China.com invests in Web 2.0 mobile search

Leading Chinese ISP China.com, which has strong relationships with Microsoft and Google in China, has announced that it will fund local firms through direct cash investments, equity investments, lines of credit or a combination of these, to develop a range of "Web 2.0" applications including mobile search.

China.com will invest up to US$20 million in selected Web 2.0 development partners.

Its goal, according to Dr. Xiaowei Chen, Chief Financial Officer of China.com, is to help its development partners to fully monetize their products and services, starting in the vast China market.

Apparently China.com will select small to medium size developers with the "technological skill, innovative vision and deep understanding of what drives the Chinese Internet community" to develop the next generation of products and services in online video, social networking, blogs, 3G and broadband content and mobile search.

China.com is a subsidiary of CDC Corporation.

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