JV with China MII

8/1/2003

IBIT, INC JOINT-VENTURE WITH CHINA MII

An Experiment | Xiaolin Lu

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


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,



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.



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



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:



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%



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.



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.



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.


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


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).


 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).



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


 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



IBP activities:
 Complete IBP construction and start IBP operation.
 Should achieve cash flow breakeven on the real estate part.



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


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.


目录

1. 前言.............................................................................. 20
2. 总体发展目标 .................................................................. 21
3. 合作的构架及原因 ............................................................ 22
4. 运营战略........................................................................ 24
5. 组建思路及资金运作 ......................................................... 34
6. 关键步骤和工作计划 ......................................................... 36

Extremely Confidential Property of iBIT, Inc 19

1. 前言

本文件是组建跨国控股公司之商务战略计划的第一部分。它描述了以信息产业部为
领导，中赛公司和艾比特公司合作建立此跨国控股公司的设想，以及综合战略措
施。我们希望以此为双方进一步探讨的蓝本。具体实施, 操作细节，将在双方认可
此概念设想后，于下一个文件中阐述。
特别需要强调的是此文件描述的是一个综合，整体商务结构方案。取决于具体实
施中的情况，每一个商务方向及运营方案可单独实施，独立于是否在初期建立综
合商务实体。另外，其中公司构架有关的股权分配比例只是起示范作用。具体数
字需在实际情况中进一步确定。
此战略计划的核心是以信息产业部为领导，以中赛公司为基础，建立一个跨国控股
股份有限公司。并以此为基础，建立及运营宽带网络业务，电子商务，和加速及协
调中国 IT 核心技术的研发以及其在国际市场上的商品化。并最终达到在国际市场
上市以进一步发展业务的目的。
艾比特公司愿以它多年国际商务运营和整合经验，建立和运营宽带网络的经验和技
术专长，多年技术开发，应用和整合的经验加盟与中赛公司合作。并以其与战略投
资商，IT 高科技公司，国际宽带通讯/信息工业界的长期合作关系去帮助促进中国
IT 产业的发展和国际合作，并大幅度增加跨国商务流。

这份文件由六个章节组成:

第一章: 此前言

第二章: 总体发展目标

第三章: 合作的构架及原因

第四章: 运营策略

第五章: 组建思路及资金运作

第六章: 关键步骤和工作计划


2. 总体发展目标

 组建跨国控股股份有限公司去建立，投资，和运营宽带网络业务，电子商
务，和 IT 技术研发。并以此为基础，开拓国际商务的建立和整合。

在此控股公司旗下，组建三个商务实体。初期可以特别商务结构的形式, 并
逐步发展成独立运营的子公司或分公司。

 第一个商务实体：宽带网络及服务运营商 (BIB)

利用中国快速，大规模发展的城市住宅小区以及工业/商业/产业园，建立及
运营小区/园区宽带网络及相应的综合宽带服务（通讯/信息/媒体）。并和房
地产商务集合，以达到互补，及争取到大规模客户的目的。

之后，以此为范本和基础，大规模的重组及整合中国新一代宽带网络基架，
并加速开发中国特色的宽带增值业务及相应的商务。

 第二个商务实体：电子综合商务平台 (ePB)

建立中国第一个电子信息化的商务平台，以及相应的商务支持，配套系统。
并以此为基础协调跨国商务流和中外 IT 产业的合作开发及商品化。

 第三个商务实体：国际商务产业园 (IBP)

利用上面两项，建立并运营国际 IT 产业园。并以此为孵化器，协调中外 IT
产业的合作，以加速中国 IT 核心技术的开发和在国际市场上的商品化。


3. 合作的构架及原因

有两种合作的构架：

1. 组建国际控股股份有限公司，并以此控股三家子公司或分公司：宽带网
络及商务（ BIB），电子综合商务平台（ ePB），国际商务产业园 (IBP)
（参考图一和图二）。

