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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
(AMENDMENT NO. ____)(1)
PacificNet.com, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
69511V 10 8
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(CUSIP Number)
Fortune E-Commerce Ltd
Room 1502-7, Tower A, Regent Centre
63 Wo Yip Hop Road
Kwai Chung, N.T., Hong Kong
(852) 2422 0811
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
July 28, 2000
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(Date of Event which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box: / /
NOTE. Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. SEE Rule 13d-7 for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 10 Pages)
---------------------
(1)The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, SEE the
NOTES).
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CUSIP No. 69511V 10 8 13D Page 2 of 10 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Fortune E-Commerce Ltd
-------- -----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) /X/
(b) / /
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3 SEC USE ONLY
-------- -----------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
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5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
-------- -----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Hong Kong
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7 SOLE VOTING POWER
0
----- -----------------------------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 796,583
OWNED BY ----- -----------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ----- -----------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
796,583
-------------------------- ----- -----------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
796,583
-------- -----------------------------------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
-------- -----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.0%
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14 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 69511V 10 8 13D Page 3 of 10 Pages
-------------------------------------------- ------------------------------------------
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
FortuneTel.com Holdings Limited
-------- -----------------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP *
(a) /X/
(b) / /
-------- -----------------------------------------------------------------------------------------------------------
3 SEC USE ONLY
-------- -----------------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS
N/A
-------- -----------------------------------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) / /
-------- -----------------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
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7 SOLE VOTING POWER
0
----- -----------------------------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 796,583
OWNED BY ----- -----------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH ----- -----------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
796,583
-------------------------- ----- -----------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
796,583
-------- -----------------------------------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
-------- -----------------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.0%
-------- -----------------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
-------- -----------------------------------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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Item 1. Security and Issuer
This statement relates to the common stock (the "Common Stock") of
PacificNet.com, Inc. f/k/a Creative Master International, Inc. (the
"Company"), a Delaware corporation, with its principal executive offices at
Casey Industrial Building, 8th Floor, 18 Bedford Road, Taikoktsui, Kowloon,
Hong Kong.
Item 2. Identity and Background
This statement is being filed by (1) Fortune E-Commerce Ltd, a
corporation organized and existing under the laws of Hong Kong, with its
principal executive and business offices at Room 1502-7, Tower A, Regent
Centre, 63 Wo Yip Hop Road, Kwai Chung, N.T., Hong Kong, and (2)
FortuneTel.com Holdings Limited, a corporation organized and existing under
the laws of Bermuda, with its principal executive and business offices at
Room 1502-7, Tower A, Regent Centre, 63 Wo Yip Hop Road, Kwai Chung, N.T.,
Hong Kong (collectively, the "reporting persons"). Fortune E-Commerce Ltd is
an investment holding company wholly owned by FortuneTel.com Holdings Limited.
The attached Schedule I is a list of the executive officers and
directors of the reporting persons, persons that may be deemed to be
controlling persons of the reporting persons and each executive officer and
director of any corporation or other person ultimately in control of the
reporting persons, which contains the following information with respect to
each person listed on such schedule:
- name and representative through which it acts, if any;
- residence address or principal business address and, if different,
address of principal office;
- principal business or present principal occupation or employment and,
if applicable, the name, principal business and address of any
corporation or other organization in which such employment is
conducted; and
- citizenship or place of organization.
During the past five years, neither of the reporting persons nor, to the
best of the reporting persons' knowledge, any person named on Schedule I has
been convicted in a criminal proceeding (excluding traffic violations or
similar misdemeanors).
During the past five years, neither of the reporting persons nor, to the
best of the reporting persons' knowledge, any person named on Schedule I has
been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction as a result of which it was or is subject to a
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, United States Federal or
state securities laws or finding any violation with respect to such laws.
(Page 4 of 10)
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Item 3. Source and Amount of Funds or Other Consideration
Upon the completion of the PacificNet ("PNC") acquisition of the Company
on July 28, 2000 (the "Closing"), (1) the owners of PNC, including but not
limited to Fortune E-Commerce Ltd and Lau Siu Ying (collectively, the "PNC
Members"), surrendered and assigned to the Company all membership interests
in PNC ("Membership Interests") issued and outstanding immediately prior to
the Closing and (2) the Company issued to the PNC Members, pro rata in
accordance with their relative ownership of Membership Interests, an
aggregate of 7,166,666 shares of Common Stock. As a result of this exchange,
PNC became a wholly-owned subsidiary of the Company and the PNC Members
became the principal stockholders of the Company, holding in excess of 80% of
the Common Stock outstanding immediately following the Closing.
