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October 7, 1999

Lotus Pacific Forms $30m Chinese Internet Venture

By CBR Staff Writer

Chinese IT products manufacturer TCL International Holdings, which plans to raise $100m from a listing on the Hong Kong Stock Exchange next month, has formed a $30m joint venture with US company Lotus Pacific Inc. The two parties signed a letter of intent yesterday following a share swap in which they took 15% holdings in each other. Lotus Pacific’s chief technology officer, Hsing Chih Tuan, said the new venture will have two units, one for manufacturing set-top boxes, cable modems and routers and the other to provide internet content. The venture will take advantage of Lotus Pacific’s strength in technological research and development and in TCL’s marketing capabilities, he said.

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