2．不组建跨国控股公司，在三家商务实体的基础上进行合作。

战略私人
艾比特中赛公司
投资商投资

25% 50% 15% 10%
扩展更多的商务投资
集合效应
跨国控股股份有限公司 集中的政策保护
较低的整体风险

50% 30% 40%

电信公司集团公司集团公司
30% 50% 20%

战略投资商战略投资商四季青乡
15% 15% 20%

单独灵活的运营
私人投资私人投资战略投资商 出手成熟公司或兼
5% 5% 20%
并其他公司
BIB IBP 互相支持
ePB

图一。总体结构

建立控股公司的原因及好处在于：

5. 具有很大的长期灵活性去进一步开发其他宽带和 IT 产业。并可根据运营
和市场情况出手成熟的子公司或分公司，或兼并其他商务实体。这包括
利用子公司与其他公司合作或兼并其他公司。

6. 可利用控股公司去协调，管理子公司之间的协作及商务流，以充分利用
资源，财力，减少总体费用，因而提高整体的经济效益。

7. 可集合所有的政策批文与执照于控股公司之下，以便于各个子公司共
享。因而可灵活的开展各项宽带业务及电子商务。

8. 在工业界和资金市场上可享有较高的地位和价位，利于在国际市场上
市。


统一管理政策和许可证
分享资源
综合管理资金
管理全面的商务
为将来发展和扩大建立战略计划

跨国控股股份有限公司

BIB ePB IBP

建造和运营宽带通
电子商务综合平台 指导研发IT核心技术
讯网络
开发与运营宽带， 商务集成 促进和加速协作和全

增值服务 支持配套系统球商品化

支持系统吸引外商并管理合作与商业化

建造与运营产业园内的宽带通讯与信息基础结构

引进并增加商务流的流量

图二。功能和相互配合

在下面的几章里我们将具体讨论如何组建控股公司及子公司。

我们认为此项合作应以信息产业部为领导，中赛公司持大股。以下是公司股权
构架的一个范例 (请参见图一)：

信息产业部和中赛公司: 50%

艾比特公司： 25%

战略投资商: 15%

私人投资: 10%

引入战略投资商的原因是因为他们不止可带来丰厚的资金，更重要的是带来与
工业和市场的广泛联系。


4. 运营战略

以下我们假设我们会选择控股公司－子公司的结构。这个章节我们将描述控股
公司及它三个子公司的运营战略，其中包括：

6. 每个商务实体的商务目标和功能

7. 每个商务实体的商务结构

8. 宏观运营计划及财政计划。

9. 成功的关键因素。

10. 各商务实体间的关系。

8.1 跨国控股公司

此控股公司的商务目标是（参见图二）:

5. 集合，管理所有的政策批文和执照，其中包括运营宽带网络的许可证。

6. 协调和平衡各子公司及子公司间的商务运作和有关的商务活动。

7. 协调和管理各子公司及整体的融资和资金运作。

8. 负责今后的商务扩展开发，合作，兼并和收购，以及有关的商务投资和
整合。

控股公司将按照上面所描述的方式组建（参见图一，图二）。它将最初在中
国北京注册，最终将利用艾比特公司在美国注册，并上市。

控股公司运营的核心是协调和管理其所拥有的各商务实体的商务战略，提供
整体的政策保护，协调和管理各子公司之间的商务流程，及与外界的商务交
往。其中包括进一步的商务投资，融资，和商务扩展。在运营初期，每个商
务实体及其商务活动都处于不稳定的状态，控股公司将为这些活动及各子公
司之间的互相支持提供一条通道，因而减少整体的风险。逐渐的，当各项业
务变的稳定时，各商务实体可独立的运作。那时控股公司将仅需要执行一般
的协调和监督，而把它的运作重点转移到商务发展上面。
我们高度的推荐利用中赛公司为基础，建立这家控股公司。其原因是:

