Rumor: Netease to Spin Off and List Portal Business

Tencent Tech, 7/13/10

A source close to Chinese internet portal and online gaming company Netease (Nasdaq: NTES) has revealed that the company's major target for its portal business in 2010 is not content but sales. The source said Netease will establish a second sales department in addition to the original one, to be headed by Netease VP and chief editor Li Yongqin. Netease plans to increase advertising revenue from its portal business year, in preparation to spin off the business for an independent listing.

The source said the key to the spin-off's success will be the portal's 2010 financial results, especially those of the third and fourth quarters; if the portal performs well, an independent spin-off and listing will be very likely.

No further information was yet available regarding a place and date for a listing.

Keywords: Li Yongqin Netease Internet portal spin-off listing NTES

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