillment, Lee said.

The new Legend Computer subsidiary will make PCs and Internet access devices and operate the company's fm365.com portal.

Legend Holdings is in Hong Kong and can be reached at +852-2590-0228 or online at http://www.legend-holdings.com.

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