Information  X 
Enter a valid email address

enterpriseAsia (EPA)

  Print      Mail a friend

Tuesday 31 October, 2000

enterpriseAsia

Results to 30 June 2000

enterpriseAsia.com PLC
31 October 2000



enterpriseAsia.com plc - 2000 Interim Report

Chairman's Statement


Dear Shareholder,

I am pleased to present to you your company's first business
and  financial report from the Board of Directors,  covering
the period from January 11, 2000 (date of incorporation)  to
June 30, 2000 (the 'Period').

Results

For  the  Period, your company and its subsidiaries recorded
an  unaudited consolidated loss of GBP27,528. The  unaudited
net asset value per share was 4.8p as at June 30, 2000.

Flotation on AIM

Your  company  was successfully floated on  the  Alternative
Investment  Market of the London Stock Exchange on  February
22,  2000.  Approximately 239,600,000 new shares were issued
at   5p  each,  bringing  total  net  cash  proceeds,  after
flotation  expenses,  of  approximately  GBP11,600,000   for
investment and working capital.

Business Strategy

Your  company  was  formed to invest in start-up  and  early
stage  internet and information technology ('IT')  companies
with a focus upon Asia, in particular the Far East.  We seek
to  provide  the capital and strategic support  to  projects
with   the  potential  to  offer  reasonable  returns.   The
company's  aim  is  to  realise  these  investments  at  the
appropriate  time, most probably through  a  trade  sale  or
flotation.  As a general rule, the company  does not take up
a  controlling interest in any investee project,  but  board
representation is mandatory.

Implementation of Strategy

During  this  initial  period your company's  resources  are
focused mainly on investment opportunities arising from the
Greater  China markets (i.e. Mainland China, Hong  Kong  and
Taiwan),  as  this  is  the region in which  your  Board  of
Directors is best connected and most experienced.

Your investment management team operates from their base  in
Hong  Kong, which provides proximity to our key markets  and
is   within   a  stable  legal  and  financial  environment.
Notwithstanding  the  team's  in-depth  knowledge  of   this
market, investment evaluation always follows a rigorous  set
of  procedures which consider the commercial, technological,
financial and legal aspects of a prospective project, taking
into   consideration  the  culture  and  business   dynamics
specific   to   the  relevant  markets.   On  average,   the
evaluation process on any project, from initial approach  to
completion, takes between 4 to 5 months.

The Investment Portfolio

Since our flotation in February, we have invested in a total
of 8 projects as follows:

                              Month       Original      % of
                            Investment    Investment    Equity               
                               was made   Approximate    Held
                                          (amount in
                                           GBP)
                                             
Invested  on or before  June                            
30, 2000 -
P&S International Limited      June         856,000      2.2%
                               2000
iBASE Holdings Limited         June         257,000      49%
                               2000
                                                            
Invested after June 30, 2000                                
-
Cybermax  Network Technology   Sept       1,379,000       49%
Limited                        2000

Best Wisdom Limited            Sept       1,280,000       50%
                               2000

Net Fun Limited                Sept       1,223,000        8%
                               2000

CFN (UK) Limited               July       1,200,000     39.99%
                               2000

ecAgent.com Limited          Aug 2000     1,170,000       33%

Winshare Technology Limited    July         252,000       50%
                               2000

A  summary of these projects can be found in the list  after
this  Statement.  All of them are now progressing  according
to  their  respective business plans  at  the  time  of  our
investment.  Your management representatives in each of  the
projects   are   involved   actively   in   their   business
developments.

Market

Since your company's flotation, the worldwide capital market
has  changed  significantly with regard to investors'  views
about internet and IT related businesses.  The sentiment has
entered a rationalisation stage in which business valuations
and   prospects  are  now  measured  in  a  more  realistic,
practical  manner.  Since we have always adopted  a  prudent
evaluation  approach  based  on  fundamental  factors,  your
company has avoided investing in any project that belongs to
the over-valued, over-spent category.

While our network of investments will steadily expand beyond
the  Greater China region, the largest potential in the  Far
East  will  undoubtedly come from Mainland China.   Positive
domestic  macro-economic factors, a favourable  world  trade
climate  and  a population increasingly ready to  adopt  new
consumer  technology will all be the catalysts  for  a  fast
growing  IT  sector.   Recently  introduced  regulations  on
internet businesses have added elements of certainty to  the
sector   and   clearly  reflect  the  Chinese   government's
recognition  of the business potential which exists.   While
consolidation in the sector will be as inevitable as  it  is
in  western  countries, the critical success  factor  for  a
foreign   investor  lies  in  understanding  the   intricate
relationships among government policies, business  logistics
and social fabric of the region.

Our  medium  to long term view on the IT market in  the  Far
East remains optimistic.  We believe that under our existing
strategy your company is well positioned to benefit from the
region's rapid growth.

The Future

Your  management team will continue to monitor  and  support
the  progress  of those projects in our existing  portfolio.
The  team's  connections and experiences in the  region  are
expected  to  provide useful contribution to  the  projects.
Meanwhile, new projects will also be evaluated basing on the
existing investment strategy and criteria.  A steady  inflow
of quality deals is foreseen.

