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IT information site foresees major growth
Last Updated(Beijing Time):2006-09-24 12:42
Chinabyte Technology Co expects its revenue to grow almost fourfold by the end of next year from last year as the IT information provider consolidates its presence in Shanghai and other major cities, senior company officials said yesterday.

ChinaByte has recently bought a Shanghai-based Internet company and will complete two to three more acquisitions in the fourth quarter, President Li Zhigao said, after the launch of a new information technology Website in Shanghai with its Japanese counterpart and shareholder Impress Holdings.

"Our total revenue this year should increase by 80 percent or more, and we expect the momentum to continue next year after these business expansions," Li said.

He estimated this year's revenue will reach 100 million yuan (US$12.5 million) and 200 million yuan next year.

Li wouldn't give the name of the company his firm bought or release other financial details of the deal, saying the registration process hasn't been completed.

Company officials, as well as Impress Holdings, which owns 19.9 percent of ChinaByte, refused to say whether a public listing plan is in the pipeline. More than 10 Chinese Internet companies have listed shares on New York's Nasdaq so far.

There are now more than 80 online IT information Websites in China, and the number is increasing, resulting in heated competition.

ChinaByte, whose business covers IT news, product information and consulting and analysis service, has attracted overseas strategic investors including News Corp, International Data Group and Impress Holdings, which together own more than half of the company's shares.

The new Website it opened yesterday also involved Impress Holdings, the Chinese version of Impress Watch, which ranks first in IT portals in Japan. The site is designed to provide professional guidance for IT and electronic product usage and is expected to generate "millions of yuan" in revenue a year, mostly from online advertisements.

Most of the ad revenue will be contributed by Japanese IT and electronic products manufacturers such as Sony Corp as a result of Impress Holdings' connections with them.
Source:Shanghai Daily 
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