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JV with China MII
1. 8/1/2003
IBIT, INC JOINT-VENTURE WITH CHINA MII
An Experiment | Xiaolin Lu
2. 艾比特公司 iBIT, Inc
NOTE:
In 2004, the Technology and Science division of China Ministry of Industry and
Information Technology (MII) proposed to us to create a joint-venture to establish a
platform (or an incubator) to push China’s high-tech development, commercialization,
and collaboration with or expansion to international business and markets.
Naï as we were then, we drafted this proposal (the first part is an English outline and
ve
the second is a detailed business design in Chinese). But as usual, this is not about
business and technology, and is not for a startup company to handle.
We backed off from this effort, established our wholly owned subsidiary in China and
started develop something that we could control.
We release these two documents, hoping they might help those who want to enter China
market and have to deal with the government.
As usual, it is just for a fun reading and a laugh
Xiaolin Lu
July, 2011
Extremely Confidential Property of iBIT, Inc
3. 艾比特公司 iBIT, Inc
Part One: An Outline
China MII – iBIT Inc JV Proposal
1. Introduction
This document is the first part of a business proposal to establish a JV between China
MII (and/or its subsidiary companies) and iBIT Inc. It describes the concept and
overall structure of the JV, as well as high-level business strategy, and serves as a
discussion point. Implementation details and operation tactics will be discussed in a
later document, pending the approval of the concept by both parties.
Please be aware that what described here is an ultimate structure. Depending on the
implementation situation, each initiative can be executed individually or
independently, with or without the overall structure.
The fundamental concept is to, under the leadership of MII and based on CSNI,
establish a global holding company and therefore to build and operate broadband
infrastructure and services, e-business, and to stimulate and coordinate China core IT
technology development and its commercialization in the global markets.
iBIT Inc would like to participate this JV with its broadband and IT technology,
business operation experience, experience and expertise in building and operating
broadband networks and systems, and experience and expertise in technology
development, deployment and integration, and its wide relationship with strategic
investors, IT technology companies, and broadband communication industries, to
facilitate global business transaction and collaboration on China advanced IT
technology development.
This document consists of six sections:
Section 1: This Introduction.
Section 2: Overall objective of the JV
Section 3: High-level structure of the JV and the reasons behind
Section 4: Operation strategy of each entity under the JV.
Section 5: Formation tactics and financial arrangement of the JV
Section 6: Critical steps and working plan.
2. JV Objectives
Create a global holding company for investment into broadband infrastructure,
broadband and e-business, and IT technology, and to perform global business
development, aggregation, and consolidation. Under the holding company,
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4. 艾比特公司 iBIT, Inc
establish and operate three businesses, either initially as special task forces, or as
subsidiaries, and eventually become owned independent business entities.
First business: build and consolidate China’s new broadband infrastructure and
related systems by initially integrating the broadband infrastructure and business
with the fast-growing residential and commercial real estate business, therefore
capturing large portion of the end customers. Further, based on this infrastructure,
stimulate and develop broadband, value-added services and related business
transaction for the big-China market.
Second business: establish China’s first advanced e-Business platform to facilitate
global business transaction and collaboration between China IT industry and those
abroad.
Third business: utilizing the above, establish an International Business Park, and
facilitate and manage joint development of China’s core IT technology and its
commercialization in the global market.
3. Overall JV Structure
There are two structure options of the JV.
1. Ultimate one: Create a global holding company to initially hold three business
entities or initiatives: Broadband Infrastructure and Business (BIB), e-
Platform Business (ePB), and International Business Park business (IBP). This
is shown in Figure 1 and Figure 2.
2. Alternative: Without the holding company, structure the JV on those three
entity level.
The rationalities behind creating the holding company and the value are:
1. Have more long-term flexibility to invest into other broadband and IT
business, as well as spinning-off mature subsidiaries or integrating with other
external business entities. This includes managing the subsidiaries to engage
other JV or M&A.
2. Manage synergies between different business entities or subsidiaries,
including capital management and transaction, and support to each entities
over the same cost structure and resources pools, and therefore achieve the
economy-of-scale.
3. Consolidate policy protection under a single umbrella and maintain flexibility
of utilizing the necessary licenses to operate many different broadband
business and e-business.
