Oriental Morning Post, 8/18/05
China InterActive-affiliated cyber community, Mop.com, has announced, after receiving a USD10 mln strategic investment and acquiring social networking website UUME, that it will list on the Nasdaq exchange next year.
China InterActive Chaiman and CEO, Chen Yizhou, explained that his company secured the USD10 mln investment last month from Accel Partners, one of the world's top 5 venture capital firms and also an investor in UUME. Mop bought UUME in June this year, but so far, the total acquisition price has not been disclosed. The two companies will continue to maintain separate domain names after the merger, the legal proceedings of which are nearly complete, but will integrate content and business models.
A first-generation social networking website, Mop offers online chat services to its 15 mln registered users, while the second-generation UUME enables users to create online social circles comprised of their real-life friends.
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