Chase JF, CyberWorks To Invest US$30m In Stock Trading Joint Venture
Hong Kong-based Pacific
Century Cyberworks Ltd (PCW) and Chase JF, formed after Chase
Manhattan Corporation acquired Jardine Fleming earlier this year,
will invest an initial US$30m into their online securities trading
service, 2cube Securities Ltd, which launched in June this year. The 50:50 joint
venture between PCW and Chase JF, the Asian investment banking
and asset management unit of Chase Manhattan, will allow customers
to trade Hong Kong-listed securities via the Internet, mobile
phones, and touch-tone phones, at a commission rate of 0.18 per
cent of the value of the trade. Chase Manhattan's
Chairman for Asia Pacific, Antony Leung, said: 'While entering
the market at a time of change, we are confident that 2cube Securities
will be successful.' PCW's Deputy Chief Executive Officer, Norman
Yuen, said the move was part of the company's plan to become a
leading Asian interactive, multimedia, entertainment and communications
company. The companies said
2cube's target market would be well-educated, affluent investors
needing information, integrated account management, privacy and
security: 'With the combined strengths of its parent companies
in expertise and resources, 2cube is set to be the premier provider
of online trading and financial services to retail investors in
Hong Kong.' .
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