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Aufgrund der kontroversen Diskussion zu seinem letzten CEO-Letter vom Freitag, hat CEO Dr. Phan einen weiteren Aktionärsbrief geschrieben, der es wahrlich in sich hat:

December 11th, 1999  

Dear Shareholders:  
I did not expect my letter of 12/10/99 would cause  
such a controversy. I guess anything personal is taboo  
in this money system. In fact, I wrote most of my  
letters to reply to those 100’s of Emails I receive  
each day. Many questions from these shareholders were  
related to my personal character and interest. If  
these matters are none of your concern, let’s drop the  
subject and go back to Hartcourt’s business.  
1. My China trip: I am leaving today and will be back  
on 12/19/99. My objective is to finalize the  
agreements with two powerful Chinese companies, that  
want to be partners of Sinobull.com. Once they are  
in, the American partner will agree to invest in  
Sinobull.com and the IPO will be underwritten by a  
major investment banker in Hong Kong. Our target date  
to sign the underwriting agreement for the IPO is  
still end of February 2000. Once this step is  
completed, we would have achieved an important  
landmark in our mission. Hartcourt will be on the same  
level with China.com.  
2. Wireless ISP and IP Phone: The CEO and CTO of ESAT  
will accompany me in this trip to work with Innostar  
on creating a blueprint for the ISP system. Innostar  
just received $35 Million in capital funding from the  
Chinese governement to jump-start the project. We  

should be able to get everything ready by March 2000.  
Hartcourt is negotiating to acquire 40 percent of an  
American IP phone company to work with us as our  
technology partner in this project.  
3. New Directors: We are still negotiating with 3  
individuals who are very well-known in the industry.  
Due to the holiday season, they will come on board  
sometime in January 2000. Meanwhile, we have appointed  
Mr. Manu Ohri, our CFO; and Mr. Frederic Cohn, our  
Corporate VP, to replace the two members who just  
resigned. The resume of Mr. Ohri and Mr. Cohn will be  
available on our Web site next week. By the way, we  
will have our annual shareholders’meeting on June  
19th, 2000; and a complete slate of Board members will  
be presented for approval.  
4. New CEO and CTO: We are still interviewing and  
negotiating with a list of excellent talents. We are  
confident that the positions will be filled by January  
2000, before the IPO of Sinobull.com.  
5. NASDAQ Application: We are running right into the  
holiday season, which means delay from every place.  
However, we should file our application by December  
6. LINUX Platform: The Chinese hi-tech world is very  
interested in Linux software as the new operating  
standard for computers as well as PDA and set top  
boxes. A major Linux software company is interested in  
working with Hartcourt to develop their system along  
with our Sinobull and ISP projects. We might take  
control of a NASDAQ company to merge with this  
software company. Details of the transaction will be  
available once the agreements are signed.  
7. Other Matters: Many are still asking about the  
number of employees we have. Here is a brief rundown:  
Hartcourt headquarter: 6; FTL: 32; UAC: 24;  
StreamingAsia: 27; Pego: 36 and ECS: 630. New auditors  
and PR firm will be announced this month. Details of  
the 1/15/2000 party will be released this week. We  
are sorry for this delay; we had expected less than 15  
shareholders, we got over 150 signed up. Other than  
that, Hartcourt land is busy and happy.  
I might be a very informal CEO in communications, but  
I am dead serious about our mission of building  
Hartcourt into the leading Internet company in Asia.  
See you at the mountain top.  


Dr. Alan V. Phan  
Chairman & CEO  

Ich finde diesen recht detaillierten Brief von Dr. Phan äußerst positiv. Es werden zu den zahlreichen noch ausstehenden Aktivitäten auch Termine angegeben, was zur Glaubwürdigkeit beiträgt.
Wenn Hartcourt sich tatsächlich mit China.Com vergleichen läßt, dann steht uns noch eine Megaparty ins Haus.

Marktkapitalisierung (10.12.1999)
China.com 3,250 Mrd. US$ zum Kurs 154 US$
Hartcourt 0,375 Mrd. US$ zum Kurs 17,82 US$

Hartcourt 3,25 Mrd. US$ -> Kurs ca. 155 US$

Außerdem kommt durch den Brief auch noch Linux-Phantasie in den Wert. Mit welcher Linux-Firma kooperiert werden soll, ist mir allerdings nicht ganz klar. Sie ist ja sogar schon an der Nasdaq notiert.  
Allerdings habe ich einen potentiellen Partner ausfindig gemacht. Es handelt sich um die kanadische Perle Systems (PERL). Die Marktkap. beträgt "nur" 124 Mio. US$, was im Vergleich zu den Majors recht wenig ist. Doch das Hauptgeschäft von PERL liegt eher im Hardware-Sektor.
Firmen, wie Red Hat, Veritas, Andover, Corel oder VA Linux haben hingegen schon Marktkap. von mehreren Milliarden US$.

Das Nasdaq-Listing wird wohl definitiv noch im Dezember verkündet.

Drahtloser Internet-Zugang und Internet-Telephonie...bei Hartcourt vereinigen sich anscheinend z.Zt. alle Hypes, die die Börse antreiben. Wenn auch nur ein Teil des angekündigten auch verwirklicht wird, dann wird Hartcourt zu einer Internet-Mega-Company.


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