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China's leading auto vertical portal Chinacars Tuesday announced a strategic cooperation agreement with China's leading wireless Internet company TOM Online Inc. (Nasdaq: TOMO; HK GEM: 8282) to jointly pursue business opportunities in content, commerce and community areas in China's fast growing automobile market.
An initial project of this partnership will include featuring Chinacars' local portal content, its best-in-class car model database, nationwide auto e-commerce platform and its car accessory online store on TOM Online's auto channel. Chinacars and Tom Online also plan to co-develop China's nascent used car market in the near future.
"We aim to combine and optimize the vertical value chain strength of Chinacars and the horizontal value chain advantage of TOM Online," said Chinacars President and Chief Executive Officer, Mr. John Zhang.
"The goal is to greatly enhance competitiveness of both parties," he added
Mr. Henry Yang, president of Shanghai-based iResearch Research Institute commented that "Vertical portals have a deep root in China and certain industry verticals have a very bright future when traditional advertising models are combined with WVAS and e-commerce, in our view."
"Chinacars is one of the oldest vertical sites and certainly one of the most dynamic today. Tom Online's far sight in collaborating with Chinacars in attacking the auto Internet market will certainly bring profound change to China's portal market."
(China.org.cn November 30, 2005)
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