Tencent Tech, 1/08/14
A source has revealed that Beijing-based search engine marketing (SEM) provider AdSage will spin off its mobile ad business into a separate company. The decision, which was reportedly made in December 2013, will effectively split the company in two, with AdSage's mobile business to be an independent unit under the newly formed company, "AdWireless" ("Aide Wuxian"), and the company's internet SEM team to remain within AdSage.
Wang Xinyu, President of Shanghai-based online virtual game item trading platform 5173.com, has been recruited to take up responsibilities as AdSage CEO. Former AdSage VP Wei Hongrui will become CEO of AdWireless, and current AdSage CEO Tang Chaohui will act as group Chairman. The company's restructuring is now primarily complete.
According to the source, AdSage expects to complete a second round of funding of an unconfirmed amount in 2014.