BEIJING -- Shares were higher in China Monday, as the Hong Kong index added 0.9% to 16,603, and its counterpart in Shanghai was up 0.2% to 1734.That was a stark contrast to the horror movie that played out for China Net stocks in New York Friday, as the market digested a slew of strict new Chinese
- Tom said it's still trying to assess how much revenue would be hurt, but that it's likely to be "significantly" worse than the 15% sequential drop that it outlined last month, excluding its acquisition of Infomax. At the time, management considered a decline on that order the worst-case scenario. Tom said wireless Internet revenue made up roughly 94% of its $48.6 million total in the first quarter.
- Sina said it will give more detail in its second-quarter earnings report in early August, but echoed the sentiment that the effect will be significantly negative. About 49% of its first-quarter revenue of $46.7 million were from mobile value-added services.
- Sohu said the policies are expected to reduce its wireless revenue by $1.5 million to $2.5 million per quarter for the third and fourth quarters this year. In the first quarter, Sohu drew 26% of its $31.3 million in sales from wireless revenue.
- KongZhong cut its fiscal-year sales outlook to between $85 million and $105 million, down from the $110 million to $115 million forecast it made in May. In the first quarter, KongZhong's $27.9 million in revenue was all drawn from wireless value-added services and wireless Internet portal.
- Hurray, which offers ringtones, said the policy will have "significant negative impact" in the third and fourth quarters. Wireless revenue accounted for about 88% of its first-quarter revenue of $14.6 million.