Press Release Summary
27 February 2000
StockOnLine brings in Strategic Shareholder
Simsen International acquires 20% at HK$360 million
The management of StockOnLine, a 55% subsidiary of Pearl Oriental Cyberforce, brings in Simsen International Corporation
Limited (Simsen) as a strategic shareholder. Simsen will acquire 20% interest in StockOnLine from the founders and existing
management including Mr Stanley Cheung and parties at HK$360 million. HK$132.5 million of the consideration will be paid in
cash while the balance will be settled by the issue of 700 million shares in Simsen at an issue price of HK$0.325 per share,
amounted to approximately 26.9% of its enlarged issued capital upon completion of the transaction.
Based on the aforesaid consideration, StockOnLine is valued at a price of HK$1.8 billion, representing a discount of 17.37%
to the valuation of HK$2.178 billion appraised by an independent professional valuer.
Pearl Oriental Cyberforce and the board of directors of StockOnLine welcome this transaction. Simsen is a listed company
investing in the Greater China region, principally engaging in bullion, securities and commodities businesses. The board of
directors believes that given the years of extensive experience of Simsen in the aforesaid businesses and its market status, the
participation of Simsen as its strategic shareholder will benefit the future development of StockOnLine.
Mr Wong Kwan, the Chairman and Chief Executive of Pearl Oriental Cyberforce said, "The Internet financial portal under
StockOnLine, hkstock.com.hk, is the most popular financial portal among the investors. It is receiving a monthly page view of 7
million, standing at the leading position among other Internet financial portals. "
CIBC World Market has been appointed to arrange for the IPO listing of StockOnLine on the NASQAD in the United States.
Pearl Oriental Cyberforce last year acquired 55% interest in StockOnLine at a cost of HK$36.75 million. Based on the
professional valuation, the value of Pearl Oriental Cyberforce's interest in StockOnLine has appraised to HK$1.198 billion,
representing a very satisfactory investment return to the Company.
Pearl Oriental Cyberforce Limited