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KongZhong Corporation Reports Unaudited Fourth Quarter 2009 Financial Results
Mar 16, 2010 (05:03 PM EDT)


BEIJING, March 16 /PRNewswire-Asia/ -- KongZhong Corporation (Nasdaq: KONG), a leading mobile Internet company in China, today announced its unaudited fourth quarter 2009 and full year 2009 financial results.

Fourth Quarter 2009 Financial Highlights:

(Note: Unless otherwise indicated, all financial statement amounts used in this press release are based on United States Generally Accepted Accounting Principles (GAAP) and denominated in US dollars)

    -- Revenues in-line with the guidance - Total revenues for the Fourth
       Quarter of 2009 ("4Q09") increased 28% year-over-year to US$ 34.3
       million ("mn"), in line with the Company's revised 4Q09 revenue
       guidance of US$ 34 mn to US$ 35 mn.
    -- Gross margin decreased - Total gross margin was 46% in 4Q09, a decrease
       compared with 49% in 3Q09. (Please see note related to change to
       presentation of sales tax)
    -- Net income increased - Net income in 4Q09 was US$ 2.02 mn, a 286%
       increase compared with 4Q08 net income of US$ 0.52 mn. Basic net
       income per ADS was US$ 0.06 based on 34.33 mn ADS while diluted net
       income per ADS was US$ 0.05 based on 39.27 mn ADS outstanding as of
       December 31, 2009.
    -- Non-GAAP net income increased - Non-GAAP net income was US$ 5.44 mn, a
       416% increase compared to 4Q08 Non-GAAP net income of US$ 1.09 mn,
       while Non-GAAP diluted net income per ADS was US$ 0.13 (Non-GAAP
       Financial Measures are described and reconciled to the corresponding
       GAAP measures in the section titled "Non-GAAP Financial Measures.")
    -- Cash and cash equivalents - As of December 31, 2009, the Company had $
       139 mn in cash and cash equivalents.

    Full Year 2009 Financial Highlights:
    -- Total revenues were $131.30 million - Total WVAS revenues were $98.24
       million, total mobile games revenues were $27.30 million and total
       Wireless Internet revenues were $5.76 million.
    -- Gross margin increased - Overall gross margin was 48% for the year 2009,
       an increase compared with overall gross margin of 44% in the year 2008.
       (Please see note related to change to presentation of sales tax)
    -- Net income increased - Net income in 2009 was US$ 12.58 mn, an increase
       compared with 2008 net loss of US$ 20.66 mn.
    -- Non-GAAP net income increased - Non-GAAP net income was US$20.15 mn in
       the year of 2009, a 416% increase compared to the year of 2008 Non-GAAP
       net income of US$ 3.91 mn.

Commenting on the results, the Company's Chairman and Chief Executive Officer, Leilei Wang, said, "Although we've entered another period of new policies implemented by our mobile operator partners, KongZhong continued to generate positive cashflow but more importantly, through our acquisition of Dacheng Networks have begun to diversify our business across mobile and PC-based Internet gaming platforms, where we believe we are well-positioned to be one of the leading players in the China market.

"Although our mobile related businesses will continue to experience some short-term fluctuations due to newly introduced mobile operator policies, we continue to believe that there will be an ongoing rationalization of the mobile Internet market, which will benefit large local players, such as ourselves. As an example, traffic on KONG.net in 4Q09 continued to reach record levels of traffic and users, growing roughly 40% from 3Q09, as the number of high quality large-scale mobile Internet sites remains limited, especially those focused on mobile entertainment.

"Loong" (our 3D MMORPG title self-developed by Dacheng) was launched at the end of 2009 and has become of the top domestically developed 3D online games for the mainland China market. We expect to launch a new expansion pack for "Loong" in 2Q10 and through various distribution partners, launch "Loong" commercially in Taiwan and Hong Kong towards the end of 1Q10 and into 2Q10.

"I continue to be optimistic about KongZhong's ability to transition through this period as a more diversified, more product driven and more profitable company."

    Subsequent Events:
    -- Amendment of acquisition agreement - On January 14th 2010, the Company
       announced that it had entered into an amendment to the share purchase
       agreement with Shanghai Dacheng Network Technology Co., Ltd  (Dacheng)
       and its shareholders, which includes the entering into certain business
       cooperation agreements among Dacheng, its shareholders and one of the
       Company's wholly-owned subsidiaries. Pursuant to these business
       cooperation agreements, the Company will obtain control of Dacheng and
       expects to be able to consolidate Dacheng's financial results into the
       Company's financial statements from January 14th, 2010. The Company
       had previously announced that it expected to obtain control no later
       than February 10th 2010 pursuant to certain closing conditions, which
       were completed sooner than expected.


