Morningstar Plans Hong Kong Division
May 8, 2000
Morningstar of Chicago is expanding internationally again, this time to Hong Kong, where it will collaborate with Century CyberWorks of Hong Kong to provide country-specific financial information throughout Asia, said Dan Kobussen, an international business manager with Morningstar.
"We are seeing a trend of privatization of pension and retirement plans in countries like Singapore, Hong Kong and Japan, and more people are being forced to take control of their financial destinies," he said.
The company will initially focus on developing a website for the Hong Kong market in the second quarter and will then consider expanding to Singapore, Taiwan and other countries, he said. The site will be consumer-oriented and will provide financial information, analytical tools and investment guidance on stocks and mutual funds.
Morningstar has formed a partnership with Pacific Century CyberWorks Ltd. of Hong Kong. CyberWorks will invest nearly US$12 million and has a 50.1 percent stake in the new division, Kobussen said.