iBC makes investment in a singed market

iBusiness Corporation (iBC), an internet venture capital joint venture between Cheung Kong, HSBC, Hutchison Whampoa and Hang Seng Bank makes only its fourth investment since launch early last year.

Elaine Leong

February 21, 2001

iBC has made an investment in TradeTextile.com (TradeTextile), a B2B trading hub and e-enabling solutions provider for the textile and apparel industry headquartered in Hong Kong. The undisclosed investment sum makes iBC the second largest shareholder of TradeTextile, with a 28% share of the company.

This investment is only the fourth by the joint venture company, which was launched in early 2000 with an initial investment of $380 million by the four prominent shareholders. In March 2000, iBC formed i21, an application service provider, with Excel Technology International, taking a majority stake in the joint venture. Then, iBC announced a partnership with HKET (Holding) Ltd to develop and operate a job search portal, careertimes.com.hk, in May 2000. iBC took a 40% stake in the job search portal.

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