HONG KONG, May 4, 2011 /PRNewswire/ -- 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 http://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 policy.
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.
SOURCE The CASH Group