EXHIBIT 8.1

                              List of Subsidiaries

         Other than Mirae America, Inc., a California corporation, and Mirae
Hong Kong Co., Ltd., a Hong Kong corporation, Mirae has a shareholding interest
in 30 companies, all of which are Korean corporations. Set forth below is a
list of such invested companies and Mirae's percentage of shareholding interest
in them.

                             Company Name                        Percentage
         -----------------------------------------------    -------------------
         MR Tech Town Co................................            100.00
         Mirae Online, Co., Ltd.........................             67.47
         Korea Internet.com Co., Ltd....................             87.38
         Alpha Logics Co., Ltd..........................            100.00
         SoftForum Co., Ltd.............................             41.51

         Mirae America, Inc.............................             50.00
         AIO Corporation................................             21.63

         On-net Corporation.............................             14.71
         Intro System Co., Ltd..........................             15.16
         JIT Corporation................................              3.65
         Nara Vision ...................................             17.43
         NetThru........................................             19.73
         Cyber Bank Co., Ltd............................             28.25
         Infinity Telecom Co., Ltd......................             16.70
         Telefree Co., Ltd..............................              2.57
         Streambox Korea................................              5.11
         NeoBill Co., Ltd...............................              4.37
         Mobens Co., Ltd................................             15.09
         Mirae (HongKong) Co., Ltd......................             99.00
         Linxtek Co., Ltd...............................              1.22
         Seoul Venture Base.............................              5.69
         EON Group......................................              1.33
         CAMIS Co., Ltd.................................              0.26
         YESS World Inc.................................              0.72
         Sunwoo Information system......................              1.00
         Dabonet Co., Ltd...............................              0.79
         Digital Photo Corporation......................              0.93
         Telinker.......................................              0.75
         E-GIOS Corporation.............................              1.59
         Hackers Lab Co., Ltd...........................              1.47
         Interchem Korea................................              8.00
         Imobiz.........................................              2.32