4. Potentially have higher valuation and wider exposure in the industry and on
the capital market. Easy to go IPO in US market.
In the next few sections, we will discuss in detail how to structure this holding
company and its operation tactics.
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5. 艾比特公司 iBIT, Inc
We believe the JV should be led by the MII (major share holder) and also leave
rooms for strategic investors. Below is an illustration of the structure that gives us
joint control over the holding company (figure 1):
MII and CSNI: 50%
iBIT 25%
Strategic Investors: 15%
Angels (private personnel): 10%
The reason of having strategic investors is due to the fact that they can bring not only
capital, but most important, industry and market connections and positions.
4. Operation Strategy
This section will describe the operation strategy of the holding company as well as
those three subsidiaries, assuming we eventually use the holding company –
subsidiaries structure. We will discuss:
1. The business objectives and functions of each entity
2. Business structure of each entity
3. Some High-level operation plan, including financial plan.
4. Critical factors (needs).
5. Relationship among those entities.
4.1. The Global Holding Company
The objectives of the holding company are (Figure 2):
1. Maintain all the policy protection instruments, including licenses for operating
broadband communication systems.
2. Perform coordination and balance across all the owned entities and their
activities.
3. Perform coordination of fund raising and capital management across all the
owned entities.
4. Responsible for further business expansion, JV, M&A, and other business
investment and consolidation.
The holding company will be structured according to the illustration above (Figure
1 & 2). It will initially register in Beijing, China, and eventually re-register in the
US using iBIT Inc’s position.
The central piece of the holding company operation is to coordinate and manage
owned entities’ business strategy, overall policy compliance and protection, intra-
company transactions, and external interaction that include further investment,
raising capital, and business expansion. At early stage, each entity or activity is at
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6. 艾比特公司 iBIT, Inc
very unstable stage. The holding company performs a tunnel for those activities to
compliment to each other, therefore reducing the overall risk (as shown in Figure 2).
Moving forward, when each business becomes stable, they can operate individually
and the holding company will only need to perform general coordination and
supervision functions, and move its focus to business expansion.
We highly recommend establishing this holding company based on re-structuring
CSNI due to the facts that:
1. It already operates in those three areas.
2. It has almost all the policy approval documents and licenses.
3. It is MII’s subsidiary company and has certain approved financial
arrangement with MII, therefore could obtaining low-cost financial for the
initial operation.
In the process of forming the global holding company, iBIT Inc will bring in its
expertise and experience of establishing market-driven global operation business,
and assist CSNI to re-structure its organization to meet global holding company
needs, as well as pooling resources and maximize its utilizations. Further, iBIT will
assist to establish a long-term business plan for both the holding company and its
three initiatives (subsidiaries), and perform execution. Gradually, iBIT will also
introduce and bridge the relationship with strategic partners and investors to further
strengthen the holding company’s capability (business and finance) to operate the
broadband business, e-business, and the IP development business, as well as its
ability to further expand its business to global market.
Raising capital consists of three steps:
1) The initial operation capital could come from the MII loan – government bond
financial instrument.
2) With success of any owned entities, we will go after the strategic investors for
further funding.
3) Eventually, the holding company will use IPO and corporate bond to raise
capital for continual operation and investment.
There are a few critical factors (needs) to the formation of the holding company:
1) Leadership of MII and policy protection (approval from MII and other
government agencies).
2) Necessary licenses to operate broadband business, e-platforms, and IBP.
3) Establish right organization structure and obtain funding for initial operation.
4.2. Owned Entity One: The Broadband Infrastructure and Business (BIB)
The objectives of the BIB are:
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7. 艾比特公司 iBIT, Inc
1. Utilize advanced broadband network technology, and collaborate with real
estate developers, build an advanced, low-cost, broadband infrastructure into
the residential and commercial real estate. Integrate the home network with
the broadband infrastructure.
2. Further establish an IP-based, residential-commercial integrated, triple-play
capable broadband operation platform over the newly created broadband
network or existing networks to offer value-added broadband service, as well
as traditional telecom service at lower cost. Integrate the broadband business
with the residential and commercial real estate business and property
management business, therefore increasing the value of the real estate.
