CASH to Rename as "Net2Gather" ChinaBy The Cash Group, PRNE
Tuesday, May 3, 2011
To bring the net and people "2Gather" in China
HONG KONG, May 4, 2011 - The CASH Group (HKEx: 1049), a focused developer of Mobile Internet
services in China, through its Moli Group Limited, today announced that its
Board of Directors proposes to change the Company name to "Net2Gather (China)
Holdings Limited". This signifies its vision of bringing the three networks,
namely Mobile, Internet and Television, and related cross value chain
services and the people of China "2Gather".
The new name also reflects the CASH Group's strategic direction to
allocate further resources to expand its Shanghai-based online games business
with 200 research and development (R&D) professionals, to Mobile Internet
services in China. In this connection, the CASH Group has already acquired a
profitable mobile and SNS platform (Meyouto) with some 20 million subscribers
to formalize its own 40 million online network fraternity.
Mr. Bankee Pak-hoo Kwan, Chairman and CEO of the CASH Group, said, "We
have accumulated the wealth of on-the-ground experience, built an
award-winning team and our relationship network, and gained an understanding
of Chinese customers preferences. With our imminent tie-up with Oberon Media
and our profitable mobile platform with SNS (Meyouto) community, we are ready
to make a real push to capture the lucrative Mobile Internet market…" Mr.
Kwan continued, "As our "2Gather" name signifies, we aim to build a cross
value chain of Mobile Internet services to see a coming together of the net
and people in China in an online fraternity."
The Moli Group was recently ranked fourth out of twenty-two best online
game companies in an assessment by Shanghai Municipal Culture, Radio
Broadcasting, Film and Television Administration, based on measures related
to management and control in operation qualities. This provides impetus for
Moli Group to compete in the estimated annual US$5 billion online games
market in China. Also, Moli Group aims to capture other cross value chain
Mobile Internet services to serve China's over 800 million mobile
subscribers, which is three times the size of the United States.
In addition, Moli Group is now finalising the tie-up with Oberon Media.
This will result in Moli Group becoming a joint venture between itself and
Goldman Sachs, Morgan Stanley and Oak Investment Partners invested Oberon
Media. Moli Group will have the exclusive content distribution rights of over
1,200 casual games in China. Moli Group will localise the content for
distribution to meet market needs. It is also important for upstream content
in bringing "2Gather" Moli Group's Mobile Internet services.
About CASH Group
The CASH Group (Celestial Asia Securities Holdings Limited) is a services
developer. It currently focuses on developing Internet and mobile related
services in China. Accordingly, the CASH Group also focuses on expanding its
Moli Group based out of Shanghai for online games as well as other Internet
and mobile activities, as the opportunities arise. The Moli Group has
approximately 300 dedicated employees and a number of award-winning online
games with a database of some 40 million subscribers. For more details,
please visit www.cash.com.hk.
Moli Group, based out of Shanghai, has 300 dedicated employees, including
200 research and development (R&D) professionals. In relation to (1) its
online game platform with a database of 40 million subscribers over existing
online games, the team has developed two next-generation and much-anticipated
online games, "Tales of Ocean Fantasy" and "Superhero", which will be
launched during the second half of this year. "Superhero" was named the "Best
Self-Developed Online Game" in China's prestigious Golden Plume Awards in
2010. iPhone versions of these games are also being developed. In relation to
its (2) mobile platform, Moli Group is finalising the tie-up with Oberon
Media, which is invested by Goldman Sachs, Morgan Stanley and Oak Investment
Partners, for over 1,200 casual games for selection and adaptation by the
Moli Group in China, and targeted marketing including to the Moli Group's 40
million online subscribers and the mobile and "meyouto" SNS platform with 20
million subscribers. These are parts of the Moli Group's aim to (3) build a
cross value chain of Mobile Internet activities across the Mobile, Internet
and Broadcast television platforms which are being converged under China's
Please note: The above information contains forward-looking statements
that involve risks and uncertainties and are based on information of the
parties in good faith believes to be reliable as of the date thereof. The
actual results may differ. Please exercise care and caution and read the
information with the public announcements and circulars which the information
is subject to. All figures are approximation.
Ms. Chloe Chu, +852-2287-8317, or chloe.chu at cash.com.hk
Tags: China, Hong Kong, May 4, The Cash Group