Chinese Mobile Content Provider KongZhong Gets $6.8 Million From Nokia

KongZhong, the Nasdaq-traded Chinese mobile content provider KongZhong has received a $6.8 million in 5-year convertible senior notes investment from Nokia Growth Partners, the investment fund associated with Nokia (NYSE: NOK). NGP would also receive warrants to purchase an additional 2.0 million ADRs at $5.0 per ADR, exercisable within five years. KongZhong is among the slate of Chinese internet and mobile portals that have been hit hard in recent years as the Chinese govt. has cracked down on what it considered illegal billing practices in the mobile content industry. It operates three wireless Internet sites, Kong.net, Ko.cn and cn.NBA.com, the Chinese mobile version of NBA.com. More details in release.

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