NetEase.com Announces Return of CEO from Medical Leave of Absence
Michael Tong also appointed Chief Operating Officer
NetEase.com, Inc. (Nasdaq: NTES) today announced that Ted Sun, acting Chief Executive Officer and a director, will be returning from his medical leave of absence and re-assuming his full time duties with the company effective immediately.
NetEase also announced today that Michael Tong, who has been serving as an Executive Director of the company, has been appointed by the board of directors to the position of Chief Operating Officer.
Commenting on his return from medical leave, Mr. Sun said, "I am delighted to be able to re-assume my duties and once again lead NetEase in its continuing efforts to build the leading online and wireless community in China. I wish to thank all those who offered their support during my medical leave and also especially thank Denny Lee, our Chief Financial Officer, and Michael Tong, who is now our Chief Operating Officer, for their services to the company during my absence."
William Lei Ding, founder, Chief Architect and a director of NetEase, added, "We are extremely pleased to welcome back Ted to the management and board of the company and believe his leadership will be a valuable asset, particularly in guiding the company during this highly competitive and rapidly evolving phase of the wireless value-added services industry in China."
Mr. Ding continued, "We also look forward to Michael Tong serving as Chief Operating Officer of the company. Michael has been a director with the company since December 1999 and our executive director since June 2003, where he has focused on online games and wireless services. Accordingly, he is extremely familiar with our business and the China online and wireless markets. We believe that this experience, combined with his strong background in business, finance and accounting with affiliates of such firms as techpacific.com, Softbank and Nomura, should enable him to make immediate and significant contributions to our business as Chief Operating Officer."
NetEase.com, Inc. is a leading China-based Internet technology company that pioneered the development of applications, services and other technologies for the Internet in China. Our online communities and personalized premium services have established a large and stable user base for the NetEase Web sites which are operated by our affiliate. As of June 30, 2004, we had approximately 232 million accumulated registered accounts, and our average daily page views for the month ended June 30, 2004 exceeded 386 million.
Community products and services which the NetEase Web sites offer include instant messaging, personals, matchmaking, alumni clubs, personal home pages and community forums. NetEase is also the largest provider of free e-mail services in China. Furthermore, the NetEase Web sites provide 20 channels of content. NetEase sources news content on world events, sports, science and technology, and financial markets as well as entertainment content such as cartoons, games, astrology and jokes from over one hundred international and domestic content providers.
NetEase offers online advertising on its Web sites as well as paid listings on its search engine, web directory and classified ads services, and an online mall, which provides opportunities for e-commerce and traditional businesses to establish their own storefront on the Internet.
NetEase also offers wireless value-added services such as news and information content sent over short-messaging services, MMS and WAP technologies, and online game services through three massively multi-player online role-playing game titles, Westward Journey Online 2.0, Fantasy Westward Journey and PristonTale 2.0.
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This press release contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: competitive and other market developments that could limit the growth of NetEase's online and wireless community; the risk that NetEase will be unable to compete effectively in the wireless value-added services market in China and that its share of that market will decline in the future; operational or strategic issues posed by disruptions to our management team due to medical problems; the risk that current or future appointees to management are not effective in their respective positions; the difficulty in locating and recruiting suitable candidates for middle and senior management positions; and other risks outlined in NetEase's filings with the Securities and Exchange Commission, including its registration statements on Form F-1 and Form F-3, as amended. NetEase does not undertake any obligation to update this forward-looking information, except as required under applicable law.
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