Global China joins hand with Xinhua News Agency China Economic Information Service to develop Xinhuaonline

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The rising industry icon specializes in business information services

(Hong Kong, January 19, 2001) - Global China Technology Group Limited (HKSE: 1105) ("Global China") and The China Economic Information Service ("CEIS"), an affiliate of Xinhua News Agency, today entered into an agreement to develop Xinhuaonline. The joint venture will focus on offering market information of China to local and overseas enterprises, helping these enterprises to understand the business environment in China and providing them with important reference material in making investment decisions.

The joint venture partners will invest a total of RMB 100 million in Xinhuaonline in the first three years. Global China will have a 55% stake of the company and The China Economic Information Service will own the rest 45%. With the established database of Xinhua News Agency and by employing advanced Internet technology, Xinhuaonline will offer in-depth market intelligence. The information will include China's macro-economic development, as well as the latest trend and market analysis of various industries like financial, trading, automobiles, petroleum, chemical, telecommunications, the Internet, textile and pharmaceutical, etc.

Mr. Charles Ho, Chairman of Global China, said, "Xinhuaonline will grow into the most authoritative online platform offering value-added information in Chinese and English. Xinhua News Agency and other credible news organizations are providing us with abundant information resources and valuable research data, making Xinhuaonline the prime source of Chinese business information in the 21st century. Amid China's imminent entry into the WTO, Xinhuaonline is committed to providing an international scope of view and business information to international enterprises of all sizes to assist them in developing their business in the Chinese market."

Xinhuaonline will provide the latest market news and professional market reports to all companies, local and overseas, who are interested in entering the Chinese market. In addition, Xinhuaonline will co-operate with leading institutes and organizations to conduct surveys on topical issues regularly. During the initial stage, Xinhuaonline will target expatriates based in China and international business executives of local enterprises. Following that, it will provide macro-economic data and information to foreign investors, including multinational corporations' research and planning departments, investment bankers, accounting and consulting agencies, information services organizations.