Chinese Blog Portal Aims For Nasdaq IPO

BlogChina, China’s leading blog portal, plans to list on Nasdaq by the second half of next year and hopes to achieve a market capitalisation of more than $1 billion

The portal/service had more than two million bloggers as at the end of May, and the company expects to reach 10 million by the end of this year.

The company was started with $500 million in seed capital from Softbank Asia Infrastructure Fund and will receive a second round of funding of $10 million this month from a group of six VC firms based in China and the U.S.

The company expects to break even by the end of this year. Revenues have grown from about 400,000 yuan a month to more than two million yuan last month. BlogChina.com boasts a list of high-profile advertisers such as Dell, HP and IBM. Advertising and wireless charges form its primary revenue streams.

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