Business, Internet, Telecom & Wireless

Operator Of 12580 Eyes IPO In 2010

According to an executive from Beijing Wuxian Xunqi Information Technology Company, the exclusive operator of China Mobile's 12580 comprehensive service platform, the company plans to launch its initial public offering in the next one or two years.

The executive revealed the information during an industry forum held in Shanghai this week. He said the company will maintain a rapid growth in the future and its revenue in 2010 is expected to be over USD100 million. Though Wuxian Xunqi has not decided where to get listed, Shenzhen, Hong Kong and Nasdaq in the U.S. will all be considered.

In January 2007, Wuxian Xunqi became the exclusive partner of China Mobile's 12580 comprehensive service platform. It is responsible for the construction and operating support for the service portal, making it into a comprehensive information service platform that integrates voice, Internet, WAP, short message, multimedia messaging service, and location service. During the past three years, it has gained 60 million users who mainly dial the 12580 platform for hotel and ticket bookings as well as restaurant information.

Since the fourth quarter of 2007, the quarterly compound growth rate of the revenue of the company has reached 51% and it started to make profit at the end of 2008. In the third quarter of 2009, Wuxian Xunqi made revenue of about USD20 million and its income sources include profit-sharing with China Mobile, SMS subscribing services, and advertising.

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