China Media Monitor

Monitoring industry and company developments in the Chinese media industry

| Monthly newsletter | Issue No. 15, Published 1 December 2009 | Published by Heernet Ventures Limited (heernet.com) | Subscribe at G2Mi.com |

News

FIFA signs agreement with CCTV Data

Shanda Interactive enters into partnership with Hunan TV

Share Price Performance

Xinhua Sports & Entertainment (Q3 2009 results)

Deal Sheet

AirMedia Group Inc. (Q3 2009 results)

Circulation data

China Digital TV Holding Co., (Q3 2009 results)

Shanda Interactive Entertainment Ltd plans to acquire
Mobile handset and subscribers data
Ku6.com

Sina Corp. raises US$ 180 million from three investment firms

China Eastern Airlines Corporation Ltd. enters into agreement

with Alibaba Group

Giant Interactive Group Inc. (Q3 2009 results) follow Chinese media news at

51job, Inc. (Q3 2009 results) twitter.com/g2mi

China Finance Online Co. Ltd. (Q3 2009 results)

The9 Ltd. (Q3 2009 results)

Chinese media

eLong, Inc. (Q3 2009 results)
market coverage

NetEase.com, Inc. (Q3 2009 results)

Perfect World (Q3 2009 results)

Kong Zhong Corp. announces its plan to acquire literature

website

Sina Corporation (Q3 2009 results)

Tencent Holdings Ltd. (Q3 2009 results)
Heernet Ventures publishes this newsletter as part of its
research coverage of the Chinese media industry. You can
access more research on the Chinese media industry from
our research website at G2Mi.com.
G

Ctrip.com International, Ltd. (Q3 2009 results) If you are a media company or financial investor seeking

TripAdvisor acquires travel search engine, Kuxun.cn growth opportunities in the Chinese media industry, we can

KongZhong Corporation (Q3 2009 results) assist you to ensure that you are successful in identifying

City Telecom (H.K.) Ltd. (annual results)

and executing the best opportunities. With dedicated
teams in both Europe
ope and Asia, we are well placed to
provide ‘on the ground’ assistance and support.

For an initial discussion, contact Harjinder Singh-Heer

Singh on +44
(0) 208 180 7223 or by email on harjinder@heernet.com.

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News

Media station, with an annual program production capacity of

approximately 6,000 hours. Shanda Interactive
FIFA signs agreement with CCTV
Entertainment Ltd. offers entertainment content including
16 November 2009 massive multi-player online role-playing games and
FIFA has entered into an agreement with China Central advanced casual online games.
Television (CCTV) for broadcasting rights for FIFA
tournaments on CCTV channels and website. According to
the agreement, CCTV will broadcast all tournaments until Xinhua Sports & Entertainment (Q3 2009 results)
2014 including 2010 and 2014 World Cups. China Central 12 November 2009
Television is a state owned broadcasting company, holding
Xinhua Sports & Entertainment has announced financial
the China’s largest national TV network. The company
results for Q3 2009. The company generated net revenue of
operates a channel, CCTV International (CCTV-9) and its
US$ 39.6 million, an annual decline of 20.2%. Advertising
online version CCTV.com for international markets.
services contributed 56% in Q3 2009, totaling US$ 22.3
million. Its net loss decreased to US$ 11 million in Q3 2009.
China Digital TV (Q3 2009 results) XSEL is a leading China based sports and entertainment
10 November 2009 media company. The company offers sports related content
through different platforms including television, internet,
China Digital TV Holding Co., Ltd. announced its financial
mobile and other multimedia products.
results for Q3 2009; the company generated total revenue of
US$ 12.2 million, an annual decline of 28.2%. It generated (US$ million) Q3 2008 Q3 2009 % Change
87% of its revenue from smart cards (in Q3 2009). Its net
Advertising services 26.0 22.3 -14.2
income decreased annually by 40.2% to US$ 4.9 million in
Content production 7.8 0.1 -98.7
Q3 2009. China Digital TV provides conditional access Advertising sales 15.7 17.0 8.3
systems for the Chinese digital television market. Publishing services 0.1 0.1 86.4
Particulars (US$ Total Net Revenue 49.6 39.6 -20.2
Q3 2008 Q3 2009 % Change Net loss -15.7 -11.0 -29.9
million)