    Financial Results:
                              For the Three    For the Three   For the Three
                               Months Ended     Months Ended    Months Ended
                               December 31,    September 30,    December 31,
                                       2008             2009            2009
                             (US$ thousands)  (US$ thousands) (US$ thousands)
    Revenues                        $26,736          $35,091         $34,334
      WVAS                           23,246           25,387          25,267
      Mobile Games                    2,698            8,202           7,349
      Wireless Internet
       Service                          792            1,502           1,718

    Sales Tax                          $796             $800            $641
      WVAS                              644              528             406
      Mobile Games                       85              192             148
      Wireless Internet
       Service                           67               80              87

    Cost of Revenue                 $13,585          $17,167         $18,037
      WVAS                           12,201           13,074          13,493
      Mobile Games                    1,053            3,341           3,511
      Wireless Internet
       Service                          331              752           1,033

    Gross profit                    $12,355          $17,124         $15,656
      WVAS                           10,401           11,785          11,368
      Mobile Games                    1,560            4,669           3,690
      Wireless Internet
       Service                          394              670             598

    Gross profit ratio                  46%              49%             46%
      WVAS                              45%              46%             45%
      Mobile Games                      58%              57%             50%
      Wireless Internet
       Service                          50%              45%             35%

Revenues

WVAS revenues in 4Q09 increased 9% from 4Q08 to US$ 25.27 mn but were down slightly compared to 3Q09. Revenues from 2.5G services accounted for approximately 19% of total WVAS revenues compared to 20% in 3Q09, while revenues from 2G services represented the remaining 81% in 4Q09. The small decrease in WVAS revenues in 4Q09 compared to 3Q09 was primarily due to new Chinese mobile operator policies implemented at the end of November 2009 which led to the suspension of certain billing platforms including WAP and the G+ mobile gaming platform. On December 10th 2009, the Company announced the estimated impact of these new policies on total revenues.

Total mobile game revenues in 4Q09 were US$ 7.35 mn, a 172% increase from the same period last year but roughly a 10% decrease from 3Q09. As mentioned above, due to new Chinese mobile operator policies implemented at the end of November 2009, billing was suspended for the G+ mobile game platform, negatively impacting both the Company's downloadable mobile game revenues and online mobile games. In addition, as the industry-wide suspension of WAP billing also negatively impacted various 3rd party mobile game marketing channels, this had a further dampening impact on overall mobile game revenues as our ability to market our mobile games was reduced during the December 2009 period.

Revenues from downloadable mobile games were US$ 6.52 mn representing a 218% increase from the same period last year but a decrease of roughly 8% from 3Q09. Revenues from downloadable mobile games made up 89% of total mobile game revenues compared to 86% in 3Q09 as downloadable mobile game revenues were less impacted in 4Q09 compared to online mobile game revenues.

Revenues from mobile multi-player online games ("MMO" or "online mobile games") were US$0.83 mn, an increase of 27% from the same period last year but a decrease of 26% from 3Q09. In addition to the factors cited above, the poor performance of "Feng Shen", our newer online mobile game, has not compensated for the gradual decline in revenues for "Tian Jie" our older online mobile game. Depending on market conditions, the Company intends to refresh our online mobile game content portfolio in 2010 by launching new online mobile game titles this year while seeking to improve the performance of our existing online mobile games.

Revenues from "Tian Jie" accounted for about 89% of our online mobile game revenues while revenues from "Feng Shen" accounted for the remaining 11%, compared to 3% in 3Q09. In 4Q09, revenues from online mobile games made up roughly 11% of total mobile game revenues compared to 26% in 3Q09.

Wireless Internet service ("WIS") revenues were US$ 1.72 mn in 4Q09, representing an increase of 117% from the same period last year and increase of 14% from 3Q09. In 4Q09, 40% of WIS revenues were from wireless advertising with the remaining 60% of revenues were from premium services on the Kong.net mobile Internet site and revenues coming from our newly acquired Internet literature site, Zhulang.com.

