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KongZhong Can't Find CFO, Loses VP Marketing

Chinese mobile value-added services company KongZhong (KONG) has appointed Nick Yang, co-founder and president of the company, to serve as Acting Chief Financial Officer, effective January 1, 2007.

As the company announced on September 18, 2006, Chief Financial Officer JP Gan resigned effective December 31, 2006. The company is currently searching for a new Chief Financial Officer, but apparently nobody has stepped forward to tackle the company's crumbling prospects.

The company also announced that Vice President of Marketing Qingyuan Fang is resigning, effective January 15, 2007.

Over the last few quarters, KongZhong has seen its prospects slip in the bustling MVAS China market. New government guidelines issued in the middle of 2006 effectively outlawed some of the ways KongZhong had expected to build its business, causing the company to lose revenue.

1 Comment

  1. What you forget to mention is KONG.NET is doing lots of advertising in PRC but they company still cannot make any money!! These types of mobile companies are better advertising than making capital revenue from mobile services in CHINA!

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