Guangbo Media seeks to expand in Taiwan

Guangbo Media, which last year launched 24reader.com, a Hong Kong-based online e-library, plans to expand its Taiwan business and boost the number of registered users to 100,000 next year from 15,000.

'We have invested about HK$10 million in 24reader.com and will further invest HK$10 million to HK$20 million in the coming year,' said Carlos Cheng Ka-lok, the managing director and founder of Guangbo Media.

'When our business has grown to a critical size, for example, with more than 100,000 registered users, we will consider a share sale. For the longer term, we are targeting an initial public offering.'

In 2006, three entrepreneurs who had been successful in distributing information technology products and publishing founded Guangbo Media, with its headquarters at Hong Kong Science Park. They also set up sales offices in Taiwan and Singapore.

In July last year, the company and Founder Globaltech, an affiliate of the Peking University Founder Group, together launched 24reader.com. Users can buy prepaid game cards, which are widely used in the online game industry, at convenience stores and pay-to-read books on the web.

'A reader can read the first 10 per cent of a book for free and only has to pay 20 points or HK$2 to read the full-copy each day,' said Mr Cheng.

'If a reader returns a book after five days, the cost is only HK$10, which is much cheaper than buying a copy physically. Readers can also choose to pay a monthly fee, just like watching pay-television.'