RealTime IT News Still Interested in BigStoreAsia

Despite rejection from the Hong Kong exchange for a waiver to issue new shares, is still interested in cooperating with, according to a source.

A source told that Rudy Chan, chief executive officer of said his firm is still interested in an alliance with But terms and conditions would need to be renegotiated to complete the deal.

"While the decision with respect to our waiver means that we will not proceed with issuing new shares at this time, we certainly will continue to build relationships with strategic content and e-commerce partners consistent with our regional business model," according to Chan in the company's announcement.

A subsidiary of chinadotcom [CHINA Nasdaq], applied for a waiver to issue new shares less than a month after its IPO to take majority stake (51 percent) in for US$100 million (HK$ 778 million).

The company raised HK$1.2 billion (US$153.85 million) in its IPO in early March and planned to fund the new investment with cash and an issue of new shares.

The rejection on waiver application has forced to put off the transaction.

Formed in last September, intends to provide a range of products at the lowest cost with local language cyber-shopping services to consumers. The Web site is expected to be formally launched in the second quarter.