4. 中赛公司已经在那三个领域起步或运行了。


5. 它拥有绝大部分必需的政策批文和许可证。

6. 它是信息产业部的下属公司并且拥有信息产业部批准的资本运作许
可，因此能为最初的商务运作获得低风险的资金支持。

在组建跨国控股公司的过程中，艾比特公司将利用其建立及运作国际商务的
技能和经验，帮助中赛公司重组其商务构架，以达到跨国控股公司的标准。
与此同时，艾比特公司还将协助组建所需的人力，财力和物力资源。并按一
个跨国公司的标准管理安排资源的利用及公司的运营。进一步, 艾比特将帮助
控股公司及三个子公司建立长期的商业计划，并协助执行。逐渐的，艾比特
还将介绍和协助引进战略投资商，以进一步加强控股公司去运营宽带商务，
电子商务和推动 IT 产业发展的能力，以及控股公司进一步向国际市场扩展商
务的能力。

整体融资由三个部分组成 (具体细节请参见图七，并在以下章节详细阐述)：

4) 最初的运营资本可利用信息产业部的贷款及国债回购。

5) 当任何子公司运营成功时，我们将与战略投资伙伴合作，并拿到相应的
资金。

6) 最终，控股公司将利用上市和公司债券的方式为继续的运营和投资提供
资金。

成功的关键因素包括：
4) 信息产业部的领导和政策保护 (得到信息产业部和其他政府机构的批
准)。

5) 运营宽带商务，电子平台和 IT 产业园所必需的许可证

6) 建立合适的组织结构并取得初始运营的资金。

8.2 商务实体一：宽带网络和商务(BIB)
BIB 的商务目标是:

5. 利用国际最先进的宽带网络技术，与房地产商合作，低价位的建立小
区，园区宽带网络，并实现宽带网和家庭网的一体化，园区－公司网的
集合，以及无线－有线接入的集合。

6. 在此基础上，建立三网合一，民企合一，以 IP 为基础的运营平台，从而
实现单一低造价，集成运营，支持多功能，多媒体服务的综合网络运营
平台。并在此之上提供低价位的宽带增值业务和传统通讯业务。与此同


时, 实现宽带业务和房地产业务的一体化，以增加房地产的价值，并达到
互补和整体增值的目地.

7. 建立一个宽带网– 家庭网一体化的商业模式，并且以此为基础加速为中
国市场开发更多的宽带信息和通讯服务。

8. 基于宽带网络商务的成功，进一步把此商务模式推广到整个中国市场以
促成中国整体宽带网络的整合。并大规模普及宽带和通信服务。

此商务的独特性是我们建立低成本，三网合一，民企合一，宽带网－家庭网
一体化的能力，以及利用以 IP 为基础的开放运营平台去同时向居民和企业提
供宽带增值服务的能力(参见图三)。

电话
服务
高速宽带视频 … 其他的宽带服务

以IP为基础综合商务运营平台

小区局域网和家庭网联合一体化

与房地产结合的新的宽带网络或利用现有的物理网络

 低造价建立与房地产结合的新的宽带网络或利用现有的物理网络,并实现小区局域网和家庭
网一体化
 建立以IP为基础，提供各种宽带服务的综合商务运营平台

图三。宽带网络和商务 (BIB)

对顾客来说，各单项服务的界限已无意义，他们都集合于宽带综合服务之
内。对于我们，我们的房地产搭档，电信－网络搭档来说，这个平台可以创
造更多的收入机会。

在这项合作中，艾比特公司将提供其低成本的宽带网络技术，及系统综合运
营的专业知识和经验。并利用它在全球高科技和电信工业的领导地位帮助引
进低成本，高品质的产品和解决方案。进一步，艾比特也将利用它与战略投
资商之间的关系为此商务及其发展需要引进战略投资伙伴和市场关系。

此项宽带商务的结构将考虑到我们必须与本地的电信，网络，有线电视公司
合作。因此，我们推荐下面的股东结构（参见图一）:


