and Global Sources Strategic Investment in HC.
From the release:
"HC International, Inc. (HKEX 8292) and Global Sources Ltd. (NASDAQ:GSOL) today announced a plan to form China's largest B2B strategic alliance. HC International is China's leading domestic B2B e-commerce service provider [...] Global Sources is a leading global provider of integrated B2B websites, magazines and trade shows. Together, they operate 72 industry-focused websites serving approximately 4 million suppliers and 950,000 buyers from 230 countries worldwide. [...]
Global Sources also announced that it is making a strategic investment to acquire 10 percent of HC International's issued shares from IDG Technology Venture Investment, Inc. ("IDGVC"). In addition, Global Sources has entered into an option agreement allowing it to increase its equity stake in HC International to approximately 35 percent at any time within 12 months of completing the initial transaction.
Global Sources Chairman and CEO Merle A. Hinrichs said, "The partnership between HC International and Global Sources transforms the China B2B landscape and enables the launch of many new online verticals, magazines and trade shows for the fastest growing industries in China, the world's fastest growing economy. We have found in HC International the perfect partner to complement our current offerings, especially given HC International's strong vertical search technology. Together, we aim to provide the most comprehensive, professional and successful B2B services in China [...]"
Press conference Webcast Replay (31-May-2006)
via Paul Woodward (Asia Business Media - News Update Nr. 184)
B-to-B Magazine ranked (in Category Internet)
Global Sources as one of the world's Media Power 's 50