Software firm 35.com plans $15 mln Tianjin unit
Beijing. September 15. INTERFAX-CHINA - Xiamen 35.com Technology Co. Ltd. (35.com), a network applications provider, plans to invest RMB 100 million ($15.65 million) in a new unit in Tianjin Municipality as a base for its north China operations, the company said Sept. 15.
Based in Xiamen City in south China's Fujian Province, the firm hopes to capitalize on China's vibrant mobile Internet market and increased demand for its services with the expansion, the company said.
The firm plans to spend some RMB 50 million ($7.82 million) on facilities for the subsidiary, but did not disclose further details of how the $15.65 million would be spent.
The new unit is expected to generate annual revenues of approximately RMB 142 million ($22.22 million) and net profit of RMB 22.82 million ($3.57 million).
Founded in 2004, Shenzhen Stock Exchange-listed 35.com saw net revenue top RMB 173 million ($27.07 million) in 2010, up 36.22 percent year-on-year, while net profits rose 4.61 percent to RMB 43.30 million ($6.77 million).
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