3. Create a consolidated broadband access – home network business model, and
therefore further stimulate and develop more broadband information and
communication services for China market.
4. With the success of this local broadband infrastructure business, further
expand the business model to entire China market, and facilitating the national
broadband infrastructure consolidation.
The uniqueness of this business is our capability of establishing a low-cost
broadband infrastructure with integrated home network and local district network
and the triple-play, residential – commercial integrated, IP based and open
operation platform that allow us to provide bundled and value-added broadband
services to both residential and commercial customers (as shown in Figure 3).
To customers, there is no service boundary and it becomes irrelevant about service
definition or partitioning, as it all belong to the broadband service bundle. To us,
our real estate partners, and telecom/cable partners, more revenue opportunities can
be created based on this open platform.
iBIT Inc will bring into this initiative with its low-cost broadband infrastructure
technology, its system integration and operation expertise and experience, and its
leadership position in global technology and telecom industry, which can bring in
low-cost and high-quality products to the solution. Further, iBIT will also utilize its
relationship with strategic investors to bring in strategic investment and market
relationship for JV ‘s business expansion needs.
The structure of the Broadband business will take the consideration of the necessary
of collaborating with local telecom, network, and cable operators for
interconnectivity and certain media content. Therefore, we recommend the below
shareholder structure (Figure 1):
The holding company: 50%
Local telecom, network, cable, and media companies: 30%
Strategic investors: 15%
Angels: (private personnel): 5%
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8. 艾比特公司 iBIT, Inc
In this case, the strategic investors could be any one on the value chain, such as key
suppliers, infrastructure investors, real estate developers, property management
companies, etc.
The broadband business will encounter many different business situations as well as
partnership arrangements, it therefore needs an open and flexible operation platform
and related organization structure. Three major functions are defined as below:
1. Building and/or restructuring the physical broadband local networks
This includes engineering and constructing the home network, the local area
network, and any necessary interconnection network (if leasing
interconnection is not a viable option).
In the situation that the physical networks are already exist; there will still
be some additional works that include the network validation, and possible
re-wiring existing network to gain additional access, or overlaying a
wireless network to create an additional access platform, in case we need to
compete with existing players.
This activity will require heavy collaboration with technology companies
(manufactures of the equipment) and the real estate developer to optimize
the overall physical infrastructure as well as maintaining lower cost.
2. Establishing an IP-based, triple-play, broadband operation platform.
This includes engineering and constructing the IP platform and related
OSS/BSS systems, and will be independent of whether building a new
physical network or utilizing existing networks.
3. Broadband network operation and service management
On-going operation will be one of the major activities of our broadband
business. This includes continually creating value-added services, in
addition to the traditional telecom services, and the integration of those
value-added services with the traditional services to create bundle economy.
One of the key operation factors is the billing mechanism. We expect using
flat-rate billing to simplify the process and reduce the cost. At the same time,
we will structure revenue sharing mechanism to create incentive to and
synergy with real estate developers, real estate management entities, and
local telecom/cable/content providers.
In the situation that we could get into the residential or commercial development
area at the beginning of the planning and construction phase, the cost of the
network build out can be easily absorbed by the overall construction work. The next
major front-end capital expenses are the cost of the equipment/software, the initial
interconnection fee, and overall system integration cost. After that, the cost will
mainly be the operation and maintenance cost.
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9. 艾比特公司 iBIT, Inc
Given that situation, and given that most strategic investors, especially those from
outside of China are hesitate to invest into China communication infrastructure due
to the perception of unstable investment environment and government policy, we
think a three-step of capital-raising strategy would be compelling.
1. Initial fund for a small scale trial in one of the premier residential or
commercial real estate developing areas. This fund could come from the
MII-loan with government bond purchasing-back arrangement. The
broadband business entity could do this directly with MII or through low-
interest loan arranged by the holding company with the e-platform entity.
2. When the initial trial becomes successful, raising capital from strategic
investor will become easy. What we are looking for are not normal VCs, but
those investors who can bring strategic value, connections to other markets,
and connections to other part of the value chain. We expect that at this stage,
we could achieve cash flow positive.
3. When we are scaling up, the final stage of the fund-raising would be done
through the capital market, in terms of IPO and corporate bond to expand
the business to entire China market.
