HK's CyberWorks Unveils More Stakes

HONG KONG (04/03/2000) - CyberWorks Ventures, the venture-capital arm of Hong Kong Internet investment company Pacific Century CyberWorks Ltd., yesterday announced eight new investments in software and content companies.

The new investments include a minor stake in handheld computing firm Palm Inc., as well as stakes in U.S.-based software makers, an Indian Internet portal, and content companies in and outside of Asia.

PCCW invested US$3 million in Beatnik Inc., a San Mateo, California-based developer of professional audio tools and music for bringing sound to Web sites, and took a stake in Dotcast Inc., which develops technology for delivering high-quality video over analog and digital channels.

The company also bought 22.4 percent of Redwood Shores, California-based 3Fusion, which sells an e-commerce platform to help content providers add commerce to their sites. It also invested in Taste for Living, an U.S.-based online consumer ratings company related to health and nutrition. PCCW boosted to 46 percent its ownership of Hong Kong-based Outblaze Ltd., which provides messaging and community forum technology to Web sites.

PCCW also invested in the Sohu.com portal in China and in Rediff, a popular Indian portal.

Pacific Convergence Corp., PCCW's broadband services arm, bought 49 percent of Indian ISP (Internet service provider) Data Access. Pacific Convergence later this year plans to kick off Network of the World, a pan-Asian broadband data and multimedia service that will use satellites and cable networks throughout the region as its transmission platform.

In its investments, PCCW has made good bets both on companies with good potential and ones that could contribute to its success with Network of the World and other possible ventures, according to several financial analysts.

"I think they've formed partnerships with the strongest companies in the business," said Kary Sei, an analyst at Sassoon Securities, in Hong Kong.

PCCW, in Hong Kong, can be reached at +852-2514-8888 or online at http://www.pcg-group.com.

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