AOL sets up Chinese venture

Tue, 12 Jun 2001 | Source: AFP

BEIJING (AFP): America Online Inc. Monday unveiled a US$200 million joint venture with top Chinese computer maker Legend Holdings to provide consumer interactive services in China.

In a joint statement, the two companies said each company would contribute 100 million dollars, with Legend holding a 51 percent stake and AOL 49 percent.

Legend is a majority state-owned company which is listed in Hong Kong and has 39 percent of the personal computer market in China.

The agreement marks the first step by the Virginia-based Internet unit of AOL Time Warner Inc. toward offering its popular dial-up service and Web portal to China's 22 million online users.

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