China Mobile Phone Market Expected to Exceed 400 Million Users by Year End 2005
T-Bay Holdings says that according to recent reports, the market for mobile phone users in mainland China is expected to exceed 400 million by the end of 2005. As announced on September 9, 2005, T-Bay Holdings, Inc. acquired a 95% stake in Shanghai Sunplus Communication Technology, a telecommunication devices design company specializing in products such as cellular phones, MP3 players, PDA's and other hand-held electronic products. For the year ended March 31, 2005, Sunplus reported US$33.86 million in revenue with US$5.98 million in net income.