Change to Presentation of Sales tax

Prior to October 1, 2009, the Company recorded sales tax in general and administrative expenses. As of October 1, 2009, the Company has changed the presentation and now discloses sales tax separately as a reduction from revenue. The Company believes that this change provides better comparability to our peers. The Company has applied this change retrospectively to all prior periods presented herein in accordance with ASC 250 "Accounting Changes and Error Corrections." However, this change does not affect prior period results of operations, cash flow or financial positions.

As a result, the gross profit and gross margin discussion below is based on the revised presentation of sales tax as a separate line item vs. as part of general and administrative expenses previously.

Gross Profit

Total gross profit was US$ 15.66 mn in 4Q09, a 27% increase compared to the same period last year but a 9% decrease compared to 3Q09. Total gross margin was 46%, stable with the same period last year but a 3% decrease from 3Q09.

WVAS gross profit in 4Q09 was US$ 11.37 mn compared to $11.79 mn in 3Q09, or a 9% increase compared to the same period last year but a 4% decrease from 3Q09. 4Q09 WVAS gross margin was 45% compared to 46% in 3Q09 and 45% in 4Q08. The decline in gross margin levels was due to the new Chinese mobile operator policies implemented in the December period.

Mobile games gross profit for 4Q09 was US$ 3.69 mn compared to US$ 4.67 mn in 3Q09 and US$ 1.56 mn in the same period last year, or an increase of 137% compared to the same period last year but a 21% decrease compared to 3Q09. Mobile games gross margin was 50% compared to 57% in 3Q09 and 58% in 4Q08. The sharper decline in mobile game gross margins compared to WVAS is due to the Company's proactive shift to a new mobile game billing platform (namely China Mobile's monthly mobile game subscription package) in order to offset the impact of the G+ mobile game billing platform which was suspended at the beginning of December. While this new mobile game platform is expected to be a more stable source of recurring revenue, in the short-term, it relies more on our mobile operator partner's resources and includes an additional operator distribution channel fee. However, as the current mobile services policy environment stabilizes, we expect to be able to leverage more of our own distribution resources, bypassing these additional fees.

Wireless Internet service gross profit for 4Q09 was US$0.60 mn compared to $0.67 mn in 3Q09 and $0.39 mn in the same period last year. Wireless Internet gross margins were 35% and decreased from the 45% gross margin level in 3Q09 as the suspension of the WAP billing platform limited our ability to generate revenues in the December period relative to ongoing operational costs required to run our KONG.net and other related mobile Internet and Internet platforms.



    Operating Expenses
                             For the Three    For the Three    For the Three
                              Months Ended     Months Ended     Months Ended
                              December 31,    September 30,     December 31,
                                      2008             2009             2009
    Product development             $4,165           $4,829           $4,221
    Sales and marketing              5,816            4,338            4,953
    General and
     administrative                  2,775            2,630            2,856
    Total Operating
     Expenses                      $12,756          $11,797          $12,030

Total operating expenses increased 2% sequentially to US$ 12.03 mn in 4Q09 compared to US$ 11.80 mn in 3Q09.

Product development expenses in 4Q09 were US$ 4.22 mn compared to US$ 4.83 mn in 3Q09 or a 13% decrease. The sequential reduction in product development expenses is related to the rationalization of staff bonuses in lieu of the Chinese mobile operator policies introduced during 4Q09.

Sales and marketing expenses in 4Q09 were US$ 4.95 mn compared to US$ 4.34 mn in 3Q09 and US$ 5.82 mn in the same period last year. The sequential increase in sales and marketing expenses is related to seasonal marketing activities the Company traditionally undertakes at year-end.

General and administrative expenses in 4Q09 were US$ 2.86 mn compared to US$ 2.63 mn in 3Q09, or an increase of roughly 9% quarter-over-quarter. As discussed previously, general and administrative expenses had previously included sales tax, but as of Oct 1st 2009, the Company has changed it's presentation of sales tax as a separate line item and is no longer included in general and administrative expenses. Once again, this change does not affect prior period results of operations, cash flow or financial positions.

The Company's total headcount increased to 1,002 as of December 31, 2009 compared to 922 as of September 30, 2009 with product development team increases continuing to make up the majority of overall headcount growth. This figure however does not include staff as part of our acquisition of Dacheng Network, which will be included in our 2010 financial accounts.

Operating Profit

Operating profit for 4Q09 was US$ 3.6 mn compared to US$ 5.3 mn in 3Q09. Operating margins were 10.6% in 4Q09 compared to 15.2% in 3Q09. The decline in operating profits and operating margins were due to the impact of new Chinese mobile operator policies across all of our business lines.