We very much emphasize that the fund raising is for the business expansion and
operation only, and the strategy and tactics of the fund raising will mainly depend
on the construction and operation of the broadband infrastructure, and also the
revenue opportunities. It will completely link to the profit plan and company’s
balance sheet. Positive free cash flow is the goal of the business.
The critical factors (needs) of this Broadband Business are:
1. Holding company’s capability of obtaining licenses of operating
communication systems.
2. Relationship with local telecom, cable, and content companies to obtain
low-cost interconnection and content.
3. Relationship with real estate developers and managing companies to get into
the market and also the permission of operating the service platform.
4. Necessary initial capital to start the trial and company’s operation.
4.3. Owned Entity Two: The e-Platform Business (ePB)
The objectives of the e-platform business are (figure 4):
1. Establish an e-platform for business and commercial transaction,
management, information exchange, and establish related supporting system
to facilitate and materialize those transactions.
2. Use this platform to further facilitate business development, especially
collaboration between China IT industry and those abroad, and related
global cooperation.
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10. 艾比特公司 iBIT, Inc
3. Further develop China information service platform, on top of this e-
platform to accelerate business and technology information exchange and to
provide and manage information services.
The structure of the e-platform business is currently already in good shape, with the
participation from CSNI, CEC, and JinShou. We recommend maintaining this
structure, but also creating rooms for strategic investors. With the change of CSNI
to the holding company (will discuss later), the ePB will automatically become an
owned entity.
The current operating plan is compelling. What we’d like to add is the introduction
of foreign companies’ commercial transaction over this platform, therefore
expanding the platform to a global one. This includes transaction from those
companies that already have sale in China markets. In addition, the platform should
also include or expand to include supporting systems to support foreign companies
to do business in China, as well as facilitating collaborations between foreign
companies and China companies. This includes marketing information research and
services, local partnership arrangement and management, financial and legal system
support, and even business club services.
The goal is not only to establish a transaction platform (the e-business platform),
but also make this business a transaction management business, therefore creating a
business aggregator to facilitate and manage global-China cross market business
development, aggregation and transaction.
iBIT would like to perform the bridging and management function to introduce and
attract those global transaction and manage the related activities, and to assist to
establish and manage the critical part of this process: the supporting systems.
The current financial plan is compelling, and we’d suggest to use the same model to
other sister companies, as well as having ePB perform the initial funding resource
to those sister companies.
The keys to the success of the e-platform are:
1. Transaction volume
2. Supporting systems to create stickiness of this e-platform business as well as
to achieve economy of scale and integration effects.
Figure 4 shows the step-by-step working plan of the e-platform business.
4.4. Owned Entity Three: The International Business Park (IBP)
The objectives of the IBP business are:
1. Build a physical international industry park to host key IT technology
development and commercialization. This includes the physical industry
complex, the communication and information networks and systems, the
residential complex, and the commercial complex.
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2. Establish a global business supporting system for the companies inside the
park. This includes e-platform for business transaction and information
services, partnership and distribution service platform, legal and financial
support system, and even the business club.
3. With this platform, further establish the capability of direct and stimulate
China IT core technology development, its commercialization, and global
market penetration.
The IBP’s business will include three major pieces (Figure 5):
1. Real Estate Management:
A. Main commercial real estate and management
B. Attached residential real estate and management (complex for
employees of those resident companies)
C. Attached commercial real estate and management (shopping center
and restaurants)
2. Business supporting system: this includes legal, financial, and marketing
supporting systems, business executive club, product commercialization and
localization support, product distribution systems, etc.
3. Communication and information systems and e-platform: we list this as a
separate one from the business supporting system due to its uniqueness. In
addition, most likely this will be established and managed jointly by IBP
entity as well as the BIB entity and the ePB entity.
The success of the IBP will greatly rely on MII’s leadership as well as the support
from the Evergreen county government. We therefore suggest the structure like this:
Holding company: 40%
MII’s CEC & others: 20%
Evergreen County: 20%
Strategic Investors: 20%
The reason that we still introduce the strategic investors is that not only we maintain
flexibility of future fund raising, but also engage those strategic partners to
stimulate IT technology development and commercialization, as well as utilizing
their connection to attract global IT companies to enter the IBP.
