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SCMP Reporter

South China Morning Post (Holdings) has no immediate plans to spin off its Internet division SCMP.com, according to SCMP.com chief executive Kuok Koon Seng.

 'We'll go [to the market] when we have a story to tell,' Mr Kuok said.

 SCMP.com would continue to form alliances with other companies but it had no plan to sell a stake in the Web site operator, he said.

 Mr Kuok dismissed rumours Pacific Century CyberWorks was seeking to buy a stake in SCMP.com.

 'I haven't seen Richard [Li Tzar-kai] in ages,' he said.

 SCMP Holdings share price had its biggest one-day gain in more than a month yesterday, leaping 9.86 per cent to close at HK$7.8.

 The surge coincided with the launch of SCMP's new Web site - totallyHK.com - which offers life-style, entertainment, finance and other information on Hong Kong.

 The brainchild of chief channel editor Ray Heath, totallyHK.com is targeting the local English-speaking population, tourists, business visitors and expatriates relocating to Hong Kong.

 It has four revenue streams: banner advertising, classifieds, e-commerce and content sale.

 The site will eventually house virtual shop-fronts, hyperlinks to other on-line retailers and also offer on-line ticketing.

 Transaction fees will be collected on purchases made through the Web site.

 'We can drive a lot of traffic through our site,' Mr Heath said.

 'I feel sorry for our competitors, they've got good ideas but not an established brand or content resources to match SCMP.' 



Link-ups on agenda for SCMP Web site