Products 15.1 10.6 -29.8 Revenue segmentation

Services 1.9 1.6 -15.8 Broadcast:
Total Revenue 17.0 12.2 -28.2 Television 6.1 11.5 88.5
Net income 8.2 4.9 -40.2 Radio 2.7 2.1 -22.2
Net Margin (%) 48.2 40.2 Mobile 3.3 4.2 27.3
Production 6.0 0.1 -98.3
Subtotal 18.1 17.9 -1.1
Source: ir.chinadtv.cn
Advertising
Print/Online 15.5 8.0 -48.4
Outdoor/Other 7.4 2.3 -68.9
Shanda Interactive enters into partnership with
BTL Marketing 5.6 7.6 35.7
Hunan TV
Subtotal 28.5 17.9 -37.2
12 November 2009 Print
Newspaper 1.5 2.0 33.3
Shanda Interactive Entertainment Ltd, through its
Magazines 1.5 1.8 20.0
subsidiary, Shanda Pictures Ltd. has entered into a
Subtotal 3.0 3.8 26.7
partnership with Hunan Broadcasting and Television Group
(Hunan TV) to form a new film and television company. Source: xsel.com
According to deal, both the companies will invest Yuan 600
million in the joint venture. The joint venture will produce
and distribute movies and television series and other related
agency services. Hunan TV is a leading local television

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CHINA MEDIA MONITOR

AirMedia Group Inc. announces its financial results Internet

for Q3 2009
Shanda Intercative Entertainment Ltd plans to
10 November 2009 acquire Ku6.com
AirMedia Group Inc. has announced financial results for Q3 27 November 2009
2009. The company generated total revenue of US$ 37.7
Shanda Interactive Entertainment is planning to acquire
million, an annual increase of 12%. It generates most of its
Ku6.com, a leading Beijing based video website, for US$ 44
income from digital screens in airports (contributing 45% in
million through its subsidiary, Hurray! Holding Co.
Q3 2009). Its net income increased by 15.2% (year on year)
According to sources, Ku6.com will be merged with Hurray!
to reach US$ 37.2 million in Q3 2009. The company sold
Holding and Li Shanyon, CEO of Ku6.com will be the
8,187 time slots in digital screens in airports (an annual
president of the new company. Ku6.com has approximately
increase of 146.8%); it currently offers screens in 31
20 million daily unique visitors and 250 million daily page
airports.
views. Shanda Interactive Entertainment Ltd. offers
% entertainment content including massive multi-player online
(USD million) Q3 2008 Q3 2009
Change
role-playing games and advanced casual online games.
Digital Frames in Airports 10.1 17.1 69.3
Digital TV screens in airports 13.1 8.4 -35.9
Digital TV screens on Sina Corporation raises US$ 180 million in private
6.6 4.1 -37.9
airplanes equity investment
Traditional media in airports 2.0 7.3 265.0
Other displays 2.0 0.9 -55.0 27 November 2009
Total Revenue 33.7 37.7 11.9 Sina Corp. has announced that three investment firms and
Net income 32.3 37.2 15.2
management will invest US$ 180 million in the company.
Net margin (%) 95.8 98.7
The three companies include Sequoia Capital, Fountain Vest
*Digital Frames in Airports Partners, and Citic Capital Holdings Ltd. According to the
Number of airports in announcement the three companies will hold 9.4% stake in
19 31 63.2
operation
Number of time slots Sina Corp. after this investment. The amount of US$50
17,086 28,918 69.2
available for sale
million will be invested by Sina’s management and the rest
Number of time slots sold 3,317 8,187 146.8
US$130 million by the three investment firms. Sina
*Digital TV screens in Corporation operates as an online media company and
airports
Number of airports in mobile value-added services provider in China. It operates
41 40 -2.4
operation through five business segments including SINA.com (online
Number of time slots
available for sale
25,275 25,629 1.4 news and content), SINA Mobile (MVAS), SINA
Number of time slots sold 8,019 5,659 -29.4 Community (Web 2.0-based services and games), SINA.net
(search and enterprise services) and SINA E-Commerce
*Digital TV screens on
airplanes (online shopping).
Number of airports in
9 9 0.0
operation
Number of time slots
available for sale
468 450 -3.8 China Eastern Airlines Corporation Ltd. enters into
Number of time slots sold 287 213 -25.8 agreement with Alibaba Group
25 November 2009
*Traditional media in
airports China Eastern Airlines Corporation Ltd. has entered into a
Number of locations
n.a 1,006 partnership with Alipay, a subsidiary of Alibaba Group, for
available for sale
Number of locations sold n.a 359 online ticket payment services. According to the partnership,
Source: ir.airmedia.net.cn, * not in millions. Alipay will provide direct payment services for the online
ticketing operations of China Eastern’s website. Alibaba’s
Taobao.com will offer an online store for ticket sales for
China Eastern’s flights. Alibaba Group, a leading online e-
commerce website operator.

