8848 Back In The Game With IDG Injection

According to Chinese media reports 8848 went into test mode with its retail search service last week and will go live on January 1, 2004. The same reports say IDG has injected new capital, but IDG would not release details of its investment. IDG has asked Igo5 vice president Lu Chun Wei to come on board as CEO at 8848. 8848 reportedly has 40 staff and has been in preparation for the launch since June. 8848 was originally an e-commerce play but split the business in 2000 to focus on solutions development. The new search product sounds a lot like Google's "Froogle," listing product prices on search items. 8848 will have no real competition in the China market - some niche players exist in computer peripherals and other electronics equipment but otherwise the field is clear. A report on Tom.com quoted former 8848 CEO Wang Jun Tao, saying he is glad the investors have returned to the original game plan. Wang is now CEO of ecommerce start-up 6688.