控股公司: 50%

本地的电信，网络，有线电视公司: 30%


私人投资: 5%

在这个情况中，战略投资商可以是价值链上的任何一个，例如关键的供应
商，基础结构投资商，房地产开发商和房地产公司。

此宽带业务需要考虑到许多可能的情况/环境，以及不同的合作关系. 因此我
们需要建立一个开放灵活的运作平台和组织结构。其中需要实现三个主要功
能：

4. 建造或调整小区/园区宽带网络

这包括设计，建造及整合家庭网络，区内局域网络，和任何必需的外
部连接网络(如果租借城域网线不是一个可行的选择)。

如果小区局域网已经存在，我们仍需进行网络确证以及可能的网络更
新与获取新的宽带接入，或重叠无线网络以创造一个附加的宽带接入
平台，以防我们需要与现有的服务商进行竞争。

这项活动需要与设备商，房地产开发商进行广泛的合作，以达到建立
低成本，最优化网络结构的目的。

5. 建立一个以 IP 为基础，三网合一，宽带运作平台。

这包括设计，建造 IP 平台及相应的 OSS/BSS 系统. 其必要性将独立于
是否建立新的物理网络或利用现有的物理网络。

6. 宽带网络运营和服务管理

宽带网络运营将是我们宽带商务的主要活动之一. 这包括在提供传统电
信服务的基础上，不断创造宽带增值服务及综合增值及传统服务，以
提高服务的整体价值及运营的经济效益。

运营经济效益好坏与否的关键因素之一是收费机制。由于我们的低造
价，低运营费的方案，我们初步打算采用固定费包租的形式，以减少
用户的费用及交费的复杂性. 交费可以 IC 卡或银行交费等形式。同


时，我们将建立一个收入分配机制去吸引房地产开发商，房地产管理
商，本地电信/有线电视供应商的合作。

如果在房地产开发前期，我们可以进入到房地产的规划和建造过程，网络的
造价可滚入整体房地产造价里. 剩下的前期费用将包括仪器和软件的费用，初
期与本地电信/有线电视网络连接的费用, 及系统整合的费用。之后，费用将
主要是运作和维护费用。

考虑到以上的费用情况，以及大部分战略投资商对中国投资环境和政府政策
不稳定的担忧，因而对前期投入中国通讯市场犹豫不绝，我们提出了一个三
步融资的策略 (参见图七)：

4. 初期进行小规模的融资以用于在各方面条件较好的小区建造，运营示
范性宽带网络和业务。这笔资金可以从信息产业部贷款和政府债券回
购的方式解决。网络公司可以直接进行此资本运作，或者通过控股公
司由电子商务实体提供低利息贷款（因为电子商务实体以有上述产业
部贷款和政府债券回购的许可权）。

5. 当示范宽带网络业务变的成功时，与战略投资商合作和融资将变得容
易. 我们需要的不是普通的冒险投资商，而是能带来战略价值和市场关
系的战略投资商。我们期望在这个阶段，我们可以实现现金流动的持
平。

6. 最终，我们将以上市和公司债券的方式向公共资金市场融资，进而将
此商务扩展到整个中国市场。

我们非常强调融资是为了企业的扩大和运转，并且融资的战略战术将主要取
决于宽带网络的建造和运营情况及收入的机会，它将和公司的战略财政计划
以及资产负债表紧密联系在一起。取得正增长的现金流动是我们的最终目
标。

此宽带商务成功的关键因素是：

5. 控股公司有获得操作通讯系统许可证的能力。

6. 与本地的电信，有线电视公司良好的关系以获得低价位的网络连接和
服务内容（电视节目）。

7. 具有与房地产开发商和房地产管理商的良好关系进而可进入小区，园
区实现此商务运营。

8. 具有足够的初期资金去开展示范网络的运营以及公司的正常运作。


8.3 商务实体二：电子综合商务平台 (ePB)
此商务的目标是（参见图四）：
4. 建立一个商务，贸易，管理，信息交换的电子综合商务平台以及相关
的支持，配套系统和物流配送系统。

