chinadotcom Proposes Change of Company Name to CDC Corporation
March 21 2005 - 4:43AM
PR Newswire (US)
chinadotcom Proposes Change of Company Name to CDC Corporation New
Company Name Better Reflects the Company's Strategic Focus and its
Evolution into a Larger and More Diverse Enterprise HONG KONG,
March 21 /Xinhua-PRNewswire-FirstCall/ -- chinadotcom corporation
(the "Company") (Nasdaq: CHINA; website: http://www.corp.china.com/
) an integrated enterprise software and mobile applications company
in China and internationally, today announced its proposal to
change the name of the Company to "CDC Corporation", subject to
shareholder approval at an Extraordinary General Meeting to be held
on April 20, 2005. The Company's stock symbol "CHINA" listed on
Nasdaq will remain unchanged. Concurrently with the proposed change
of the Company's name, the board notes that the Company's 81%-owned
subsidiary listed on the Growth Enterprise Market of Hong Kong
Stock Exchange Limited, hongkong.com Corporation (the "Subsidiary")
(Stock Code: 8006), is also seeking to change its name to
"China.com Inc.". Dr. Raymond Ch'ien, Executive Chairman & CEO
of chinadotcom corporation, and Chairman of hongkong.com
Corporation, commented, "The rebranding initiatives are
strategically significant for us as both companies have been
evolving since their IPOs. After our two strategic acquisitions in
the software sector, chinadotcom is now more focused on global
enterprise software while its 81%-owned subsidiary is focused on
Internet and mobile applications related businesses in China." "The
proposed new names, CDC Corporation and China.com Inc., will enable
us to enhance our position in the market place for both enterprise
software and Internet and mobile applications, respectively. We
believe the well- established brand, China.com, will bring
tremendous business opportunities in China, for our portal and
mobile applications businesses." Ch'ien continued. The Company
today owns a global portfolio of businesses primarily in enterprise
application software and Mobile Value Added Services ("MVAS") &
portal services. The Company offers a broad range of enterprise
application software including Enterprise Resource Planning ("ERP")
through Ross Systems, Inc., Customer Relations Management ("CRM")
through Pivotal Corporation, Supply Chain Management ("SCM")
through Industri-Matermatik International Corp., as well as Human
Resources Management ("HRM") and Business Intelligence ("BI").
Concurrently, the MVAS & portal services are offered in the
China market via hongkong.com Corporation. The proposed name change
of the Company to CDC Corporation is expected to bring the
following advantages: -- The proposed new name without "dotcom"
will better reflect the Company's core diverse business lines and
the shift of its business focus away from a heavy reliance on the
Internet sector. -- The new name without the clear component of
"China" will also better Reflect the Company's more geographically
diversified revenue and customer mix. The Company has decided to
retain the symbol "CHINA" for its stock exchange listing because it
is well recognized by investors. With the coordinated name change
efforts of the Company and the Subsidiary, the board of directors
of hongkong.com considers that the proposed name change to
China.com Inc. will benefit the Subsidiary in the following ways:
-- The new name reflects the fact that the Subsidiary's business
operations, revenues, customers and staff are all predominately in
China. -- The new name clarifies confusion among investors relating
to the different business lines between the Company and the
Subsidiary. Whereas the Subsidiary operates predominately in MVAS,
Internet portal and online game businesses in China, the Company
has more diverse business lines and a more geographically
diversified revenue and customer mix, particularly in the
enterprise software area. Mr. Rudy Chan, CEO of hongkong.com
Corporation, added, "China.com has been a well-established brand in
the China market since 1997. Changing our name to China.com Inc.
not only better reflects our business focus and geographical reach,
but will create a stronger image for us in the MVAS, Internet
portal and online game sectors in China." The proposed name change
of the Subsidiary is subject to (1) the passing of a special
resolution by the shareholders of the Subsidiary at an
Extraordinary General Meeting to be held on April 27, 2005; and (2)
the approval by the Registrar of Companies in the Cayman Islands.
About chinadotcom corporation chinadotcom corporation (Nasdaq:
CHINA; Website: http://www.corp.china.com/ ) is an integrated
enterprise software and mobile applications company focused on
China and internationally. The company has over 1,800 employees
with operations in 14 countries. For more information about
chinadotcom corporation, please visit the website
http://www.corp.china.com/ . Forward Looking Statements This press
release includes "forward-looking statements" within the meaning of
the United States Private Securities Litigation Reform Act of 1995,
including statements relating to the ability of the name changes to
enhance the Company's position in the marketplace for both
enterprise software and Internet and mobile applications, bring
business opportunities, clarify confusion among investors relating
to the different business lines between the Company and the
Subsidiary. These statements are based on management's current
expectations and are subject to risks and uncertainties and changes
in circumstances. There are important factors that could cause
actual results to differ materially from those anticipated in the
forward looking statements including the following: shareholder
approval of the respective name changes of the Company and the
Subsidiary, perceptions in the marketplace with respect to the new
names for the Company and the Subsidiary, the future growth of
software industry and the MVAS, Internet portal and online game
sectors in the PRC, and the development of new technologies and
applications or services affecting current and future business.
Further information on risks or other factors is detailed in
filings or submissions with the United States Securities and
Exchange Commission made by chinadotcom corporation, including its
Annual Report for the year ended December 31, 2003 on Form 20-F/A
filed on July 8, 2004. All forward-looking statements included in
this press release are based upon information available to
management as of the date of the press release, and you are
cautioned not to place undue reliance on any forward looking
statements which speak only as of the date of this press release.
The company assumes no obligation to update or alter the forward
looking statements whether as a result of new information, future
events or otherwise. For further information, please contact: Media
Relations Jane Cheng Associate Director, Public Relations Tel:
+852-2961-2750 Fax: +852-2571-0410 Email: Investor Relations Craig
Celek, Vice President, Investor Relations Tel: +1-212-661-2160 Fax:
+1-646-827-2421 Email: Contact: Jane Cheng, Associate Director,
Public Relations, +852-2961- 2750, or jane.cheng@hk.china.com, or
Craig Celek, Vice President, Investor Relations, +1-212-661-2160,
or craig.celek@hk.china.com DATASOURCE: chinadotcom corporation Web
site: http://www.corp.china.com/
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