Word: sina
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...foreign players) it seemed certain that China's Internet would be controlled by locals, not outsiders. Well, another bit of New Economy conventional wisdom may be unraveling. China's homegrown portals, the sites Web-crawlers use as their home pages, are slowly bleeding to death. Years from becoming profitable, Sina, Netease and Sohu are burning through cash stockpiled from their IPOs, and their founders?China's best-known Internet heroes?are starting to wonder who among them will fold or sell out first...
...Daniel Mao, chief operating officer of Sina, sits in a Japanese restaurant in Beijing jabbing at his sushi and coolly dissecting the fate of the industry. "Some will get bought, some will go broke," he predicts. "It will all be happening in the next nine months." A former venture capitalist, Mao engineered Sina's creation by arranging a merger between a U.S. Internet start-up and a Chinese software company. Soon he may preside over its resale. Mao contemplates the latest street buzz: AOL is rumored to be trying to acquire community portal Netease, while Microsoft is said...
...themselves. Net pioneers had to placate the censors while opening chat rooms on controversial topics?from sexual mores to a tragic schoolhouse explosion?that Chinese wanted to discuss. They also found ways to bypass China's byzantine regulatory system and tap into U.S. capital markets. Netease raised $70 million, Sina $68 million, while Sohu brought in $60 million...
...China's Internet firms face the kind of uncertainty their counterparts are experiencing in London, New York or Silicon Valley. At Sina's no-frills headquarters in Beijing, set in a former primary school, employees openly talk of what's next. "I'm nervous," says one Web writer, as she sits in front of a whiteboard filled with scribbled translations of the English words for superstar, IPO and Red Herring. Sina's top lieutenants are committed to globalization?the company distinguishes itself with websites aimed at overseas Chinese worldwide. But these days, they take slim comfort in the idea that...
...deals in China's online market. AOL Time Warner, which publishes TIME, is said to be the furthest along. Sources say it has held intense negotiations with Beijing's politically well-connected Legend Computer about forming a joint venture that would then snap up Netease. Rumors link Microsoft with Sina. (Spokesmen for Microsoft and AOL deny there are any deals in the works.) Amid all the jockeying, Yahoo!'s plans seem the murkiest. International expansion may no longer be a major priority: many of Yahoo!'s most senior international executives have resigned, among them Savio Chow, managing director of Yahoo...