Various media outlets in China are reporting that the second-largest telecom in China, China Unicom will announce a deal to sell Apple's iPhone in China as soon as Friday. On Friday, China Unicom will hold a press conference to discuss its results for the first half of the year. The price is rumored to be under $400 for an 8GB phone with with a 2-year contract and a monthly subscription plan of under $30.
KongZhong Corporation (Nasdaq: KONG), a mobile Internet company in China, today announced its unaudited second quarter 2009 financial results. Total revenues for 2Q09increased 37% year-over-year and increased 9% quarter-over-quarter to $32.3 million, exceeding the Company's 2Q09 revenue guidance of $30.5 to $31.5 million.
Hurray! Holding (NASDAQ: HRAY) , a company that focuses on artist development, music production and wireless music distribution and other wireless value-added services in China, today announced the resignation from the Board, effective at the end of last week, of four directors, Mr. Qindai Wang, Mr. Songzuo Xiang, Mr. Thomas Ng and Mr. Shudan Zhang.
Glu Mobile, a publisher of mobile games, announced that company President and CEO, Greg Ballard, has indicated his intention to resign and transition his role with the company to new leadership. The Glu Mobile board of directors has retained Martha Josephson of Egon Zehnder, an executive recruiting firm, to help identify new candidates to lead the company.
Borqs, an open source mobile application software provider, today announced it has closed a US$17.4 million Series B round of venture financing. Norwest Venture Partners (NVP) led this round, which included participation from current investors, GSR Ventures - the Mayfield Fund China affiliate - as well as Keytone Ventures. As a part of the investment, Mohan Kumar of NVP will join Borqs’ board of directors.
Bling Nation, a mobile payments provider, announced today it has secured $8 million in Series A funding with $6.3 million coming from lead investor Lightspeed Venture Partners. The remaining $1.7 million was raised primarily from Meck, Ltd., which invested an initial $5.3 million in Bling Nation, and CampVentures.
Nickelodeon's AddictingGames, a free online games website, will extend to the iPhone this July with the launch of several games and a cross-promotion publishing network for iPhone game developers called the AddictingGames iNetwork.
KongZhong Corporation (Nasdaq: KONG), a Chinese mobile Internet company, will acquire the entire issued share capital of Simlife International, a mobile game developer in China. Upon the closing of the acquisition, Simlife would become a wholly-owned subsidiary of the Company. One of Simlife's mobile games, X Dancery, was selected by Nokia in 2009 as a Grand Prize winner in the Technology Showcase category.
Linktone (Nasdaq: LTON), a provider of wireless interactive entertainment services to consumers in China, today announced its unaudited financial results for the first quarter ended March 31, 2009. The Company recorded wireless value-added services ("WVAS") and other revenues of $14.8 million, a significant drop compared with $19.4 million in the fourth quarter of 2008 and $16.5 million in the first quarter of 2008.
Hurray! (Nasdaq: HRAY), announced its unaudited financial results for the first quarter ended March 31, 2009. Total revenues for the first quarter ended March 31, 2009 were $11.8 million, representing a decrease of 18.5% from$14.4 million for the preceding quarter, and a decline of 11.2% from $13.2 million for the same quarter last year. Net loss attributable to Hurray! Holding was $2.1 million for the first quarter of 2009.