TVB reported to form JV for China ICP application

<p>With the aim of establishing a portal in China, Television </p><p>Broadcast Limited and tvb.com, the new Internet subsidiary of TVB were </p><p>working with a mainland financial group to form a joint venture to apply </p><p>for an ICP (Internet content provider) licence, sources said. </p><p><BR><BR> </p><p>TVB declined to confirm the report. However, analysts responded to TVB's </p><p>plan with reservation. Analysts noted that Web advertising and ecommerce </p><p>were not yet popular in China, and TVB might fail to receive the </p><p>expected high profits from operating a portal. </p><p><BR><BR> </p><p>TVB's intention to enter the China Internet market comes as no </p><p>surprise. </p><p><BR><BR> </p><p>In its 2000 Interim Results, the company stated: "tvb.com views the </p><p>China Internet market as very attractive in terms of both size and early </p><p>stage of development. We believe we are presented with a major </p><p>opportunity to create in China a lifestyle and entertainment portal </p><p>specifically designed to serve the needs of this unique, emerging </p><p>market. To that end, in harmony, with the current regulatory environment </p><p>in China, we have already taken initial steps to establish our new PRC </p><p>portal." </p><p><BR><BR> </p>