<- September 22, 2008 ->

Baofeng Plans to List in 2010

Sina Tech, 9/19/08

CEO Feng Xin of media player maker Baofeng says the company is considering listing on the Hong Kong Stock Exchange in 2010.

Baofeng currently covers between 60 and 70% of Chinese internet users, and has an 85% share in the field of media players. Half a year ago, Baofeng began to break even, and has grown from 70 employees to 170 over the past year. Currently, Baofeng is preparing for its second round of financing to the tune of USD 20 mln, which it expects to complete in H2 2008. The new capital will be used mainly to finance Baofeng's rivalry with Tencent (0700.HK). Feng predicts that the media player market will split into competition between a few ‘giants,' with the market leader taking about a 30% share.

Keywords: funding, 0700.HK, 2010, Baofeng, Feng Xin, Hong Kong Stock Exchange, Internet, media player, Tencent, IPO, second-round

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