Following the Closing, the Company's primary business focus will be
PNC's business-to-business electronic commerce services and solutions.
Although the Company's business of manufacturing collectible-quality,
die-cast replicas of cars, trucks, buses and other items will continue for an
indefinite period, PNC has indicated its interest in disposing of such
business.
The PNC acquisition was conditioned upon, among other things, the
Company receiving resignations from all but one of its directors at the
Closing. Following the Closing, the Board of Directors of the Company will be
increased to eight members and seven directors designated by PNC will be
appointed to the Board of Directors.
The PNC acquisition was also conditioned upon the Company amending its
Certificate of Incorporation to increase the number of authorized shares of
Common Stock from 25,000,000 to 125,000,000.
Item 4. Purpose of Transaction
Other than as described in Item 3, neither the reporting persons nor any
person named on Schedule I hereto has plans or proposals which would result
in or relate to (a) the acquisition by any person of additional securities of
the issuer, or the disposition of securities of the issuer; (b) an
extraordinary corporate transaction, such as a merger, reorganization or
liquidation, involving the issuer or any of its subsidiaries; (c) a sale or
transfer of a material amount of assets of the issuer or of any of its
subsidiaries; (d) any change in the present board of directors or management
of the issuer, including any plans or proposals to change the number or term
of directors or to fill any existing vacancies on the board; (e) any material
change in the present capitalization or dividend policy of the issuer; (f)
any other material change in the issuer's business or corporate structure,
including by not limited to, if the issuer is a registered closed-end
investment company, any plans or proposals to make any changes in its
investment policy for which a vote is required by Section 13 of the
Investment Company Act of 1940; (g) changes in the issuer's charter, bylaws
or instruments corresponding thereto or other actions which may impede the
acquisition of control of the issuer by any person; (h) causing a class of
securities of the issuer to be delisted from a national securities exchange
or to cease to be authorized to be quoted in an inter-dealer quotation system
of a registered national securities association; (i) a class of equity
securities of the issuer becoming
(Page 5 of 10)
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eligible for termination of registration pursuant to Section 12 (g)(4) of the
Act; or (j) any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer
(a) As of the date hereof, Fortune E-Commerce Ltd directly beneficially
owned 796,583 shares of Common Stock, representing 9.0% of the class.
As of the date hereof, FortuneTel.com Holdings Limited indirectly
beneficially owned 796,583 shares of Common Stock, representing 9.0%
of the class, due to its 100% ownership of Fortune E-Commerce Ltd.
As of the date hereof, Lau Siu Ying, Chairman and Chief Executive
Officer of FortuneTel.com Holdings Limited and Director of Fortune
E-Commerce Ltd, directly beneficially owned 60,347 shares of Common
Stock, representing 0.7% of the class.
(b) Each reporting person has shared power to vote and to dispose of
796,583 shares of Common Stock with the other reporting person.
Lau Siu Ying has sole power to vote and to dispose of all of the
shares he beneficially owns.
(c) Other than as described in Item 3, neither of the reporting persons
nor any person named in Schedule I effected any transactions in the
Company's Common Stock during the past 60 days.
(d) The reporting persons know of no other person who has the right to
receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, the securities reported herein.
(e) The reporting persons are the beneficial owner of more than five
percent of the class.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer.
No contracts, arrangements, understandings or relationships (legal or
otherwise) exist among the persons named in Item 2 and between such persons
and any person with respect to any securities of the Company, including but
not limited to transfer or voting of any of the securities, finder's fees,
joint ventures, loan or option arrangements, puts or calls, guarantees of
profits, division of profits or loss, or the giving or withholding of proxies.
(Page 6 of 10)
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Item 7. Material to be filed as Exhibits
1) The Share Exchange Agreement, dated as of February 17, 2000, by and
between Creative Master International, Inc. and Tony Tong, Wan Sang
Hui, Lee Li, James Mullen, John Farrell, Paul Poung - Hwa Chow, Fung
Oi Ip Alfonso, Oei Hong Leong, Fortune E-Commerce Limited, B2B
Limited, the owner of PacificNet.com, LLC and PNC.
2) The Supplement to the Share Exchange Agreement, dated as of April 29,
2000, among Creative Master International, Inc., PacificNet.com, LLC,
and the members of PNC and other persons and entities listed on the
signature pages thereto.