Furthermore, we shall keep our eyes and minds  open  to  any
other   concrete  opportunities  that  may  complement   our
existing strategy and further enhance shareholder value.

Dividend

Your  Directors  are  not  recommending  the  payment  of  a
dividend for the period being reported.


Peter So

Chairman


                  Your Investment Portfolio

P&S International Limited ('P&S International')

P&S   International  designs,  produces  and  markets  semi-
conductor chips that connect appliances and equipment to the
internet.   Such connectivity will enable remote control  of
home  appliances and business equipment.  Based on  a  cost-
effective technology platform that does not directly rely on
TCP/IP,  the  methodology is now pending  US  patents.   P&S
International  plans  to market its  products  worldwide  at
highly  competitive  prices and an  office  in  the  USA  is
currently being established.

iBASE Holdings Limited ('iBASE')

iBASE   provides   information  technology  and   e-commerce
solutions to a wide spectrum of companies, including  multi-
nationals,  but has a particular focus on the Greater  China
market.   Its strength lies in areas such as online  payment
logistics,   Linux  server  solutions  and  internet-enabled
automated systems customised for specific industries.

Cybermax Network Technology Limited ('Cybermax')

Cybermax    operates    websites   displaying    recruitment
advertising for part-time jobs.  It has already  launched  a
website  of this nature in Hong Kong, and there has  been  a
positive  response  from  both job seekers  and  recruiters.
Similar  operations are now being established in  China  and
Japan;   other   Asian  countries  will  also   be   covered
progressively.

Best Wisdom Limited ('Best Wisdom')

Best  Wisdom  is  engaged  in the business,  to  be  branded
'Unified  Financial  Omnibus', of developing  and  providing
software  systems to assist stock brokers, fund  houses  and
custodian   banks  in  the  trading,  fund  management   and
custodianship  of  Hong Kong and overseas  securities.   The
core  of  its  system is a comprehensive back office  online
trading  system  covering  the needs  of  stock  brokers  in
clearing,   settlement,  accounting  and  reporting.     The
relevant  components can be further adapted and enhanced  to
evolve  into systems catering for the needs of fund managers
and custodian banks.

Net Fun Limited ('Net Fun')

Net  Fun  has  been one of the market leaders among  Greater
China's game providers.  Its strength lies in the ability to
provide  interactive edutainment services via the  internet,
with  contents fine-tuned to the local language and culture.
Its  vision is to build a virtual community for the  Chinese
population.    Net  Fun's  other  shareholders   include   a
subsidiary  of  Cheung Kong (Holdings) Limited  and  parties
associated  with  Excel  Technology  International  Holdings
Limited, a company listed on the Growth Enterprise Market of
Hong Kong Stock Exchange.  By leveraging on the support from
these  shareholders, Net Fun is expected to benefit  from  a
strong  marketing  and  distribution  network,  as  well  as
advanced internet technology expertise and infrastructure.

CFN (UK) Limited ('CFN UK')

CFN  UK  is part of Cyber Financial Network ('CFN Network'),
and plans to become a technology enabler for small to medium
sized  brokers and financial institutions in the  UK.   Such
institutions   can   expand  into  internet   and   overseas
investment  vehicles,  thus  maintaining  their  competitive
position.  A management team has already been recruited  for
CFN  UK, which will launch its products towards the  end  of
2000.   The  CFN  Network  is being established  by  CFNasia
Holdings  Limited and its coverage will include Europe,  the
USA and the Far East.

ecAgent.com Limited  ('ecAgent')

ecAgent  will  provide  a  virtual  office  environment   to
insurance  sales agents in Greater China.  It will  offer  a
comprehensive  range  of  sales management,  administrative,
marketing  and  financial functions that can facilitate  the
agents'  daily sales and administrative needs, thus  freeing
them  to  become  more effective in their  income  producing
sales  work.  It is expected to generate a loyal and captive
target  user  group  which also offers  prospects  in  other
related activities.

Winshare Technology Limited ('Winshare')

Winshare  is  developing major components for  online  stock
trading  systems  used  by  brokers  in  Hong  Kong.   These
components  will be compatible with new industry  standards,
the  implementation of which, coupled with the fast  growing
trend  in  internet  trading,  is  expected  to  result   in
significant demand.  Winshare's product development will  be
ahead  of  the main competition and is expected  to  benefit
from a first mover advantage.


enterpriseAsia.com plc

Consolidated  statement of total return  (incorporating  the
revenue account)


                                           Unaudited
                                          period ended
                                          30 June 2000
                                                       
                             Revenue      Capital      Total
                             £            £            £
                                                       
Interest receivable and       216,918      -            216,918
other income
                              ---------  --------      ----------
                           
                                                       
Gross revenue gains/                                 
capital (losses)             216,918        -          216,918
                                                       
Other administrative        (244,446)       -          (244,446)
expenses
                               ----------  ----------   ----------
                                                                              
 Return on ordinary                           
activities before            (27,528)         -         (27,528)
Taxation
                                                       
