According to Pacific Epoch, Chinese media company, Han Rong Media Group's Classified advertising website, Sosoko.com has received nearly $15.3 million from D&H Capital and Asian Groove's Hong Kong subsidiary Powerway. Media observers widely regard Sosko as a Middle Kingdom commercial knock-off of the successful Craig's List. Sosoko has captured almost 70 percent of Shanghai's classified ad market todate and the growth prospects appear even greater in other cities. Expect to see a roll out soon.

Apparently, China.com has decided to launch its Web 2.0 Developer Program with an ambitious $20 million investment slated for targeted web development partners. There is no shortage of Chinese start-ups in online video, social networking, blogs, 3G and broadband content and mobile search. CVN will have more on this development soon.