KongZhong (KONG) announced that it has entered into a definitive agreement to invest $0.5 million in eFriendsNet Entertainment Corporation, an online social networking community in China.
eFriendsNet is a privately-held company based in Beijing.
With approximately 1 million registered users as of December 2004, EFN is a fast-growing social networking company in China. According to eFriendsNet, the company's portal, www.yeeyoo.com, has over 2 million daily page views.
eFriendsNet offers its users a fun and user-friendly way to organize their personal relationships. Users can stay in touch with friends and meet new acquaintances that share their interests via eFriendsNet's portal. Some of the most
popular features that are provided under eFriendsNet's social network include a dating service, event management, personalized homepages, and blogging. In contrast to other companies that offer similar social networking services, eFriendsNet has extended its social network through wireless platforms, allowing its users to maintain contact through fee-paying WAP, IVR, and SMS services.
KongZhong says this strategic investment in eFriendsNet will add a social networking feature to KongZhong's existing wireless communities and allow KongZhong and eFriendsNet to cross promote their services to their existing user bases.