GWcom announced today that it has received a capital investment of (US)$56 million from the infrastructure investment giant, New World Infrastructure Ltd. (NWI).
This investment will be used to maintain GWcom's number one wireless mobile portal leadership position in China, expand operations in the U.S. and Asia, expand its e-commerce wireless applications, as well as expand its marketing activities.
"This $56M capital investment helps us achieve our vision of providing wireless Internet connectivity and applications for the millions of mobile users throughout China and the U.S.," said Dr. Raymond Chin, CEO of GWcom.
NWI's managing director, Douglas Chan, said, "GWcom is a leading mobile wireless Internet company, and we believe that GWcom will make significant contributions to the advancement of China's mobile wireless Internet industry, as well as play an important role in the U.S."
NWI is the sole infrastructure arm of the Hong Kong blue-chip conglomerate, New World Development. NWI recently demonstrated to the world its support of China's Internet market with a very successful investment in one of China's leading Internet portals, China.com, just before the latter's listing on the NASDAQ.
"byair.com," the wireless portal business of GWcom, is the largest mobile wireless portal in China. The portal offers the most wireless information and wireless financial capabilities. China has a current subscriber base of more than 120 million mobile wireless subscribers.
The Chinese Ministry of Information Industries, projects that China will have 200M cellular phone users by 2007. As China's largest wireless portal, byair.com is well positioned to become one of the world's largest wireless portals in the world servicing this enormous new market of non-PC users. In the U.S., byair.com is focused on supporting the wireless e-commerce marketplace.
"byair.com" can be accessed from most wireless devices with the ability to get on the Internet, such as WAP-enabled mobile phones, wireless PDAs and two-way pagers. The world's first wireless electronic stock trading took place on byair.com during 1998 in Shanghai.
In addition to e-trading, byair.com provides its users with access to information on the weather, traffic, entertainment, news, health, culture and will soon provide e-commerce and online banking services -- information and services that make an active user's life much simpler.
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