5. 利用这个平台及其支持，配套系统去促进商务发展，特别是中国和国
外的协作。

6. 在此基础上，进一步开发中国信息服务平台，去加速商务和技术信息
交流，并提供和管理相应的信息服务。

电子商务综合平台

基础功能

商务流支持配套系统管理系统

增加商务流量

国内建造和运营
电子商务平台
工作计划整
跨国
合

建造支持系统

建造管理系统

时间

图四。电子商务平台 (ePB)

此电子商务平台现已在中赛, 集团公司, 及京首合作的基础上初步成型。我们
推荐保持这个结构，并且留有让战略投资商加入的空间。在中赛向控股公司
过渡后， ePB 将自动地成为控股公司的子公司。

当前的操作计划可行性很高。在此之上，我们建议同时将国外公司的商务流
程吸引到这个平台。这包括已经在中国经营的外国公司的商务流。同时，ePB
的商务不应只是提供商务流平台，更重要的是应成为商务流管理和集成的商
务实体，以促进，协调，和管理中外商务开发，市场开发，商务集成及相应
的商务流。这包括市场信息研究和服务，国内合作伙伴关系的协调和管理，
财政和法律的支持，并且甚至包括商务俱乐部服务。


艾比特愿意为中外合作吸引商务流并为招商作搭桥和管理的服务，并且帮助
建立管理这个商务运作中的关键部分: 支持系统。

目前的财政计划可行性很高，我们同时建议将此模式用到其他的姊妹公司，
包括 ePB 充当其他姊妹公司初始运营的资金源。

电子商务平台成功的关键是:

3. 商务流的流量

4. 支持系统的建立以增加平台的吸引力及整体的综合和规模效益。

图四解释了具体的工作计划。

8.4 商务实体三：国际商业产业园(IBP)
IBP 的商务目标是:

4. 建造一个国际商务产业园并以此作为孵化器，去扶植，研发关键的 IT
技术，并协助其产品化。这包括建立管理产业园实体，所需通讯和信
息网络，以及辅助的住宅小区和商业区。

5. 为入园的公司建立一个国际商务支持系统。这包括利用电子商务平台
去管理商务流和提供商务信息服务，协调和促进中外合作，物流分
配，法律和财政的支持服务, 以及商务俱乐部的服务。

3．在这个基础上，促进和加速中国 IT 核心技术的发展，其商品化，及向
国际市场的进军。

IBP 的商务将包括三个主要的部分（请见图五）

4. 房地产开发和管理：

A．主要产业园的开发管理
B．附属住宅小区的开发管理
C．附属商业小区的开发管理

5. 商业支持系统: 包括法律，财政和市场的支持系统，技术商品化和本地
化的支持，物流配送服务，商务俱乐部服务，等等。

6. 通讯和信息服务系统及电子平台：我们把它单独列出来是因为它的独
特性。另外，此网络及电子平台将由 BIB 和 ePB 合作建立及管理。


长期
商务战略

国际商务产业园

支持与通讯
房地产管理信息网

居民办公室商业
小区小区小区
IT技术发展
战略实验室

中国IT产业外国IT产业
合作

全球
商品化

图五。国际商务产业园 (IBP)

IBP 的成功将取决于信息产业部的领导及四季青乡政府的支持。我们因此建
议以下的商务结构：

控股公司: 40%

信息产业部下属集团公司: 20%

四季青乡政府: 20%


我们仍然介绍战略投资商的原因是希望维持资金来源的灵活性，同时利用战
略投资商与国际 IT 公司的关系吸引他们进入 IBP 以及帮助中国 IT 核心技术
的发展和产品化。

许多国际 IT 公司不仅喜欢入驻 IBP 并且愿意参与投资 IBP。因此，除了目前
的融资方式外，我们建议在邀请国外 IT 公司进驻 IBP 的同时，可允许他们以
战略投资商的身份投资 IBP。

我们特别强调 IBP 的商务应该不止是一个房地产管理或礼宾接待的商务，它
应是一个以其支持系统去促进，引导，协调和管理中国 IT 核心技术发展，国


际合作，以及在国际市场上产品化的商务。并因此去重组和整合中国的 IT 产
业。完成由产品包装向拥有核心技术的过渡.

