Nokia Growth Partners Shows KongZhong The Money In China

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Chinese wireless value-added services company KongZhong Corporation today closed the round of financing with Nokia Growth Partners that gave the wayward Chinese mobile firm approximately USD6.8 million in 5-year convertible senior notes.

"I'm truly pleased to welcome Nokia Growth Partner's investment in KongZhong. As we prepare for 3G in the China mobile market, we are seeking to enhance our strong existing mobile operator channels with equally powerful non-operator channels," stated Wang Leilei, CEO of KongZhong, a month ago.

Nokia Growth Partners also received a warrant to purchase an additional 2.0 million American Depositary Shares at USD5.00 per ADS, exercisable within five years.

KongZhong has been having problems finding a fully profitable business model for some time. The company announced that revenues for fourth quarter of 200...

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