(Page 7 of 10)
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SCHEDULE I
The name, business address, principal occupation or employment and
citizenship of each Executive Officer, Director, Controlling Persons and
Executive Officers and Directors of any person ultimately in control of the
reporting persons is set forth below:
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NAME AND REPRESENTATIVE RESIDENCE ADDRESS OR PRINCIPAL BUSINESS OR CITIZENSHIP OR PLACE OF
THROUGH WHICH IT ACTS PRINCIPAL BUSINESS ADDRESS PRESENT PRINCIPAL ORGANIZATION
AND IF DIFFERENT, ADDRESS OCCUPATION OR EMPLOYMENT
OF PRINCIPAL OFFICE AND IF APPLICABLE, THE
NAME, PRINCIPAL BUSINESS
AND ADDRESS OF ANY
CORPORATION OR OTHER
ORGANIZATION IN WHICH SUCH
EMPLOYMENT IS CONDUCTED
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Lau Siu Ying Flat A, 19/F, Tower 1, Director of China
Park Tower, 1 King's Fortune E-Commerce Ltd
Road, Hong Kong (an investment holding
company) Room 1502-7,
Tower A, Regent Centre, 63
Wo Yip Hop Road, Kwai Chung,
N.T., Hong Kong
------------------------------- ---------------------------- ---------------------------- ----------------------------
Lau Kin Ying Flat A, 19/F, Tower 1, Director of China
Park Tower, 1 King's Fortune Tele.com Holding Ltd
Road, Hong Kong (an ultimate holding
company) Room 1502-7,
Tower A, Regent Centre, 63
Wo Yip Hop Road, Kwai Chung,
N.T., Hong Kong
------------------------------- ---------------------------- ---------------------------- ----------------------------
Chang Wing Seng 34, Jalan Naga Sari, Director of China
Singapore 288864 Fortune Tele.com Holding Ltd
(an ultimate holding
company) Room 1502-7,
Tower A, Regent Centre, 63
Wo Yip Hop Road, Kwai Chung,
N.T., Hong Kong
------------------------------- ---------------------------- ---------------------------- ----------------------------
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(Page 8 of 10 Pages)
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Liu Kwok Fai G/F, 35, Ng Fei Tin Director of China
DD 238, Lot 579, Fortune Tele.com Holding Ltd
Wing Lung Rd, Clear (an ultimate holding
Water Bay, Hong Kong company) Room 1502-7,
Tower A, Regent Centre, 63
Wo Yip Hop Road, Kwai Chung,
N.T., Hong Kong
------------------------------- ---------------------------- ---------------------------- ----------------------------
Fung Oi Ip 11J, Parkvale Dr. Director of China
Discovery Bay, Fortune Tele.com Holding Ltd
Hong Kong (an ultimate holding
company) Room 1502-7,
Tower A, Regent Centre, 63
Wo Yip Hop Road, Kwai Chung,
N.T., Hong Kong
------------------------------- ---------------------------- ---------------------------- ----------------------------
Hui Wan Sang 14B, Blk 1, Sceneway Director of China
Garden, Nam Tin, Fortune Tele.com Holding Ltd
Hong Kong (an ultimate holding
company) Room 1502-7,
Tower A, Regent Centre, 63
Wo Yip Hop Road, Kwai Chung,
N.T., Hong Kong
------------------------------- ---------------------------- ---------------------------- ----------------------------
Lo Wing Yat B1, 4/F, Evergreen Director of China
Villa, 43 Stubbs Fortune Tele.com Holding Ltd
Road, Hong Kong (an ultimate holding
company) Room 1502-7,
Tower A, Regent Centre, 63
Wo Yip Hop Road, Kwai Chung,
N.T., Hong Kong
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(Page 9 of 10 pages)
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
August 7, 2000 Fortune E-Commerce Ltd
By: /s/ Lau Siu Ying
----------------------------------------
Name: Lau Siu Ying
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Its: Director
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August 7, 2000 FortuneTel.com Holdings Limited
By: /s/ Lau Siu Ying
----------------------------------------
Name: Lau Siu Ying
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Its: Director
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(Page 10 of 10 Pages)
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EXHIBIT INDEX
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EXHIBIT
NUMBER DESCRIPTION
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1 The Share Exchange Agreement, dated as of February 17, 2000, by and
between Creative Master International, Inc. and Tony Tong, Wan Sang Hui,
Lee Li, James Mullen, John Farrell, Paul Poung - Hwa Chow, Fung Oi Ip Alfonso,
Oei Hong Leong, Fortune E-Commerce Limited, B2B Limited, the owner of
PacificNet.com, LLC and PNC.
2 The Supplement to the Share Exchange Agreement, dated as of April 29, 2000,
among Creative Master International, Inc., PacificNet.com, LLC, and the members
of PNC and other persons and entities listed on the signature pages thereto.
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