Therefore, in addition to current fund raising practice, we suggest that in the
process of inviting global IT companies to the IBP, certain capital transaction could
happen at the same time. Many strategic global companies would like not only
participate the IBP, but also be part of the investment.
We’d like to emphasize that the IBP business should not be a real estate business or
hospitality business only. Rather, it should be a business that utilize the supporting
systems to stimulate, direct, facilitate, and manage China core IT technology
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development, global collaboration, and global commercialization, therefore to re-
create and re-shape China IT industry.
At the same time, the contribution and stimulation to local economy should not
only base on normal taxation, but through all the necessary supporting systems that
stimulate and lead other business to grow.
Therefore, a long-term business strategy and plan becomes crucial to the success of
this business. iBIT would like to bring its expertise and experience in those areas to
the JV to assist MII to establish such long-term plan. Further, iBIT will perform
bridging functions to attract foreign IT companies, and facilitating and managing
the collaboration between China IT and foreign companies, and related global
commercialization, business development and expansion, JV, and M&A, etc.
In addition, we’d like to recommend establishing an IT Technology Development
Strategy Lab inside the IBP. The roles of this lab are:
1. Establish and manage the strategy for IT technology development
2. Coordinate collaboration between different companies, especially
between China companies and foreign ones.
3. Collaborate with national standardization committee, and facilitate and
speed-up standardization process, especially at the early stage of the
standard process or to establish certain de facto standard to stimulate the
technology development.
4. Perform standard compliance certification and qualification processes.
The funding for this Lab could come from two sources:
1. Fees from telecom and cable operators based on their subscriber
number, e.g., 0.05 yuan/subscriber
2. Certification and Qualification fees from manufactures.
The critical factors of this business are:
1. Overall IT industry strategy: how to accelerate China’s core technology
development and which direction we want to go.
2. Support and agreement from the Evergreen county government, in terms
of both the strategy and the operation tactics of the IBP
3. The success of inviting key and strategic IT companies to the IBP
4. The establishment of all the supporting systems.
4.5. Relationships among entities
In addition to their individual business activities, those three entities’ business also
compliment to each other. This therefore would help each other grow and also
minimize the initial risk of the entire business (Figure 6).
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BIB will build and operate the in-campus broadband infrastructure for the
IBP properties. At the same time, the IBP could be the place that hosts
those IT companies that provide equipment and software to the BIB
applications.
Both BIB and IBP will stimulate the global business transactions over the e-
platform (ePB) with their purchasing of many communication and IT
equipment and software, as well as business transaction of the IBP.
ePB can be a financing resource to other entities utilizing the approved MII
loan. It will also perform transaction and business management capability
for IBP and overall IT industry development.
5. Formation Tactics and Financial Arrangements
We suggest using CSNI as the foundation to create the holding company due to the
facts that it already operates in those three areas and has certain policy protection as
well as solid financial instrument arranged with MII. The re-organization includes
four major pieces:
1. Re-structure CSNI to meet the global holding company needs, including the
share holder partitioning and registration characteristics.
2. Re-organize the resource to create three major task forces, in addition to
CSNI’s other daily operation. Namely, the BIB, ePB, and IBP. The purpose of
this vs. creating the subsidiary company at the beginning (other than the ePB
that already is a stand alone company), is to minimize the overall cost, and
maximize the resource utilization, as those three activities may share
resources in many different ways.
3. Consolidate all existing policy protection instrument, and acquire necessary
licenses for operating the broadband business.
4. Acquire additional funding for initial operation, or establish certain financial
arrangement with financial institute or government agency.
iBIT would like to utilize its expertise and experience in establishing and operating
global business to assist CSNI to convert to a global holding company. In the process,
iBIT will also help to re-structure and establish our resource pool for all the three
activities, as well as relationships with strategic partners and establish a synergy-
based supplier-chain for further operation.
As to the financial arrangement, the IBP and ePB already have their own financial
arrangement. What are needed are the operation of the holding company and the
activities of the BIB.
Given that most strategic investors, especially those from outside of China are
hesitate to invest into China communication infrastructure due to the perception of
unstable investment environment and government policy, we think a three step of
capital-raising strategy would be compelling (Figure 7).
