Richard Melson

April 2006

China

Rashtchy Research Report

China Analyst:

Wireless Sector: Preparing for 3G

http://www.piperjaffray.com

Safa Rashtchy

Managing Director, Senior Internet Analyst

Rashtchy, Safa safa.a.rashtchy@pjc.com

Piper Jaffray & Co.

(650) 838-1347

www.pjc.com

Piper Jaffray & Co. Since 1895. Member SIPC and
NYSE. Learn more at piperjaffray.com. Piper Jaffray corporate
headquarters is located at 800 Nicollet Mall, Minneapolis, MN 55402


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Rashtchy Research Report

China Analyst: Wireless Sector: Preparing for 3G

Industry Commentary

    1. SMS still remains a major revenue contributor

    2. KongZhong, Hurray! and Tom Online dominate WAP and are best positioned for the transition to 3G

    3. KongZhong and Tom Online are the most diversified players which should insulate them from some of the volatility associated with the strength and weakness of specific wireless segments in any given quarter.

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Rashtchy: China Analyst: Wireless Sector: Preparing for 3G

Attachment:

image001.gif (0.01 MB) Rashtchy-ChinaAnalyst0406.pdf (0.53 MB)

Rashtchy, Safa safa.a.rashtchy@pjc.com

Thursday, April 6, 2006