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CHINA MEDIA MONITOR

Giant Interactive Group Inc. announces its China Finance Online Co. Ltd. announces its
financial results for Q3 2009 financial results for Q3 2009
24 November 2009 23 November 2009

The online gaming company, Giant Interactive Group Inc. For Q3 2009, China Finance Online generated net revenues
has announced its financial results for Q3 2009. The of US$ 14.6 million, an annual decline of 4.3%. It generated
company generated total revenue of CNY 290.2 million, an 78% of its revenues from subscription services. Brokerage
annual increase of 9.4%. Its net income increased by 47.2%, related services segment contributed 9.5%. The company
reaching to CNY 197.4 million in Q3 2009. The company recorded 13.1 million registered users and 112,000 active
announced that it registered 1.1 million active paying paid individual subscribers for the period. China Finance
accounts, 1.3 million peak concurrent users and 426,000 Online provides online financial and listed company data,
average concurrent users for the period. Giant Interactive information and analytics in China. It operates two websites:
Group Inc. is a leading online game developer and operator jrj.com and stockstar.com. Through its subsidiary, Shenzhen
in China. It operates multiple games including ZT Online, Genius Information Technology Co. Ltd, it provides
ZT Online Green Edition and Giant Online. financial information database and analytics to institutional
Particulars (CNY customers. Another subsidiary, Daily Growth Investment
Q3 2008 Q3 2009 % Change
million) Company Ltd. provides securities brokerage services for
stocks on Hong Kong Stock Exchange.
Online Game 264.3 287.5 8.8
Overseas licensing 0.8 2.6 225.0 Particulars (US$
Q3 2008 Q3 2009 % Change
Other 0.0 0.0 -43.7 million)
Total Net Revenue 265.2 290.2 9.4
Subscription services
Net income 134.1 197.4 47.2
fees paid by individual 13.4 11.4 -14.9
customers
Source: ga-me.com Revenue from mobile
0.2 0.3 47.1
value added services
Subscription service
fees paid by 0.4 0.4 3.9
51job Inc (financial results for Q3 2009) institutional customers
Advertising-related
23 November 2009 0.8 1.1 46.1
business
Brokerage related
51job.com Inc. has announced the financial results for Q3 0.5 1.4 178.8
services
2009. The company generated total revenue of CNY 219.6 Others 0.0 0.0 14.3
Net Revenue 15.2 14.6 -4.3
million, an annual increase of 5.1%. Online recruitment
Net income (loss) 4.8 (1.0) -120.8
services contributed 41% of revenues in Q3 2009. Print Net margin (%) 31.6 -6.9
advertising and other recruitments services segments
contributed 35% and 23.9% respectively. Its net income Source: ir.chinafinanceonline.com
increased by 27%, reaching to CNY 35.9 million in Q3
2009. The company recorded 3,213 print advertising pages
The9 Ltd (financial results for Q3 2009)
and 91,167 unique employers. 51job, Inc. provides
integrated human resource services in China, especially 23 November 2009

recruitment related services. Its products are 51job Weekly The9 Ltd. has announced its financial results for Q3 2009.
in print and online recruitment portal; 51job.com. The company generated total revenue of CNY 26.9 million,
Particulars (CNY an annual decline of 93.8%. Online gaming contributed
Q3 2008 Q3 2009 % Change
million) approximately 96% of revenues in Q3 2009. Its quarterly
net loss was CNY 71.8 million. The9 Limited is a leading
Print Advertising 83.2 77.1 -7.3
Online Recruitment China based online game operator and developer. It offers
77.7 90.1 16.0
services MMORPGs and advanced casual games including Soul of
Other 48.2 52.4 8.7
Total Revenue 209.0 219.6 5.1 the Ultimate Nation, FIFA Online 2 and Atlantica.
Net income 28.3 35.9 26.9
Net margin (%) 13.5 16.3

