Don't tell YouTube, but there's yet another new pretender to China's video-sharing throne : China YouTV.
In a bid to let the western world know about its ambitions, OTC-traded China YouTV, yesterday launched its English-language website, which is “specifically designed to meet the needs of the investment community. “
Those in that community who care to overlook the tortured English of the opening screen,which invites them to continue to the “CnBoo Engliash State”, will find that little China YouTV has big ambitions — it wants to be China's answer to YouTube, no less.
To reach that goal, it has just signed a JV with HuaJu NetMedia, the owner of the CnBoo.com video-sharing service, which claims over 1.2m members in China.
HuaJu is hardly a household name, but it says it has been named “one of the top 100 internet companies with most investment value in China”. Talk about being dammed with faint praise.
So, once China's other 99 internet plays have been snapped up or gone out of business, China YouTV presumably gets its moment in the sun.
That is, unless it finds gold first. That's because China YouTV was, prior to this month, a (very) junior mining company called Admax Resources which has been searching, so far unsuccessfully, for “mineralised mineral” in British Columbia. Despite the name change, the company has no plans to give up the exploration activities.
This Damascus-like conversion from junior miner into would-be Chinese dotcom star speaks volumes for the less than solid foundations underpinning China's internet boom, we would argue.