Business, Telecom & Wireless

New CFO Takes Helm At China's Hurray

Chinese wireless value-added services firm Hurray Holding Company Ltd. has promoted Xiaoqing Guo to the job chief financial officer, effective immediately.

Guo previously served as acting CFO and vice president, and has been with the company since December 2003. She will retain her VP title.

Hurray is in a period of messy reorganization, as its founder and CEO Qindai Wang left the company a few weeks ago, leaving the door open for Dr. Songzuo Xiang to become the new CEO. Dr. Xiang has been a member of the company's board since July 2000.

The company's financial situation is also uncertain. For the last quarter of 2008, total revenues hit USD14.4 million, representing an increase of 6.7% quarter-over-quarter and a decrease of 9.2% year-over-year. Of that total, WVAS revenues were USD11.5 million, representing an increase of 3.8% quarter-over-quarter and an increase of 4.2% year-over-year. Recorded music revenues were USD3.0 million, representing an increase of 19.2% quarter-over-quarter and a decline of 39.3% year-over-year. Net loss was USD9.2 million.

For the entire 2008 fiscal year, the news was not any better. Total revenues for the year were USD54.0 million, a decline of 10.9% as compared to USD60.5 million for 2007. WVAS revenues totaled USD42.7 million, a decline of 14.7 % as compared to USD50 million for 2007. However net loss for the entire year only hit USD12.0 million, compared to net loss of USD42.0 million for 2007.

Commenting on Guo's ascension, Dr. Xiang stated, "Ms. Guo has been an important part of our senior management team since joining the Company and has been instrumental in developing our financial reporting initiatives. As acting CFO, she has further demonstrated her leadership and management abilities and we are please to acknowledge her significant contributions to Hurray! by this promotion."

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