A8.com Plans To Raise HKD 217 Million With IPO In Hong Kong
A8.com is an online digital music website that started in 2000 in China.Â The company is planning to have an IPO on the Hongkong Exchange under HK:0800.Â A8 hopes to raise around HKD 217 million ($27.82 million) through the IPO.Â
Previous investors inÂ A8 include JAFCO, Intel Capital, TDF Group, IDGVC.Â A8 sells ringtones, ringback tones, and IVR music for mobile phone subscribers through China Mobile and China Unicom.Â Music on A8 is available through local music labels and user-generated music uploaded by the artists.
Over 50,000 songs have been uploaded to A8.com so far.Â The 10,000 artists that have contributed music on A8 receive roughly 15-50% of the revenue generated from their music.Â A8’s revenue in 2007 was 286 million yuan ($41.22) and profit was 55 million yuan ($7.92 million).
 China Web2.0 Review: Chinese Digital Music Service A8 To Go Public in HongKong