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プレス・リリース (2000-04-11)

Silicon Valley On-line Entertainment Store Returns Home to Asia Following Overwhelming Success in the United States

YesAsia.com Receives Strong Support From Three International Investors

(San Francisco; April 11, 2000) YesAsia.com, the Silicon Valley on-line entertainment store today announced it is returning home to Asia following overwhelming success in the United States. Joshua Lau, the Hong Kong born founder of YesAsia.com, launched the expanded Hong Kong e-commerce operations today, with the strong support of three prominent international investors.

YesAsia.com is planning to grow its market share by setting up a business infrastructure in multiple markets across Asia. With Hong Kong as its strategic hub, YesAsia.com will extend its geographical reach to various Asian markets while diversifying its product selection over the next two years. An 8,000 square foot facility will be established in Hong Kong to serve as a hub for customer fulfillment throughout Asia.

Headquartered in San Francisco, the US, YesAsia.com (formerly AsiaCD.com) is the world's leading Internet source of Asian products including music, video, karaoke, games and electronics, with over 60,000 items currently in its database. Since setting up operations in 1998, YesAsia.com has been a huge success in the US market, enjoying higher than market average growth. For the past 23 months, the company's revenues and the customer base have grown by more than 80% each quarter, with total revenues in 1999 reaching US$2.2 million approximately HK$17 million).

YesAsia.com, the Asian e-commerce pioneer, has also reached the completion of its second round financing by international investors to further expand its online business in markets across Asia. Under the terms of the recently signed deal, YesAsia.com raised an aggregate amount of US$11.7 million (approximately HK$91 million) from Walden International Investment Group ("WIIG"), Morgan Stanley Dean Witter Private Equity ("MSDW Private Equity"), and Cable and Wireless HKT ("CWHKT"). Representatives of the three investing companies will be appointed to the company's board of directors.

"I am proud to bring YesAsia.com home to Hong Kong and am delighted to announce the joint investment by WIIG, MSDW Private Equity and CWHKT," said Joshua Lau, founder and CEO of YesAsia.com. "It is a clear vote of confidence in our vision of becoming a dynamic force in the global Asian e-commerce marketplace."

"With both the Internet and e-commerce markets booming across Asia, we have taken the initiative to establish a full service office in Hong Kong to meet the growing popularity of on-line shopping in the region," said Mr. Lau. "We plan to open offices in China, Singapore and Korea within this year, which, in addition to our already established Hong Kong, Japan and Taiwan offices, will allow for the expansion of our purchasing and fulfillment capacity in Asia which will include new products such as magazines, comic books, toys and gift items," Mr. Lau added.

YesAsia.com is built upon a secure, scalable and sophisticated technology platform that gives customers easy navigation and search capability. With the click of the mouse, customers in the US and Asia can search and locate products in YesAsia.com's large database within seconds. The advanced database system also allows customers to search by selected artists or product name using different languages, including English, Chinese, Korean and Japanese. YesAsia.com can also display its product information in Asian GIF format to benefit customers without Chinese fonts installed on their computers. These features provide a truly user-friendly and intimate shopping experience for customers throughout the world.YesAsia.com has also formed strategic partnerships with leading brands and web sites worldwide to offer content and services to the Asian Internet market. These include: Beenz.com, Kimo.com, Netvigator.ca, Renren.com, Sina.com, CN2U.com and YouCool.com.

"Looking ahead, we plan to build on our success in the US to become a pan-Asian Business-to-Consumer (B2C) and Business-to-Business (B2B) e-commerce platform, bringing benefits and satisfaction to customers in multiple markets across Asia, as well as the rest of the world," Mr. Lau concluded.

About Walden International Investment Group
Walden International Investment Group ("WIIG") is a leading venture capital firm with over US$1 billion under management. The Group targets investments in high growth industries including Internet, communications, software, healthcare, and semiconductor.

WIIG pioneered the venture capital concept into Asia in the 1980's. Since the establishment of its first Asian fund in 1987, it has managed over 20 funds and has invested in over 250 companies in the United States, Asia-Pacific and Israel. Its investors include government development agencies, international financial institutions, corporations, university endowments and foundations.

In addition to its headquarters in the United States, WIIG has established a strong presence in Asia-Pacific with offices in Taiwan, Singapore, Malaysia, Hong Kong, China, Philippines, India, Indonesia, Thailand and Australia.

WIIG's international network of professionals is well-experienced in high-technology industries, providing value-added services to enable investee companies to be successful in business management, niche product or service development and sales and marketing.

About Morgan Stanley Dean Witter Private Equity
Morgan Stanley Dean Witter Private Equity is the private equity business of Morgan Stanley Dean Witter & Co. (NYSE: MWD), a preeminent global financial services firm. Since its founding 15 years ago, funds managed by Private Equity have invested US$5.4 billion in more than 160 companies around the world. For more information, please visit http://www.msdw.com/privateequity.

About Cable & Wireless HKT
Cable & Wireless HKT, a Cable & Wireless company, is Hong Kong's major full-service communications provider, marketing a full array of quality voice and data telecommunication services backed by a state-of-the-art, fully digital fibre-optic network. Services include basic telephony, mobile telephony, international calls specialized fax and data products, value-added services, Internet access, multimedia services, satellite links and telecommunications equipment and systems.

The outstanding quality of Cable & Wireless HKT's services was recognized in the global award of "Most Competitive Local or National Carrier" conferred in the Financial Times Global Telecommunications Awards in October 1999. Additionally, in a survey conducted by CFO Asia in November 1999, Cable & Wireless HKT was named as the number one company in Asia based on the wealth it has created for shareholders.

Apart from owning and operating Asia's largest commercial teleport, Cable & Wireless HKT is a pioneer in a wide range of communications solutions, such as launching the world's first fully digitized urban network, the world's first fiber-optic cable linking China, and the world's first interactive television services.

With customers in 70 countries, Cable & Wireless is a major global telecommunications business with revenue of around ¢G8 billion in the year ended March 1999 and over 50,000 employees. Its businesses around the world offer a range of services spanning broadband data and Internet services, fixed and mobile voice, as well as interactive entertainment and information. Cable & Wireless' priority for expansion is the fast growing market of data and IP (Internet Protocol) services for business customers. Since November 1998, it has announced major investments in advanced networks in the US and Europe, the restructuring of Cable & Wireless Communications in the UK and has acquired full control of Cable & Wireless IDC in Japan to support this strategy. Cable & Wireless now holds a unique position in terms of global coverage and services to business customers.

For further information, please visit the company's website: http://www.yesasia.com.
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