NetDragon Websoft Inc. (HK: 777) announced that its board was considering the feasibility of the proposed spin-off and the separate listing of its mobile internet business, or 91, on the GEM of Hong Kong Stock Exchange, and would wait for the approval of the Stock Exchange and the final decision of the board.

Both CEOs of NetDragon and 91 made it clear that 91 would go public as an independent body no later than 2013. NetDragon’s CEO, Liu Luyuan, expected 91 would have a market cap at IPO bigger than NetDragon’s, HKD 1 billion, back in November 2007.

NetDragon acquired 91, as an iPhone software managing tool, in 2008, and made its whole mobile division renamed 91 Mobile later. To tap into the Android surge, the company launched HiMarket and Hiapk, an Android app store and Android-related news site, respectively, in 2011 that didn’t take long to become one of the largest online Android communities in China.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com