| Google Acquires Stake in Chinese Web Site |
| Sunday, July 16, 2006 |
SHANGHAI, Jan. 5 — Google Inc., the Internet search giant, said today that it had acquired a small stake in a fast-growing Chinese Web site that allows users to download music and video clips from the Internet.
Google did not disclose the size of its investment in the Web site, Xunlei.com, but people close to the companies said Google paid about $5 million for a 4-percent stake in the company.
At a news conference in Beijing, Google officials said the company had formed a partnership with Xunlei.com, allowing the Chinese Web site to use Google’s search capabilities.
A day earlier, Google said it had formed another partnership with China Mobile, the country’s biggest mobile phone carrier, to provide mobile Internet search services in China.
The investment in Xunlei is tiny compared to Google’s $1.8 billion purchase of YouTube.com last October. But the two deals announced this week are Google’s latest forays into China’s fast-growing but complex Internet market, which now has about 130 million users, making it second in size only to the United States.
Google has the world’s most dominant search engine, but in China it trails the Chinese search engine Baidu.com by a wide margin, according to analysts.
In announcing the deal today, Kaifu Lee, the president of Google Greater China, said Xunlei.com’s Web site would provide a solid platform for Google’s search products in China.
The investment and strategic partnership also affords Google a foothold in the country’s booming market for downloads of video images and music, games, software and cellphone ring tones.
China’s Internet marketplace is dominated by domestic startups that to this point have thoroughly whipped America’s biggest Internet companies.
Analysts say that China’s tight regulatory controls over the Internet favor Chinese companies. But they also say that Chinese companies have been better at creating Internet products that particularly appeal to Chinese users.
For that reason, some American Internet giants have sought partners here.
Last month, eBay’s struggling China operation was forced to team up with Tom.com, a Beijing-based Internet company controlled by the Hong Kong billionaire Li Ka-shing. And in mid-2005, Yahoo handed its China operations over to another Chinese company, Alibaba.com.
Other dominant companies in China include Sina.com, Netease, Tencent, Ctrip and especially Baidu, whose search-engine Web site is ranked by Alexa.com as one of the world’s most trafficked.
According to Iresearch, which keeps track of the search engine market here, Baidu had a commanding 63 percent share in October, the most recent month for which figures are available. Google was second with 19 percent; Yahoo had 7.6 percent of the market.
Google’s latest partnership with Xunlei.com seems to have a great deal of promise. The Chinese company claims more than 120 million users, and analysts say it has the most popular downloading software in China.
The company, which is based in Shenzhen, not far from Hong Kong, was formed in Silicon Valley in 2002 by two Duke University graduates, Zou Shenglong and Cheng Hao. They moved the company to China the following year.
Each of the founders earned a Master’s degree in computer science from Duke, according to Morningside Ventures, one of the company’s shareholders.
Mr. Zou had previously worked as a technician in Silicon Valley and Mr. Cheng was once a senior manager at Baidu.
Xunlei has received about $45 million in financing from venture capital firms like IDG VC Partners.Labels: technology
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