Beijing's regulators did announce some new rules recently, spelling out what Web companies need to do to avoid their wrath. But that's not enough for Chow. He needs to know what percentage of equity foreigners are allowed to take in any China-based joint venture. So far, MII hasn't said. As he waits, Chow isn't sitting still.
Investors have their doubts.
Nice growth, to be sure. But hardly enough to provide steady revenue to the many Chinese-language portals targeting the market. The three have seen their stock prices swoon since their IPOs in the spring. That's prompting rumors of takeovers. We are looking at all the players.