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CHINA MEDIA MONITOR

Particulars (CNY Particulars (CNY

Q3 2008 Q3 2009 % Change Q3 2008 Q3 2009 % Change
million) million)

Online Game Services 429.3 25.7 -94.0 Online Game services 675.1 775.1 14.8
Game operating Advertising services 113.0 86.0 -23.9
support, website Wireless value-added
93.3 0.1 -99.9 18.5 18.3 -1.1
solutions and services and others
advertisement Total Revenue 806.6 879.5 9.0
Other 1.6 1.1 -31.3
Net income 313.3 393.8 25.7
Total Revenue 431.1 26.9 -93.8
Net income 80.0 -71.8 -189.8
Source: corp.163.com

Source: the9.com

Perfect World announces its financial results for

Q3 2009
eLong, Inc. (financial results for Q3 2009)
16 November 2009
23 November 2009
Perfect World Co. generated total revenue of CNY 590.0
The online travel company eLong, Inc. generated total
million (annual increase of 54.5%). Revenue segmentation:
revenue of CNY 103.2 million, an annual decline of 14.7%.
online game operations (82%); overseas licensing (10%);
Hotel commissions account for 67% in Q3 2009 totaling
and film and television services (7.7%). Its net income
CNY 68.6 million, followed by air ticketing commissions
increased annually by 45.4%, reaching to CNY 298.0
and other segments with 24.5% and 9.0% share respectively.
million in Q3 2009. The company recorded 713,000 average
Its net income declined annually by 52%, reaching to CNY
concurrent users and 1.6 million active paying customers for
7.5 million in Q3 2009. It offers a database of 9,300 hotels
the period. Perfect world Co. is an online game developer
in 80 cities in China and of 1,00,000 international hotels in
and operator. It develops online games based on proprietory
100 countries worldwide.
game engines and game development platforms. Its game
Particulars (CNY
million)
Q3 2008 Q3 2009 % Change portfolio includes MMORPGs: Perfect world, Legend of
Martial Arts and online casual game: Hot Dance Party.
Hotel Commissions 65.2 68.6 5.2
Air ticketing
19.9 25.3 27.1
commissions
Particulars (CNY
Other 4.9 9.3 89.8 Q3 2008 Q3 2009 % Change
million)
Total Revenue 90.0 103.2 14.7
Net income 15.5 7.5 -51.6 Online Game
324.5 485.9 49.7
operations
Overseas Licensing
Source: elong.net 57.3 58.8 2.6
revenues
Film and Television
45.3
revenues
Total Revenue 381.8 590.0 54.4
Net income 198.8 289.0 45.4
NetEase.com, Inc. announces its financial results
for Q3 2009
Source: pwrd.com
18 November 2009

NetEase.com, generated total revenue of CNY 879.4

million, an annual increase of 9.0%. Online games
accounted for 88% in Q3 2009, totaling CNY 775.1 million,
followed by advertising and wireless value-added services,
with 9.8% and 2.1% share respectively. Its net income
increased by 25.7%, reaching to CNY 313.3 million in Q3
2009. NetEase.com is a leading China based internet and
online game services provider. It offers online games,
wireless value-added services and internet portal services.
Kong Zhong Corp. announces its plan to acquire
literature website
13 November 2009
KongZhong Corporation has plans to acquire zhulang.com, a
literature works website. The website has approximately 5
million registered users and 1 million daily visitors
(September 2009). KongZhong is a mobile internet company
in China.