Impairment of Long-term Investment

During 4Q09, the Company deemed its investment in Hui! Media to be impaired and recognized a US$ 1.5 mn investment impairment loss. The Company's investment in Hui! Media was made in January 2008. As of December 31st 2009, the Company no longer had any value related to our investment in Hui! Media as part of long-term investments.

Earnings

Net income and Non-GAAP net income in 4Q09 were US$ 2.02 mn and US$ 5.44 mn, respectively. Diluted earnings per ADS and diluted Non-GAAP earnings per ADS were US$ 0.05 and US$ 0.13 for 4Q09, respectively.

Total diluted ADS outstanding as of December 31, 2009 was 39.27 mn, compared to 39.24 mn as of September 30, 2009.



                                     Balance as of    Balance as of December
                                         September                       31,
                                          30, 2009                      2009
    Basic ADS                                34.08                     34.33
    Add: Outstanding options
         and nonvested shares                 3.96                      3.68
              Warrant to NGP                  1.20                      1.26
    Diluted ADS                              39.24                     39.27

Balance Sheet

As of December 31, 2009, the Company had $139 mn in cash and cash equivalents.

Business Outlook (For the 3-month period ending March 31, 2010):

Based on information available on March 17, 2010, the Company expects total revenues to be roughly US$ 37.5 mn with WVAS at US$ 24 mn, mobile games as US$ 8.5 mn, Wireless Internet services at US$ 1.0 mn and our newly formed Internet online game business unit which results from our acquisition of Dacheng Networks with US$ 4.0 mn in revenues.

Conference Call:

The Company's management team will conduct a conference call at 8:30 am Beijing time on March 17, 2010 (8:30 pm Eastern time and 5:30 pm Pacific time on March 16, 2010). A webcast of this conference call will be accessible on the Company's web site at http://ir.kongzhong.com .



                                KongZhong Corporation
                    Condensed Consolidated Statements of Income
               (US$ thousands, except per share data, and share count)
                                    (Unaudited)

                             For the Three    For the Three    For the Three
                              Months Ended     Months Ended     Months Ended
                              December 31,    September 30,     December 31,
                                      2008             2009             2009

    Revenues                       $26,736          $35,091          $34,334
    Sales Tax                          796              800              641
    Cost of revenues                13,585           17,167           18,037
    Gross profit                    12,355           17,124           15,656
    Operating expenses
        Product development          4,165            4,829            4,221
        Sales & marketing            5,816            4,338            4,953
        General &
         administrative              2,775            2,630            2,856
      Total operating
       expenses                     12,756           11,797           12,030
    Operating profit (loss)           (401)           5,327            3,626
    Interest income                  1,103              717              600
    Investment income                   --              117               88
    Loss from impairment of
     cost method investment             --               --            1,500
    Interest expense on
     convertible notes                  --              234              234
    Income before tax expense          702            5,927            2,580
    Income tax expense                 180            1,431              563
    Net income (loss)                 $522           $4,496           $2,017

    Basic earnings (loss)            $0.01            $0.13            $0.06
     per ADS
    Diluted earnings                 $0.01            $0.11            $0.05
     (loss) per ADS
    Weighted average ADS             35.64            34.08            34.33
     outstanding (mn)
    Weighted average ADS used
     in diluted EPS
     calculation (mn)                35.93            39.24            39.27



                              KongZhong Corporation
                 Condensed Consolidated Statements of Income
            (US$ thousands, except per share data, and share count)
                                   (Unaudited)

                                          For the Twelve      For the Twelve
                                            Months Ended        Months Ended
                                            December 31,        December 31,
                                                    2008                2009
    Revenues                                     $96,690            $131,298
    Sales Tax                                      2,840               2,885
    Cost of revenues                              51,612              65,947
    Gross profit                                  42,238              62,466
    Operating expenses
        Product development                       15,180              18,272
        Sales & marketing                         21,339              17,821
        General & administrative                   8,800              10,187
        Loss from impairment of
         goodwill                                 21,624                  --
      Total operating expenses                    66,943              46,280
    Operating loss                               (24,705)             16,186
    Interest income                                4,897               3,114
    Investment income                                 --                 207
    Loss from impairment of cost
     method investment                                --               1,500
    Interest expense on convertible notes             --                 726
    Subtotal                                       4,897               1,095
    Income (loss) before tax expense             (19,808)             17,281
    Income tax expense                               852               4,698
    Net income (loss)                           ($20,660)            $12,583

