At the SUNeVision listing ceremony, from left to right: Alec Tsui, Chief Operating Officer, H K Exchanges & Clearing, Charles Kao, SUNeVision independent Non-executive Director, Helen Kwok, Raymond Kwok, SUNeVision Chairman & CEO, K S Lo, Chairman of the GEM Listing Committee, Walter Kwok, SHKP Chairman and Chief Executive, K C Kwong, HK Exchanges & Clearing CEO, and SUNeVision Executive Directors Herbert Hui and Michael Wong.

SUNeVision Holdings Limited, the new flagship of the Group's Internet business, was listed on the Growth Enterprise Market on March 17th. There was an overwhelming response to the international placing and public offer, being 55 and 217 times oversubscribed respectively. 

Placing draws strong interest

Over 420,000 applications were received in the public offer, a return ratio of approximately 35 %, locking up a total of HK$70 billion. The figures for return rate and capital locked up were the highest of any recent technology IPO. Sun Hung Kai Properties shareholders were allotted one reserved SUNeVision share for each 140 shares they hold in the Group.

SUNeVision listed on the Growth Enterprise Market, aiming to be a high-tech blue chip.

From right: Raymond Kwok, SUNeVision Chairman & CEO, Herbert Hui, Managing Director, and Thomas Chan, Executive Director, brief investors about business development plans.

SUNeVision got an overwhelming response to its public offer, taking in 420,000 applications.

Herbert Hui, SUNeVision Managing Director, signed a letter of intent with Commerce One, the leader in global e-commerce solutions for business, to extend the scope of Internet service in China.

Participants marveled at the high-tech setting for the investor lunch briefing.

After the over-allotment option is fully exercised, the company will issue to the public a total of 345 million new shares including 45 million over-allotment shares, at HK$10.38 each, and the Group will hold an approximately 83 % interest in SUNeVision. The net proceeds of the listing, amounting to HK$3,382 million, will be used mainly for the expansion of its existing technology, Internet and e-commerce businesses in Hong Kong and mainland China. SUNeVision will continue to explore strategic investment opportunities in Asia, including Business to Business (B2B) e-commerce and vertical portals in China, to facilitate its long-term growth.

SUNeVision has a committed, innovative and experienced management team, a broad customer base, extensive business connections, and the ability for rapid execution and total commitment. The Group is confident of SUNeVision's growth prospects in the knowledge-based economy.

Aiming to be high-tech blue chip

In a speech to mark the new listing, Raymond Kwok, Vice Chairman & Managing Director of the Group and Chairman & Chief Executive Officer of SUNeVision, said that as the Group's technology arm, SUNeVision combines its major technology operations including Internet infrastructure and services. He said SUNeVision is a company with real businesses, real revenues and very real plans for expansion.

Mr Kwok said the strong interest in SUNeVision from the Hong Kong public and international investors was a reflection of investor confidence in the company's future. He pledged to ensure that SUNeVision fully exploits its advantages and the opportunities that exist to become the most admired technology blue chip in Hong Kong, mainland China and Asia.

Building a strong brand

SUNeVision was created to harness the strengths of the Group's principal technology assets - iAdvantage, SuperHome.net, SuperOffice.net, PropertyStreet.net, Insurancestreet.net, BankingStreet.net, red-dots, Sun Technology, iHON and venture capital investments. The combination of these assets immediately established the firm as a premier vertically integrated technology company. SUNeVision's portfolio of businesses build the infrastructure, e-business platforms and content necessary to create a powerful new Internet infrastructure and services brand in Hong Kong, mainland China, Asia and beyond.

Using the Group's comparative advantages
The company starts operations with a number of comparative advantages. It has deep customer and community penetration through the Group's extensive network of residential, commercial and retail properties for a ready-made client base, and it will extend access to the wide range of SUNeVision products and services to residents of other properties in Hong Kong and mainland China. Its facility management experience and established business models will allow rapid roll-out in mainland China and Asia, and SUNeVision also enjoys the Group's formidable local, regional and global relationships, along with a reputation for management excellence and a proven record in strategic alliances and attracting top talent.

Rapidly-expanding Internet service

As part of its expansion plans, SUNeVision will use part of the IPO proceeds for refurbishing and equipping the Jumbo-iAdvantage and Mega-iAdvantage server co-location centres in 2000, establishing other points of presence in international locations in 2000 and 2001, enhancing the company's marketing and promotional activities and meeting the development costs of its Internet service subsidiaries. Funds will also be used for future direct and indirect investments in IT and Internet-related businesses.

Developing premier portal with Commerce One

On March 15th, SUNeVison and six leading businesses signed a letter of intent with Commerce One, the leader in global e-commerce solutions for business, to extend the scope of the Global Trading Web, the world's largest B2B trading community. The joint venture partners are prepared to commit up to US$40 million as an initial investment to develop a B2B portal for trading goods and services among businesses worldwide.

The portal will anchor the Hong Kong and mainland China hub of the Global Trading Web, providing B2B trading opportunities for many industries including aviation, the automotive supply chain, construction, computers, fixed and wireless telecommunications, hotels, medicine and healthcare, retailers, shipping and logistics.

SUNeVision's joint venture partners are i-CABLE Ventures, Beijing Enterprises, Jardine Internet, New World China Enterprises Projects, Swire Net Ventures and the WI Harper Group.

Covering the full Internet spectrum SUNeVision's businesses cover the full spectrum of the Internet value chain. iAdvantage is an Internet service centre, providing full facility management, server co-location and a complete range of advanced backup, security and connectivity services. SuperStreets specializes in vertical portals offering one-stop services such as property, insurance and banking. SuperHome.net combines the real world with the virtual world via the Internet to form the foundation for e-communities in the 21st century. SuperOffice.net offers a series of hosted software applications, including Digital Dashboard, e-mail, office automation and other related services. Red-dots is one of Hong Kong's most popular on-line auction sites, facilitating Business to Consumer (B2C) and Consumer to Consumer (C2C) e-commerce transactions, and SUNeVision's Sun Technology is highly experienced in providing cabling for fibre-optic and broadband connections. SUNeVision also participates selectively in venture capital investments with good potential.   SUNeVision covers the full Internet spectrum, including infrastructure, e-commerce and portals, providing vertically-integrated service of a premier high-tech company. Capitalizing on economies of scale SUNeVision is the first company in Asia to integrate and leverage the entire Internet value chain to achieve critical mass with significant economies of scale. From its existing facility management and server co-location sites, to its market-leading expertise in the construction of broadband networks, through to the comprehensive range of Internet software systems and tools, SUNeVision covers the full spectrum of Internet-enabling technologies. Built around this backbone of core technologies, the company has successful B2C and C2C platforms, and a range of B2B applications in development. Four areas of focus SUNeVision focuses on four main areas to be the best provider of premium quality Internet infrastructure and services in Asia. First, to ensure that its cutting-edge technologies are applied to leverage the Group's residential property dominance to capture real estate e-commerce leadership. Secondly, to rapidly build e-communities characterized by the range of value-added services they offer their 'citizens', thereby maximizing the number of B2C opportunities. Thirdly, to ensure that the company establishes the foremost position as a provider of its own B2B, C2C and B2C technology platforms and enabling technologies in the burgeoning mainland China market. And finally, the maximization of opportunities from, and participation in, venture capital and incubator programmes.