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CHINA MEDIA MONITOR

Ctrip.com (financial results for Q3 2009)

Sina Corporation announces its financial results 11 November 2009
for Q3 2009
Ctrip.com International generated revenues of CNY 583
24 November 2009 million, an annual increase of 47%. Hotel reservation
Sina Corporation generated net revenues of US$ 96.4 services contributed approximately 45% of revenues (air
million (annual decline of 8.5%). Advertising services ticketing, packaged tour and others segments contributed
contributed 66.2% (Q3 2009) followed by mobile related 41.3%, 9.4% and 4.3% respectively). Its net income reached
services with 32%. Net income declined by 10.6% to US$ CNY 190.9 million in Q3 2009. Ctrip.com International Ltd.
16.9 million. is a China based leading travel service provider of hotel
Particulars (US$ accommodations, airline tickets and packaged-tours.
Q3 2008 Q3 2009 % Change
million) Particulars (CNY
Q3 2008 Q3 2009 % Change
million)
Advertising 76.2 63.8 -16.3
Mobile related 27.1 30.9 14.0 Hotel Reservation 186.0 262.3 41.0
Other 2.1 1.7 -19.0 Air-Ticketing 166.4 241.1 44.9
Net Revenue 105.4 96.4 -8.5 Packaged tour 28.4 54.7 92.6
Net income 18.9 16.9 -10.6 Others 16.2 25.2 55.6
Net Margin (%) 17.9 17.5 Total Revenue 397.5 583.4 46.8
Net income 104.5 190.9 82.7
Source: corp.sina.com.cn Net margin (%) 26.3 32.7

Source: ir.ctrip.com
Tencent Holdings (financial results for Q3 2009)
11 November 2009
TripAdvisor acquires travel search engine,
Tencent Holdings generated total revenue of CNY 3,368.9 Kuxun.cn
million, an annual increase of 66.4%, and an increase of
02 November 2009
17.0% from Q2 2009. internet services accounted for 77.8%;
mobile and Telecommunications and online advertising TripAdvisor.com has announced the acquisition of
segments contributed 13.2% and 8.7% respectively. Its net Kuxun.cn. TripAdvisor is owned by Expedia Inc. and
income increased quarterly by 19.3%, reaching to CNY operates a travel-review website, DaoDao.com, a localised
1,433.2 million in Q3 2009. reviews and community site for Chinese travelers. It also
plans to invest US$ 50 million in China over the next two
It recorded 1,057.0 million registered instant messaging user years. Daodao.com had approximately 4 million unique
accounts, 484.9 million Active IM user accounts, 75.5 visitors (September 20090. Kuxun.cn is a Beijing based
million peak simultaneous online user accounts for IM travel meta-search engine, which allows users to compare
services, 5.7 million peak simultaneous online user accounts airfares and hotel room prices from various providers.
of QQ Game portal for the period. IVAS paying
subscriptions and MVAS paying subscriptions were 47.9
million and 17.7 million respectively. Telecom
Particulars (CNY KongZhong Corporation (financial results for Q3
Q3 2008 Q3 2009 % Change
million)
2009)
Internet value added 05 November 2009
1,400.6 2,622.6 87.2
services
Mobile & KongZhong Corporation. generated total revenue of US$
Telecommunications 372.5 446.2 19.8
value added services 35.1 million, an annual increase of 39.8%. Wireless value
Online advertising 249.1 293.6 17.9 added services contributed approximately 72.4% totaling
Others 2.3 6.6 187.0 CNY 25.4 million, followed by mobile games and wireless
Total Revenue 2,024.5 3,368.9 66.4
internet services segment, with 23.4% and 4.3% share
Net income 745.3 1,433.2 92.3
Net margin (%) 25.5 42.5 respectively. Its net income was US$ 4.5 million (from net
loss of US$21.6 million in Q3 2008). KongZhong

