China's Internet Moving out of Slump

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Last updated at: (Beijing Time) Friday, November 08, 2002

China's Internet Moving out of Slump

"China's Internet is rising out of its slump," said Ma Huateng, CEO of China's largest instant internet telecommunication services, Internet Tencent.com.

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"China's Internet is rising out of its slump," said Ma Huateng, CEO of China's largest instant internet telecommunication services, Internet Tencent.com.

Ma made these remarks at Sunday's conference on the evolution of the Internet held in Hangzhou, capital of east China's Zhejiang Province.

Sohu.com Inc., one of the largest Internet portals in China, reported total earnings of 7.5 million US dollars for the third quarter ending on September 30 of this year, up 110 percent over the same period last year. Its net profits for the period totaled 112,000 US dollars.

China's three main Internet portals, Sina, Sohu and Netease, published their second quarter financial reports in July, declaring that the Chinese Internet was rising out of "the NASDAQ slump."

Some specialized websites are also progressing well. Hangzhou Hi2000 Infotech Inc., specializing in the chemical industry, declared this September that the company will be listed in Hong Kong next year.

Alibaba.com Inc., the initiator of the conference, reported its monthly profits last December, and has set up a website in Japanese to expand its business.

The conference is, in reality, a summit meeting of China's Internet companies, with five major websites participating. The five websites are Ourgame.com, 3721.com, Tencent.com, 51job.com, Ctrip.com, and each is the market leader in its sector. The websites specialize in games, Chinese real names, human resources, and tourism, respectively.

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