同时，对地方经济的贡献和刺激应不止是通过普通的税收，而更应是通过所
有可能的支持系统去引导和刺激地方其他商业的发展。

因此，一个长期，宏观的商务战略和计划将成为此 IBP 成功的关键。艾比特
愿以它在此方面的技能和经验帮助信息产业部, 控股公司和 IBP 实体建立此长
期战略计划，同时艾比特将利用其与国际 IT 公司的关系负责搭桥，协调，并
吸引那些国际 IT 公司，并协调和管理中外公司发展 IT 核心技术的合作, 有关
的技术商品化，以及商务发展和扩充。

另外，我们推荐同时建立一个 IT 技术发展战略实验室。这个实验室的任务
是：

5. 建立并管理 IT 技术发展战略

6. 协调各公司之间的合作，特别是中外公司的合作。

7. 与国家标准化委员会合作，协调加快标准化的进程（特别是在标准
化过程的初期阶段），或建立“实定接受”标准去刺激技术发展。

8. 执行产品标准化的鉴定和确证。

实验室的资金来源可有两个方面：

3. 从电信和有线电视运营商收取基于客户数量的年费，例如.， 0.05
元/客户

4. 从生产商中提取产品标准化鉴定和确证的一次性费用。

此商务成功的关键因素是:

5. 整体 IT 产业发展的战略：如何加速中国 IT 核心技术的发展及其战略
方向。

6. 得到四季青乡的支持，包括对整体战略计划和实施的认可。

7. 成功的邀请到关键的 IT 公司入驻产业园

8. 成功的建立起所有的支持配套系统。


8.5 商务实体之间的关系

除了他们各自单独的商务活动外，这三家子公司的业务同时彼此互补。这将
起到互相帮助，共同成长的目的。并且也使整体商务（控股公司）的初始风
险减到最小（参见图六）。

 BIB 将为产业园建造管理宽带通讯网络. 同时入住产业园的高科技公司
也将会为 BIB 提供所需的通讯仪器及软件。

 BIB 和 IBP 都会吸引跨国商务流到 ePB 的电子平台之上

 ePB 可利用其产业部的贷款为其它姊妹公司提供初始运营的资金。同
时可为 IBP 提供商务流和商务管理的能力。

控股公司
平衡，协调，商务流

BIB
流
务
商
建网

加 /
造络

增
运

并
营

进与
引支持
提供管理

ePB IBP
引进并增加商务流

图六。各实体间的关系


5. 组建思路及资金运作

我们建议以中赛为基础组建控股公司. 其原因在于中赛公司已在那三个领域起
步，并有稳定的政策保护及产业部批准的资金运作许可。组建过程包括四个方
面：

5. 按照国际控股公司的标准建立新的中赛组织结构。其中包括股权分配和
注册改性。

6. 重新安排物力人力资源，建立三个商务小结构：BIB, ePB, IBP。初期采
取这种方式而非子公司的原因（除了 ePB 已经成为独立的公司之外）在
于这可使整体的费用降低，并最优化资源试用。因为此三个商务活动可
以共享资源。

7. 集合所有已有的政策保护批件，并且为运作宽带商务获得必需的许可
证。

8. 为初始商务运营争取到足够的资金或与其它金融机构或政府部门建立资
金周转协议。

艾比特愿以其多年建立运营国际商务实体的经验和专长，协助中赛公司完成向
控股公司的过程. 在这过程中，艾比特也将帮助中赛公司改组并建立所需的人力
物力资源库，协助运营, 并帮助建立与其他战略伙伴的关系。

