China Strategic Holdings chairman Oei Hong Leong has decided to liquidate the group's entire mainland business portfolio to invest on the Internet though he does not even know how to send an e-mail. Over the next few months, Mr Oei hopes to raise HK$4 billion to HK$5 billion through a disposal of the group's mainland assets, including toll roads, bridges and 50 factories. Once cashed out, he wants to direct the cash into Silicon Valley technology firms. 'I myself honestly don't understand the Internet,' said the Singaporean businessman, recovering after being attacked and wounded outside his luxury condominium in Hong Kong earlier this week. Despite his lack of high-technology knowledge Mr Oei admitted to having been spellbound during three trips to Silicon Valley in October. 'Within one month I was brainwashed by the Internet craze. I realised the Internet was a revolution,' he was reported as saying this week. For a man who built his fortune on bricks and mortar, this is a radical move. The China Strategic chairman still does not have an e-mail account. He even admits telling Pacific Century CyberWorks chairman Richard Li Tzar-kai earlier this year that Internet companies 'scared' him because of their big losses and exceptionally high stock market capitalisations. He has since changed his tune. 'Maybe some Internet stocks may have a correction, but this revolution will last a century,' Mr Oei said. 'So I made up my mind that the Internet was something we [have] got to go into.' Mr Oei informed Premier Zhu Rongji of his decision to radically restructure China Strategic during a private meeting in Singapore earlier this month. The past few months have seen numerous SAR-listed companies jump on the 'dotcom' bandwagon. Most big property developers, from Sun Hung Kai Properties to Sino Land, have set aside substantial funds to wean hi-tech subsidiaries. But none have gone so far as to abandon their traditional businesses. Mr Oei, born in Indonesia and raised in the mainland during the Cultural Revolution, is not deterred by his lack of technical knowledge. 'Technology itself is not the issue,' he said. 'Many Internet companies are good in technology, but the key to their success is marketing. 'The Internet company may have the techno-how, but I have the techno-who,' said Mr Oei, who is well connected to many influential political and business figures in the mainland and across the region. 'I can bring revenue to Internet companies. That is my expertise,' he said. 'If I can buy a few hundred Chinese factories, it's easy for me to bring a few thousand Chinese factories to e-commerce.' China Strategic struck its first Internet gold last month when it made an unaudited gain of about HK$313.98 million by selling part of its stake in China Online (Bermuda) to Stanley Ho Hung-sun's China Sci-Tech Holdings. Also last month, China Strategic acquired a 40 per cent stake in US business-to business e-commerce company Pacificnet.com for US$4 million. Within a month, Mr Oei said China Strategic would acquire controlling stakes in about five more Internet companies in Silicon Valley. He is also negotiating with two or three US biotech firms. In six to 12 months, he hopes to list all of them on Nasdaq. 'I hope to use the IPO to buy up competitors and grow the company,' he said. Mr Oei, now a Singapore citizen, claims to have a variety of buyers lined up for China Strategic's mainland assets, including Japanese, British, and perhaps the mainland government. Asked why he was selling all his mainland factories now, he replied: 'I cannot see much further gain in them any more.' He felt the mainland's World Trade Organisation entry would unleash a flood of foreign competition.