VCs Scale Great Wall To Invest in Chinese Version of Craig's List

Filed in archive Venture Capital by james on November 29, 2006

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.

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Response from: Free Shipping Furniture (05/31/07 10:35am)

Chinese media company Han Rong Media Group's classified ad website Sosoko.com received 120 million Yuan in investment from D&H Capital and Asian Groove HK's subsidiary Powerway, reports 163.com. The investment will be used to construct and develop Sosoko's online platform, as well as integrating Han Rong Media Group's subsidiaries Zhi Gao Advertisement with Dexon Media. The report said that Han Rong Media Group accounts for 70 percent of the classified ad market in Shanghai.

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