China.com Seeks Approval from Its Independent Shareholders to Purchase up to $10 Million of CDC Corporation Common Shares
April 15 2008 - 7:29AM
Business Wire
CDC Corporation, (NASDAQ: CHINA) focused on enterprise software and
online games, today announced that its majority-owned subsidiary,
China.com, has filed an announcement with the Growth Enterprise
Market of the Stock Exchange of Hong Kong Limited, or Hong Kong GEM
Market, in which China.com seeks approval from its independent
shareholders to purchase up to $10 million of CDC Corporation�s
stock. In the filing, China.com stated that it has been exploring
opportunities to enhance its investment yields and maximize
shareholder value, and determined that a purchase of CDC
Corporation shares would help achieve that goal. Should China.com�s
independent shareholders approve the proposal to purchase these
shares of CDC Corporation, China.com intends to form an independent
committee of its board of directors. This committee will be
authorized to set the price and volume limits for the share
purchase plan which must be effective on or before September 30,
2008. Additionally, the per share purchase price limit must not
exceed $8 per share. A vote of China.com�s independent shareholders
on the proposal is expected to occur approximately 14 days after
the Hong Kong GEM Market approves the informational materials to be
distributed to shareholders. Subject to receipt of approval from
the Hong Kong GEM Market, China.com expects to distribute the
informational materials to its independent shareholders on or
before April 22, 2008. About CDC Corporation The CDC family of
companies includes CDC Software focused on enterprise software
applications and services, CDC Games focused on online games, and
China.com focused on portals for the greater China markets. For
more information about CDC Corporation (NASDAQ: CHINA), please
visit www.cdccorporation.net. About China.com Inc. China.com is a
leading operator of Internet portals, serving a broad range of
audiences in China. In 2006, it was chosen as the first company to
host Google's Video Adsense which serves video ads targeted at
China's English-speaking audience. China.com also was appointed by
the Jilin government as the exclusive web sponsor of the 2007 Asian
Winter Games. China.com was listed on the GEM of the Stock Exchange
of Hong Kong Limited on March 9, 2000. In December 2000, China.com
Inc. was admitted as a constituent stock of the Hang Seng IT and IT
Portfolio Indices. Cautionary Note Regarding Forward-Looking
Statements This press release includes "forward-looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995, including statements relating to (i)
the completion and effect of the proposed share repurchase program;
(ii) the ability of China.com to obtain shareholder approval for
the share repurchase program; (iii) China.com�s ability to comply
with the United States securities laws and CDC Corporation�s
insider trading policy; (iv) the ability of the independent
committee of China.com�s board of directors to establish a Rule
10b5-1 trading plan or plans; (v) the ability of China.com to
obtain approval from the Hong Kong GEM Market for the informational
materials to be sent to its shareholders and other statements which
are not historic fact. These statements are based on management's
current expectations and are subject to risks and uncertainties and
changes in circumstances. There are important factors that could
cause actual results to differ materially from those anticipated in
the forward-looking statements, including the following: (a) the
ability to obtain shareholder approval regarding the share
repurchase program; (b) the ability to comply with the rules and
regulations established by the united States Securities and
Exchange Commission; (c) the ability to establish a Rule 10b5-1
trading plan in accordance with the terms and conditions of CDC
Corporation�s insider trading policy; (d) the ability of the
independent committee of the board of directors of china.com to
establish a Rule 10b5-1 trading plan prior to September 30, 2008
(e) the ability of China.com to obtain approval from the Growth
Enterprise Market for the informational materials to be sent to its
shareholders. Further information on risks or other factors that
could cause results to differ is detailed in filings or submissions
with the United States Securities and Exchange Commission made by
CDC Corporation in its Annual Report for the year ended December
31, 2006 on Form 20-F filed on July 2, 2007. All forward-looking
statements included in this press release are based upon
information available to management as of the date of the press
release, and you are cautioned not to place undue reliance on any
forward-looking statements which speak only as of the date of this
press release. The company assumes no obligation to update or alter
the forward looking statements whether as a result of new
information, future events or otherwise.
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