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Hong Kong's Internet portal company Tom.com Ltd said Wednesday it has signed a letter of intent with Chinese mainland's Popular Computer Week Publishing House and China Science Media to set up a joint venture.
TOM.com, a company controlled by tycoon Li Ka-shing, will pay 312 million yuan (US$37.6 million) for a 49 percent stake in the project, with the remaining 51 percent stake to be owned bythe other two parties, which will inject the advertising and distribution operations of their publications into the joint venture.
The venture will operate the local and overseas distribution and advertising business of the publications from Popular Computer Week and China Science Media, including Popular Computer Week, Popular Computer Week CD-ROMs, Popular Computer Week Bound Volume and other IT-related reference books.
In 2001, revenue and pretax profit from these publications amounted to about 142.7 million yuan (US$17.2 million) and38 million yuan (US$4.6 million) respectively, it said.
The joint venture will last at least 20 years, it said.
(Xinhua News Agency September 19, 2002)
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