Beijing, China, August 6, 2008 —Google China has completed its strategic investment in Orca Digital Inc., a leading multi-channel digital music distribution company in China that owns and operates the Top100 website (www.top100.cn). Aided by Orca Digital, Google China will pioneer the global digital music market with this advertising-supported, free MP3 music business model.
China eCapital acted as exclusive financial advisor to Top100 in this transaction.
Kaifu Lee, Google China 's president, expressed his firm support for the new business model. “ The Internet should not be sitting on the opposite side of the music industry,” said Mr. Lee, “Google will continue to strive to balance the interest of consumers, the music industry as well as the service providers.”
Gary Chen, CEO of Orca Digital, believe s the advertising-supported free MP3 music model is the right one for China . “As China 's leading digital music consolidation and distribution platform, Top 100 will work closely with Google to make this model immensely successful in China .”
Commenting on the strategic investment by Google, Ran Wang, CEO of China eCapital Corporation, said, “We are firm believers of legitimate copyrights. We will continue to support the efforts of market leaders like Top100 to achieve sustainable business models and long-term commercial success in the explosively growing digital entertainment market in China .”
Launched in 2006 with angel investment from Yao Ming, the Chinese basketball star, Top100 has since become China 's number one digital music aggregator and distribution platform with a footprint in both the Internet and wireless space. It currently boasts over 1 million full tracks in its database.
About China eCapital
China eCapital is a leading investment bank in China . Founded in 2000 with headquarters in Beijing , it provides advisory services in private placements, mergers and acquisitions (M&A), and initial public offerings (IPO). With an international background and strong local presence, China eCapital has emerged as one of the most dynamic and prominent players in the Chinese investment banking market. While its clients encompass a wide spectrum of industries, it has developed a core competence in media and entertainment, consumer products and services, as well as healthcare. For more information please visit our website: www.china-ecapital.com .
|