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Kaixin001 to Launch Social E-Commerce Service

Securities Daily, 12/15/11

Cheng Binghao, CEO of Chinese SNS Kaixin001, recently disclosed the site will launch a social e-commerce service.

Cheng conservatively estimates Kaixin001's revenue grew 30% YoY in 2011, with revenue for the first three quarters of 2011 up over 50% YoY, and said the company is in no hurry to IPO.

"Kaixin001's development is focused on pragmatic changes, specifically in those directed at open platform, social e-commerce, and mobile internet," said Cheng, who added that the social e-commerce product would launch next year.

As an example, Cheng pointed out that many users currently send virtual items as gifts on another user's birthday, and in future would be able to send real gifts instead.

Cheng added that Kaixin001 is not likely to directly sell goods online, but instead would leverage its existing social network to partner with third-party e-commerce platforms.

Editor's Note: For more information on this topic, please see "Rumor: Kaixin001 to IPO in US in 2011," MD 12/17/10 issue.

Keywords: wireless Cheng Binghao 2011 e-commerce Internet IPO Kaixin001 revenue SNS mobile Internet open platform

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