Word: sina
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...first courted success with a concept that's bigger in Asia than in the U.S.: online games, a $370 million industry in China in which players interact with each other via the Internet in a virtual world of dragons, maidens and sword fights. Chen has bought majority stakes in Sina, the country's largest portal, and a host of other online gaming companies. Next up, Shanda, in collaboration with Intel, hopes to introduce a set-top box that will enable users to access everything from news, music and movies to games and online auction sites. Currently, only 20 million Chinese...
...long ago, the three NASDAQ-listed Chinese Internet portals, or chortals, were serious dogs. Trading in NetEase was suspended for four months last year as the company sorted through earnings misstatements and a shareholder lawsuit. Sohu's stock bottomed out in April 2001 at 60, and Sina's shares dove from $54.50 that spring to $1.07 some 18 months later...
...dogs are having their day again, with chortal stocks among the best performers of 2002. NetEase, which resumed trading in January after appealing its delisting, closed last week at $8.26?a gain of 895% for the year. Sina is up 325% in 2002, and Sohu has soared 475%. "I've had more funds call me in the last six weeks than in the last two years," says Sohu's CFO Derek Palaschuk...
...charging for Westward Journey II and Priston Tale, both of which have huge followings in China. Though he won't provide exact figures, acting NetEase CEO Ted Sun says "a substantial proportion" of the company's $7.3 million in third-quarter nonadvertising revenues came from games. (Just last week Sina followed suit by inking a deal with NCsoft, a major Korean game company...
...hail the good news. The army of brokerage analysts that once followed the chortals' every move has been routed. "I'm sorry," laments a p.r. person at Goldman Sachs in Hong Kong, "but we don't have any more Internet-sector analysts." Chastened dotcom CEOs are stressing humility. Sina's CEO Daniel Mao says the rally is "the beginning of a healthy comeback?but we still have a long way to go." Indeed, despite their successes, these remain tiny companies, each with annual revenues well under $50 million (compared with Yahoo's nearly $1 billion in sales). "NetEase...