The Bush administration re-imposed
quotas on imports of clothing from China.
- According to the MII, China's Internet users reached 98.8 million.
- China's e-commerce transaction volume is expected to rise 36% to $72 billion in 2005.
- American Internet companies are paying close attention to China's Internet market, but so far, their record is mixed. "They're not doing quite well," said Charles Zhang, CEO of Sohu.com (ticker: SOHU). "China isn't their main market, and their strategy is more U.S.-based and doesn't fit for competing in China."
- TheStreet.com provides a roundup of Q1 earnings results from a number of the major Chinese Internet and wireless companies. Ad-supported content and wireless services continue to suffer from regulatory setbacks and relatively slow growth. Other areas, like games and online travel, are performing much better, but the stocks are trading at lofty valuations.
- According to a recent survey by a committee of the China Youth Software Promotion Project, China’s software industry continues to suffer from lack of qualified candidates. The country lacks special institutions to train managerial and technical staff for software development. But China is catching up to India in the race for software dominance.
- The State Administration of Radio, Film and Television announced that the first Internet television (OTC:IPTV) license has been granted to Shanghai TV Station, a subsidiary of the Shanghai Media Group, the mainland's second largest media organization.
- Bidding for a 26% stake in Pakistan's largest telecom service provider Pakistan Telecommunication Company may be delayed beyond June 10th. China Mobile (ticker: CHL) is among the final bidders. More here.
- International investment banks praised China's first non-tradable share reform experiment of four companies on the mainland's A share market.
- KongZhong (ticker: KONG) acquired mobile game developer Tianjin Mammoth Technology
Company. Commenting on the acquisition, Yunfan Zhou, Chairman and CEO of KongZhong
said, ''We believe the acquisition will help us strengthen our mobile game
development capabilities significantly, as well as our position as the leading
Java service provider for China Mobile. The acquisition will also provide us
with a stepping stone into the global mobile game market. Mammoth has an
experienced development team in place. The combination of Mammoth's
experienced product development team with KongZhong's existing sales channels,
brand recognition and industry experience will, we believe, put us in a better
position to expand in the fast-growing mobile games market in China and