Taxation on ordinary             -            -            -
activities
                               ----------  ----------   ----------

Return on ordinary                           
activities                   (27,528)         -         (27,528)
after taxation
                               ==========  ==========   ==========
                         
Return per ordinary share                              
     -Basic                  (0.015)p         -        (0.015)p
                               ==========  ==========   ==========
                            
                                                       


The  revenue column of this statement is the profit and loss
account for the group.

enterpriseAsia.com plc

Consolidated balance sheet


                                       Unaudited               
                                     period ended
                                     30 June 2000
                                                               
                                    £                          
                                                               
Fixed    assets   investments    -    1,112,758                  
Investment portfolio
Tangible fixed assets                     2,635                      
                                      ---------            
                                   
                                      1,115,393                  
                                      ---------
Current assets                                                  
Debtors                                  52,199                     
Prepayments                                 389                        
Cash at bank and in hand             10,477,826                 
                                     ----------
                                     10,530,414                 
                                                               
Creditors:  amounts  falling   due      101,580                    
within one year
                                    ------------
Net current assets                    10,428,834                 
                                    ------------
                                                               
Total assets less current             11,544,227                 
liabilities
                                    ============
                                                               
                                                               
Capital and reserves                                           
Called-up share capital                 2,395,985                  
Share premium account                   9,175,770                  
Capital reserve                        -                          
Revenue reserve                          (27,528)                   
                                    -------------
Equity shareholder's funds             11,544,227                 
                                    ==============
                                                               
Net asset value per Ordinary                             
Share:
     
Basic                                       4.8p                       
                                     ============              


enterpriseAsia.com plc

Consolidated cash flow statement


                                                   Unaudited
                                                  period ended
                                                  30 June 2000
                                                 £
Net cash inflow from operating activities        
Return on ordinary activities                        (27,528)
Depreciation of tangible fixed assets                    236
Increase in debtors                                  (52,588)
Increase in creditors                                101,580
                                                 ------------
Net cash inflow from operating activities             21,700
                                                 
Investing activities                             
Payment to acquire fixed assets:                 
        -Investment portfolio                     (1,112,758)
        -Tangible assets                              (2,871)
                                                 ------------
Net cash outflow before financing                  (1,093,929)
                                                 
Financing                                        
Proceeds from issue of share capital and  share  
options                                             11,979,924
Cost of shares issue in period                        (408,169)
                                                 --------------
                                                     11,571,755
                                                 
Increase/(decrease) in cash balances                 10,477,826
                                                 ==============
                                                 
Reconciliation of net cash flow to movement  in  
funds
Increase in cash in period                           10,477,826
                                                 
Closing net funds                                    10,477,826
                                                  =============


enterpriseAsia.com plc

Consolidated interim announcement - Notes



1.    The  information relating to the period ended 30  June
2000  is  unaudited and covers the period from incorporation
on 11 January 2000.

2.    The  above  financial information does not  constitute
statutory  accounts  within  the  meaning  of  Section   240
Companies Act 1985.

3.    Loss per share is based on the weighted average number
of  shares in issue during the period ended 30 June 2000  of
181,091,887.

4.   Unquoted investments have been valued at cost.

5.    The Directors' direct and beneficial interests in  the
Company's share capital at 30 June 2000 is as follows: -

Peter So            20,000,000
Benjamin Ng         400,001
Siu Fai Ng          11,000,000
Phillip Brown       10,000,000



(i)     StartIT.com   plc   ('StartIT')   holds   10,000,000
  enterpriseAsia .com plc ('enterpriseAsia') ordinary shares.
  Peter  So,  Siu Fai Ng and Phillip Brown are directors  of
  StartIT.  Vintage Investments Limited (of which Peter So and
  Phillip  Brown are both directors and shareholders)  holds
  5,000,000 StartIT ordinary shares.

(ii)  Clarest  Holdings  Limited (of which  Peter  So  is  a
  director  and shareholder) holds 10,000,000 enterpriseAsia
  ordinary  shares  and  is  also a shareholder  of  Vintage
  Investments Limited.

(iii)     Rich Project International Limited holds 1,000,000
  enterpriseAsia ordinary shares.  Siu Fai Ng is a  director
  and shareholder  of Rich Project International Limited which
  in addition holds 5,000,000 StartIT ordinary shares.

6.   The Directors hold the following options over ordinary
shares of 1p each in the Company at 30 June 2000.

Director    Option Scheme   Number of    Exercise Exercise
                            options      Price    period

                                                
Peter So    Unapproved      200,000      5p     To 7 February                 
                                                2010

Benjamin Ng Unapproved      400,000      5p     To 7 February
                                                2010

Siu Fai Ng  Unapproved      200,000      5p     To 7 February
                                                2010

Phillip     Unapproved      200,000      5p     To 7 February
Brown                                           2010
                                                
enterpriseAsia.com plc


7.     Copies of the interim statement, which will be sent to all shareholders
shortly, will be available from the registered office at Parkland Business
Centre, Greengates, Bradford, West Yorkshire BD10 9TQ.


                                                              

a d v e r t i s e m e n t