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CHINA MEDIA MONITOR

Corporation provides wireless

reless value added services thro
through fixed line subscribers and 943,000 broadband, voice and IP-
IP
WAP, multimedia messaging service, JAVA, short TV subscribers (August 2009). City Telecom (H.K.) Ltd. is
messaging service and other related platforms. It operates a provider of residential and corporate fixed network and
three wireless internet sites: Kong.net, Ko.cn and international telecommunications services in Hong Kong.
cn.NBA.com. Particulars (HK$
2008 2009 % Change
million)
Particulars (US$
2008 2009 % Change
million)
International
Telecommunications 297.6 253.0 -15.0
WVAS 22.1 25.4 14.9 services
Mobile Games 2.4 8.2 241.7 Fixed
Wireless internet Telecommunications 1,033.7 1,250.7 21.0
0.6 1.5 1250.0
services network services
Total Revenue 25.1 35.1 39.8 Other 25.0 41.5 66.0
Net income (21.6) 4.5 120.8 Total Revenue 1,356.3 1,545.2 13.9
Key ratios EBITDA 378.1 508.1 34.4
Net margin (%) 12
12.8 Net income 125.2 212.8 70.0
Key ratios
Source: corpasia.net EBITDA Margin (%) 29.0 34.4
Net margin (%) 9.2 13.8
Geographical
revenue
City Telecom (H.K.) Ltd. announces its financial Segmentation
results for year ending August 2009 Hong Kong 1,281.1 1,461.7 14.1
Canada 21.9 16.5 -24.7
05 November 2009

City Telecom (H.K) has announced financial results for the Source: citigroup.com.hk
year ending August 2009. The company generated total
revenue of approximately HK$ 1.3 billion,
billion an annual
increase of 14% (81% from fixed telecomss network services follow Chinese media news at
and the remainder from international telecommunications
twitter.com/g2mi
services). It generated net income of HK$ 212.8 million
with the net income margin of 14% in the year. Hong Kong
contributed 95% of revenue with the rest from Canada. City
Telecom announced that it has approximately 1.6 million

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Share Price Performance

Company name Reuters Bloomberg Currency Current % Change

Code Code price
1 mth 6 mth 12 mth

Diversified Media
Sing Tao News Corporation Limited 1105.HK 1105:HK HK$ 0.6 7.4 34.9 78.5
TOM Group 2383.HK 2383:HK HK$ 0.7 16.7 55.6 164.2

Broadcasting
Phoenix Satellite Television Holdings 2008.HK 2008:HKG HK$ 2.1 11.9 72.5 213.6
Shaanxi Broadcast & TV Network 600831.SS 600831:SHH CNY 8.3 6.7 3.5 65.8

Publishing
Ming Pao Enterprise Corp Ltd 0685.HK 685:HK HK$ 1.2 5.4 2.6 -1.7
Next Media Limited 0282.HK 282:HKG HK$ 1.1 2.9 -18.0 10.5

Internet
Baidu BIDU.O BIDU:US US$ 442.2 1.6 76.1 256.5
Alibaba 1688.HK 1688:HK HK$ 17.6 -4.1 19.6 320.1
i-Cable Communications 1097.HK 1097:HK HK$ 1.0 7.4 30.8 92.5
Shanda Interactive Entertainment SNDA.O SNDA:US US$ 50.2 8.22 -5.9 116.0
Sina Corporation SINA.O SINA:US US$ 44.7 7.3 55.0 63.7
Sohu.com Inc. SOHU.O SOHU:US US$ 56.0 -21.5 -3.1 31.0
Tencent Holdings Limited 0700.HK 700:HK HK$ 139.0 -5.1 61.8 231.7

Online Gaming
China Mass Media Corporation CMM.P CMM:US US$ 3.0 -27.5 -14.3 50.0
Giant Interactive group Inc GA.N GA:US US$ 7.2 -4.8 -5.7 16.6
Kingsoft Corporation Limited 3888.HK 3888:HK HK$ 6.0 -20.0 6.6 187.6
NetDragon Websoft Inc. 0777.HK 777:HK HK$ 4.5 -12.6 -16.3 73.5

Outdoor Advertising
Clear Media 0100.HK 100:HK HK$ 3.6 -5.1 16.7 78.0
VisionChina Media VISN.O VISN:US US$ 9.3 -9.5 56.1 74.0

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Deal Sheet

A summary of key deals and joint ventures.

Date Sector Investor Investee Terms Details

Nov-09 Online Travel TripAdvisor.com Kuxun.cn n.a TripAdvisor.com, a travel-review website, acquired
Kuxun.cn. a Beijing based travel meta-search engine.

Nov-09 Online Shanda Interactive Ku6.com n.a. Ku6.com is an online video website. It has approximately
20 million daily unique visitors and 250 million daily page
views

Oct-09 Entertainment INTAGE Inc. Xinhua Sports and n.a Xinhua Sports and Entertainment Ltd. sold its stake in
Entertainment Ltd Shanghai Hyperlink Market Research Co. Ltd. to
INTAGE Inc.

