China Prosperity Holdings' share price has plunged 31.84 per cent following its announcement that talks on Century Vision Network (CVN), a proposed mainland Internet and multimedia venture, have collapsed. The counter closed at $3.05 yesterday, with $142.8 million worth of shares changing hands. The share price fell despite an announcement by Win's Prosperity Group (WPG) - in which China Prosperity agreed to acquire a 33 per cent stake, that it had entered into three separate agreements with a mainland Internet content provider and two karaoke-box operators in Hong Kong. China Prosperity's proposed stake acquisition in WPG is subject to shareholder approval on November 10. Under the agreements announced yesterday by WPG, the Web-site operator - Beijing PDN Xinren Information Technology - is to provide Internet content to WPG for one year. WPG also agreed to install free software and hardware for the two karaoke-box operators for one year from December 20 in exchange for a fee on each song delivered through the proposed CVN.