至于资金的的安排， IBP 和 ePB 已经有他们自己的资金渠道。眼前所需的是控
股公司的运作和 BIB 示范网络建立和运营的资金。

考虑到大部分战略投资商对中国投资环境和政府政策不稳定的担忧，因而对前
期投入中国通讯市场犹豫不绝，我们提出了一个三步融资的策略 (参见图七)：

1. 初期进行小规模的融资以用于在各方面条件较好的小区建造，运营示范
性宽带网络和业务。这笔资金可以从信息产业部贷款和政府债券回购的
方式解决。网络公司可以直接进行此资本运作，或者通过控股公司由电
子商务实体提供低利息贷款（因为电子商务实体以有上述产业部贷款和
政府债券回购的许可权）。

2. 当示范宽带网络业务变的成功时，与战略投资商合作和融资将变得容易.
我们需要的不是普通的冒险投资商，而是能带来战略价值和市场关系的
战略投资商。我们期望在这个阶段，我们可以实现现金流动的持平。

3. 最终，我们将以上市和公司债券的方式向公共资金市场融资，进而将此
商务扩展到整个中国市场。


战略
信息产业部投资商

新 $$
贷款

已
控股公司有控股公司步骤三：利用
的
贷公共资本市场
内部流通款内部流通

贷款贷款
BIB ePB IBP BIB ePB IBP

步骤一: 初期资金由信息产业部贷款和内部步骤二:引进战略投资
资金流通构成

图七。一个三步融资和资本管理过程


6. 关键步骤和工作计划

上面的战略需要通过两个主要的阶段来实现:

第一个阶段: 建立整体结构并且开始商务运营

在这个阶段，目标是建立完整正确的结构并为三个子公司的今后发展创造必要
的基础。我们需要完成的目标是:

4. 完成建立具有稳固组织结构，适当的资源和运行资本的控股公司。

5. 完成建立所有必需的系统和平台(例如， ePB 和 IBP 支持系统，BIB 的
第一个试用系统，等等)。

6. 开始产生“硬”收入(BIB 第一个试用网络， ePB 的商务流) 和“软”收
入(完整的 IBP 入园 IT 公司表及海外公司使用电子平台的协议书)。

具体活动包括：

建立控股公司:
 完成中赛公司向控股公司的转变。并为今后三个子公司的商务运营建
立并分派好合适的人力和物力。
 巩固并且获得所有必需的许可证和政策保护文件。
 信息产业部给艾比特的授权书以便与国外的战略伙伴建立关系。
 为初始公司运营和 BIB 的示范网络建立争取到信息产业部的贷款。

BIB 的初始活动:
 决定建立示范网络的小区。
 建立和进行商务可行性分析并建立商务计划。
 与本地电信和电视网络公司建立关系并且洽谈网络连接的协议。
 设计和施工试用网络，开始运营。

ePB 的初始活动:
 艾比特负责邀请在中国运营的外国公司将其商务流转到电子商务平台
之上。
 建立所有的支持配套系统。


IBP 的初始活动:
 建立长期整体的 IT 产业发展战略计划及产业园运作计划。
 利用 ePB 的支持系统 (将被建立) 吸引外国主要的 IT 公司入驻产业园，
并因此得到四季青乡政府的大力支持。

第二个阶段: 商务运营和现金流动无亏损

在这个阶段，注意力将集中在商务运营上，其目标是实现现金流动无亏损。因
为只有这样，我们才有可能进入到融资的第二和第三个阶段，以达到建立起有
规模/集团效应的商务。

控股公司:
 邀请战略投资商进入董事会。
 通过艾比特扩充到美国。
 在中国其他的部分获得操作宽带商业的许可证。

BIB 活动:
 转变成控股公司的子公司并邀请战略投资商进入董事会。
 网络覆盖超过 10 万户住宅。
 完成为产业园建造宽带网络并开始运营。
 完成宽带网络服务和房地产服务的整合，因此实现网络营造的现金流
动无亏损。

ePB 活动:
 实现每年$100M 的交易量。
 完成支持配套系统的建立。
 开始建造真正的电子平台。
 到现在为止应该实现现金流动的无亏损。

IBP 活动:
 完成产业园的建设并开始实际运营。
 应该实现房地产开发和管理上的现金流动的无亏损。


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