Sep-09 Telecoms Taiwan Mobile Kbro Co., Ltd NT$56.8 billion Taiwan Mobile acquired Kbro Co., Ltd, a Taiwan-based
(NT$32.8 share cable-TV operator, for NT$56.8 billion.
swap and NT$24
billion debt)

Sep-09 Telecoms Chunghwa Telecom Chunghwa 40% stake Chunghwa Telecom Co., Ltd acquired a 40% stake in
Co., Ltd Investment Co., Ltd Chunghwa Investment Co., Ltd from Yang Ming Marine
Transport Corp for NT$759 million.

August-09 Telecoms Capital Research and China Telecom n.d. Capital Research and Management Company raised its
Management Company Company Ltd. stake in China Telecom Company Ltd from 7.85% to
8.13%.

August-09 Online Travel Ctrip.com International ezTravel.com n.d. Ctrip.com International Limited raised its stake in
Ltd. ezTravel.com from 20% to more than 50%. Ctrip.com
International Ltd provides hotel accommodation and
airline tickets online in China. ezTravel.com is a major
travel services provider in Taiwan.

July-09 Outdoor Advertising Fosun International Ltd Focus Media n.d Fosun International Ltd, a Chinese conglomerate, raised
Holding Ltd its stake in Focus Media Holding Ltd from 26.14% to
30%. Focus Media Holding Ltd operates in outdoor
advertising in China. Fosun International Ltd operates in
pharmaceuticals, property development, steel, mining,
retail, services and strategic investments.

July-09 Television Qin Jia Yuan Media Triangle Marketing HK$6.2 million Qin Jia Yuan Media Services Company Ltd. acquired a
Broadcasting Services Company Ltd. 90% stake in Triangle Marketing. Qin Jia Yuan Media
Services Company Ltd operates in the concept
development, production and distribution of programmes
for prime time broadcasting. Triangle is a marketing
services agency based in Hong Kong.

June-09 Publishing Star Publications 701Sou Pte Ltd S$5.0million Star Publications, based in Malaysia, publishes, prints
and distributes newspapers and magazines. 701Sou,
launched in November 2008, provides online directory
search services in China through its 701Sou.com
website.

May-09 Online Media Ctrip.com International, Home Inns & Hotels HK$50 million Ctrip.com International, Ltd provides online travel
Ltd (China) Management Inc. (additional 9.52% services for accommodation, airline tickets and package
(China) stake) tours in China. Home Inns & Hotels Management Inc.
develops and manages economy hotels in China under
the Home Inn brand.

April-09 Telecoms China Mobile (China) Far EasTone HK$4.1 billion (12% China Mobile is a telecommunications operator that
Telecommunications stake) offers fixed, wireless and broadband services in China.
Far EasTone Telecommunications is a telecom operator
based in Taiwan.

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CHINA MEDIA MONITOR

Date Sector Investor Investee Terms Details

April-09 Publishing Pearson PLC (United Wall Street English US$145 million Pearson PLC, an international media company, engages
Kingdom) (China) (100% stake) in education, business and consumer publishing in the
UK. Wall Street English is a Chinese subsidiary of Wall
Street Institute and operates 39 English-language
training centres in 7 Chinese cities.

April-09 Broadband China Broadband, Inc. AdNet Media n.d China Broadband Ltd. provides cable broadband
Technologies Co. services and publishes digital and analogue programme
Ltd. guides in the Shangdong province of China. AdNet
Media Technologies Co. Ltd. is a Beijing-based provider
of media advertising content to Internet cafes.

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Data

Newspaper and magazine circulation data

(Circulation 000’) % Change

2009 July August September July August September

Newspapers 1,353,522 1,394,128 1,296,198 -4.2 3.0 -7.0

Magazine 80,788 83,615 77,769 -11.8 3.5 -7.0

Source: National Bureau of statistics of China

Mobile subscriber data

Particular Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009

Handset Volume (million)* 50 45 49 39 45 43 47

Mobile subscribers (000')** 574,634 600,757 624,046 641,230 670,331 695,199 719,838

Source: * Nokia website; ** National Bureau of statistics of China

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