Sina.com (Nasdaq: SINA), a Chinese Internet media and services company, jumped 18 percent Tuesday on news of a wireless deal.
Sina.com's shares were up 5 to 34 1/8. Sina got a nice bump courtesy of the magic words "wireless" and "China," two topics that have recently been good for a good stock pop.
The company said it has signed separate memoranda of understanding (MOUs) with leading telecommunications vendors Ericsson (Nasdaq: ERICY), Motorola (NYSE: MOT) and Siemens in China to deliver Chinese content to wireless Internet users. using wireless application protocol (WAP).
Under the terms of the MOUs, Sina.com is responsible for providing content to wireless application protocol, or WAP-enabled devices of the companies, such as cellular phones and pagers.
The company said that, according to BDA China Ltd., a Beijing-based Internet consulting firm, wireless Internet could have up to 6 million users and annual revenue of up $400 million, by 2002. The country is expected to officially launch its first WAP system on May 17.
Sina.com's competitors include China.com Corp. (Nasdaq: CHINA), Sohu.com and Yahoo! (Nasdaq: YHOO), according to Hoover's Online.