QUOTE AND NEWS
Reuters  Sep 26  Comment 
Bank of America is set to cut about two dozen investment banking jobs in Asia, including some top dealmakers, sources told Reuters, as a slowdown forces western banks to cut costs.
Reuters  Sep 3  Comment 
The Chinese government said on Friday it was investigating two high-profile takeover proposals involving U.S. companies, the latest sign of its growing influence on whether deals are approved - even those appearing to have little impact in China.
Reuters  Sep 2  Comment 
The Chinese government said on Friday it was investigating two high-profile takeover proposals involving U.S. companies, the latest sign of its growing...
Reuters  Sep 2  Comment 
The Chinese government said on Friday it was investigating two high-profile takeover proposals involving U.S. companies, the latest sign of its growing influence on...
SeekingAlpha  Aug 29  Comment 
Reuters  Aug 25  Comment 
* KongZhong announces receipt of revised non binding proposal to acquire company; Offer for US$7.18 in cash per american depositary share
Reuters  Aug 10  Comment 
An HSBC and Bank of America Merrill Lynch venture and financial technology firm R3 said separately on Wednesday that they had created ways of using blockchain technology to simplify trade finance processes.




 
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Kongzhong Corporation (Kongzhong) is one of the leading providers of wireless value-added services in China. The company provides most of its services through 2.5G technology platforms, including wireless access protocol (WAP), multimedia messaging service (MMS), and Java, which offer higher quality graphics, richer content and interactivity compared to 2G wireless services. Kongzhong also offers a range of data and voice services through 2G technology platforms, including short messaging service (SMS), interactive voice response (IVR) and color ring back tone (CRBT). It delivers its services that users can access directly from their mobile phones, including by choosing an icon embedded in select models of handsets, or from a mobile operator's portal or web site. In 2006, revenue from 2.5G and 2G each accounted for 49% and 51% of the total revenue of the company. In 2006, its top three products, SMS, WAP, and MMS business each contributed 41%, 25%, and 22%, respectively, of the company's revenue.

Kongzhong's third quarter results were in line with market expectations. Revenue stopped declining sequentially for the first time in the past five quarters. The Chinese wireless value-added services market has seen increasingly intense competition, and the policy changes from Chinese telecom operators and regulation changes from Chinese government have great effect on Kongzhong's business. Although we are not optimistic about its prospects in the near term due to the tough WVAS operating environment, the company still has enough cash to look for another source of revenue growth in the future. The low P/B ratio of the stock can provide some support for its stock price. Therefore, we are maintaining our Hold recommendation for the stock.




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