Acme plans link with information ministry
Acme Landis, the Hong Kong-listed sanitary-fixtures distributor that is to be substantially acquired by investors led by H&Q Asia Pacific, intends soon to form an Internet-related venture with a Ministry of Information Industry related partner.
The venture would provide Internet content to mainland portals, a source said.
The venture will have a strategic partner in Rupert Murdoch's News Corp, which will provide content and take a minority stake.
Analysts said the move reflected the company's intention to get a foothold on the mainland once it is fully opened to foreign investors.
The company is to be renamed i100.
Mainland officials have said Beijing would release detailed regulation governing establishment and operations of Internet service and content providers this quarter.
Meanwhile, the company confirmed yesterday that it was considering a co-investment with a mainland Internet operator in a stake acquisition of an SAR-listed company.