The Beijing, China-based company is targeting the world’s largest mobile phone market which the Ministry of Information Industry estimates at 330 million. This dwarfs the country’s 87 million internet users and the 36 million who had access to a PC.
Even though the country has a mobile phone penetration rate of only 25%, the market is expected to grow rapidly and reach approximately 570 million by 2008.
Hurray offers ringtones, picture downloads, community, and entertainment services to mobile phone users and claims to be a leader in providing WAP services over 2.5G mobile networks. It also offers support service provisioning and management software.
It was spun out of Nasdaq-listed UT Starcom Inc in 1999, and in the nine months to September 30, 2004, net income rose 385% to $11.9 million on revenue 157.8% higher at $39.4 million.
