HC International Sells 42% of Stake in Zhongsou
Pacific Epoch
2005-08-22

8292.HK, China Search Inc, Fidelity, Global Cyberlinks Holdings Inc, HC International, IDGLP, Internet, Legend Capital, Zhongsou, e-commerce

Chinese business to business company HC International (8292.HK) announced on Monday that it will sell 42.5 percent of its stake in China Search Inc (CSI) to Fidelity, IDG LP, Legend Capital and Global Cyberlinks Holdings Inc (GC) for US$4.74 million. CSI holds an 80 percent stake in the search engine Zhongsou. HC International will use 30 percent of the proceeds of the sale to explore overseas markets for HC International's existing industry portal (www.hc360.com) and to pursue mergers and acquisitions. The remaining 70 percent will be used as general working capital.

by Eric Wan