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1. Initial fund for holding company’s operation and a small scale broadband
network and service trial in one of the premier residential or commercial real
estate developing areas. This fund could come from the MII-loan with
government bond purchasing-back arrangement. The holding company could
do it directly with MII or the BIB could do it separately through low-interest
loan arranged by the holding company with the ePB entity (figure 7).
2. When the initial trial becomes successful and we are able to introduce
substantial transaction volume over the e-platform, and/or having certain
number of foreign IT companies to participate the IBP, raising capital from
strategic investor will become easy. What we are looking for are not normal
VCs, but those investors who can bring strategic value, connections to other
markets, and connections to other part of the value chain.
3. When we are scaling up, the final stage of the fund-raising would be done
through the capital market, in terms of IPO and corporate bond to expand the
business to entire China market.
6. Critical Steps and Working Plan
The above strategy needs to be implemented through two major stages:
STAGE ONE: Establish the overall structure and start the business
In this stage, the goals are to establish the right structure and create the necessary
foundations for all the three initiatives. The end results we need to achieve are:
1. Complete establishing the holding company with solid organization structure,
appropriate resources and operation capital.
2. Complete establishing all the necessary systems and platform (e.g.,
supporting systems for the ePB and IBP, BIB’s first trial system, etc).
3. Start generating hard revenue (from BIB first trial, ePB transaction) and soft
revenue (IBP participation list and foreign companies’ willingness to use
ePB).
The activities include:
Establishing the holding company:
Re-structure CSNI and allocate resources to create the three task forces.
Consolidate and acquire all the necessary licenses and policy protection
documents.
Authorization from MII to iBIT to engage strategic partners outside China.
Arrangement of MII loan for initial operation and BIB’s first trial.
BIB initial activities:
Define trial market
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Build and evaluate business case and establish the business plan.
Establish relationship with local telecom and cable operators and negotiate
the interconnect arrangement.
Design and engineer the trial network, start construction.
ePB activities:
iBIT to invite existing foreign companies to move their business transaction
onto the platform
Create the supporting systems.
IBP activities:
Establish the big business plan for the overall IT industry development and
the utilization of the IBP.
Utilize the ePB’s supporting system (to be established) to attract foreign key
IT companies to the IBP, therefore convincing the Evergreen county
government for the support.
STAGE TWO: Business Operation and Cash Flow Breakeven
In this stage, the focus is on the business operation and the goal is to achieve cash
flow breakeven. Only with that, we may be able to go to the second and third phase of
fund-raising to scale up our business.
The holding company:
Introduce the strategic investors into the share holder group.
Extend presence to US through iBIT.
Obtain licenses for operating broadband business in other part of China.
BIB activities:
Establish as a subsidiary of the holding company and introduce strategic
investors into the share holder group.
Extend the network coverage beyond 100K home mark.
Complete the network buildup for the IBP.
Fully integrate the broadband services with the real estate services, and
therefore achieve at least cash flow breakeven on the network build up part.
ePB activities:
Achieve transaction volume of $100M/year
Complete establishing the supporting systems.
Start creating the real e-platform.
Should achieve cash flow breakeven by now
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IBP activities:
Complete IBP construction and start IBP operation.
Should achieve cash flow breakeven on the real estate part.
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Part Two: Detailed Business
Design
关于组建跨国控股公司
以开发运营宽带网络,电子商务平
台,及 IT 产业园的方案设想
二零零三年八月三十日
Version 1.0
Extremely Confidential Property of iBIT, Inc
18. About this document This document is the first part of a business proposal to establish a joint
venture under the leadership of China Ministry of Information Industry (MII)
and between CSNI and iBIT Inc. All information contained in this document
shall be kept confidential and shall not be used outside the scope of
business discussion among MII, CSNI, and iBIT without written permission
from iBIT, Inc.
Primary Contact For questions relating to this document, contact:
Xiaolin Lu
iBIT, Inc
8804 S. Blue Mountain PL
Highlands Ranch, CO 80126
U.S.A.
(720) 344-9148
Version History Version 1.0 completed August 30, 2003.
Extremely Confidential Property of iBIT, Inc