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Tom.com to Seek March GEM Listing

Tom.com Ltd, a subsidiary of Hutchison Whampoa Ltd, will list on the Growth Enterprise Market (GEM) Board of Hong Kong in 1 March, according a report in The Hong Kong Economic Times.

The report says that the company plans to sell 428,000,000 shares at its IPO at a price of HK$1.48 (US19 cents) to HK$1.78 (US 22 cents) per share. The placement should pump HK$6.3 billion (US$81 million) to HK$8.8 billion (US$1.13 billion) investment into the company.

A company official from Tom.com refrained from any comments on the listing for the time being.

Tom.com is a new joint venture initially between Hutchison Whampoa (40 percent), and Cheung Kong (20 percent) and other strategic partners.

In early February, the company announced it has entered into an agreement with Pacific Century CyberWorks Ltd with the respect to the acquisition of a 5 percent stake in Tom.com.

Besides Tom.com, other Internet companies in Hong Kong are showing interest in a GEM Board listing, such as Sun Hung Kai Properties Ltd's new Internet Infrastructure and service company SUNeVision.

Tom.com provides China-related infotainment including: news, travels, money, trends, culture and art.

Adley Low, senior manager of marketing for Tom.com, says that the Web site is wholly produced and managed in China.

Recently, Tom.com announced that it has formed a partnership with China Travel Network Co. Ltd. to set up a joint business venture to provide China travel-related content and online travel agency services.

Tom.com has also invested HK$32.55 million (US$4.2 million) for an initial 15 percent share in OneAsia.com.

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