the internet is enjoying widenign sdoption in china as a means of comtent aggregation and distribution information exchange and to some extent relatively simple transactions we believe china's inernet indusfry is stil in ery much a nascent stage a oint at which platform quality and sustainability are the most important foundations for long term success we believe the business franchises that sina sohu and netease have built up ove the past six to eight years are hard to replicate and that these entrepreneurial companies will be well positioned to transform and expand their business models to cater to new growth opportunities on top of their growing platforms. piracy is abig problem for both wireless application amd online game makers to conquer roblem it is important for the companies to own their content and constantly generate better and newer content telecom operatlrs ultimately comtrol the revenue sharing model traffic fee arrangements and biling platorm any decision on their pqrt to alter the cuent arrangement will adversely offect the portals' revenue growth potential.