Nokia Growth Partners boost KongZhong in China

KongZhong Corporation, a Chinese wireless value added services company has closed a round of financing with Nokia Growth Partners and have netted approximately $6.8 million US in five year convertible senior notes.

Growth Partners also gained a warrant to buy a further 2.0 million American Depositary Shares at $5.00 per ADS within five years.

KongZhong Corporation’s total revenues for 2008 were $96.69 million US and of that total WVAS revenues were $86.91 million US, total mobile advertising revenues were just $2.04 million while total mobile games revenue was $7.74 million, although Net loss for 2008 was $20.66 million US.

Source — chinatechnews

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