    Basic earnings (loss) per ADS                 ($0.58)              $0.40
    Diluted earnings (loss) per ADS               ($0.58)              $0.33
    Weighted average ADS outstanding
     (million)                                     35.62               34.63
    Weighted average ADS used in
     diluted EPS calculation (million)             35.62               38.44



                               KongZhong Corporation
                 Condensed Consolidated Statements of Cash Flows
                                 (US$ thousands)
                                   (Unaudited)

                                               For the Year     For the Year
                                                      Ended            Ended
                                               December 31,     December 31,
                                                       2008             2009
    Cash Flows From Operating Activities
    Net Income (Loss)                              $(20,660)         $12,583
    Adjustments to reconcile net income to
     net cash provided by operating activities
      Share-based compensation                        2,281            4,212
      Depreciation and amortization                   2,868            2,941
      Disposal of property and equipment                (20)              72
      Provision of bad debt                              --              266
      Investment impairment loss                         --            1,500
      Goodwill impairment loss                       21,624               --
      Amortization of the debt discount                  --              300
      Investment income                                  --             (207)
      Changes in operating assets and
       liabilities                                    6,428           (7,553)
    Net Cash Provided by Operating
     Activities                                      12,521           14,114

    Cash Flows From Investing Activities
    Purchases of subsidiaries                            --           (6,687)
    Purchase of property and equipment               (1,879)          (1,599)
    Purchase of trading securities                       --             (610)
    Proceeds from disposal of property                   31                4
    Proceeds from disposal of trading
     securities                                          --              718
    Purchase of long-term investment                 (2,964)              --
    Net Cash Used in Investing Activities            (4,812)          (8,174)

    Cash Flows From Financing Activities
    Proceeds from issuance of convertible note           --            6,775
    Proceeds from exercise of share options              --            1,535
    Stock Repurchase                                   (760)         (11,108)
    Net Cash Used in Financing Activities              (760)          (2,798)

    Effect of foreign exchange rate changes           6,762               93

    Net increase in Cash and Cash
     Equivalents                                     13,711            3,235
    Cash and Cash Equivalents, Beginning of
     Period                                        $122,343         $136,054
    Cash and Cash Equivalents, End of
     Period                                        $136,054         $139,289



                                KongZhong Corporation
                      Condensed Consolidated Balance Sheets
                                  (US$ thousands)
                                    (Unaudited)

                                    December 30, September 30, December 31,
                                           2008          2009        2009
    Cash and cash equivalents          $136,054      $133,980    $139,289
    Short-term investments                   --            26         101
    Accounts receivable (net)            16,196        23,463      25,277
    Other current assets                  3,389         6,745       4,908
    Total current assets                155,639       164,214     169,575

    Rental deposits                         524           582         597
    Intangible assets (net)                 674         1,849       2,285
    Property and equipment (net)          3,368         3,107       3,116
    Long-term investments                 2,964         2,964       1,464
    Goodwill                             15,683        21,262      23,042
    Total assets                       $178,852      $193,978    $200,079

    Accounts payable                    $10,792       $11,161     $13,265
    Other current liabilities             7,316        10,479      10,300
    Total current liabilities            18,108        21,640      23,565

    Convertible notes                        --         2,767       3,001
    Non-current deferred tax
     liability                               56           400         472
    Total liabilities                   $18,164       $24,807     $27,038

    Shareholders' equity                160,688       169,171     173,041
    Total liabilities &
     shareholders' equity              $178,852      $193,978    $200,079

Non-GAAP Financial Measures

To supplement the unaudited condensed statements of income presented in accordance with US GAAP, the Company uses non-GAAP financial measures (Non- GAAP Financial Measures) of net income and net income per diluted ADS, which are adjusted from results based on GAAP to exclude certain infrequent or unusual or non-cash based expenses, gains and losses. The Non-GAAP Financial Measures are provided as additional information to help both management and investors compare business trends among different reporting periods on a consistent and more meaningful basis and enhance investors' overall understanding of the Company's current financial performance and prospects for the future.

The Non-GAAP Financial Measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. In addition, our calculation of the Non-GAAP Financial Measures may be different from the calculation used by other companies, and therefore comparability may be limited.

For the periods presented, the Company's non-GAAP net income and non-GAAP net income per diluted ADS exclude, as applicable, the amortization of intangibles, share-based compensation expense and interest expense on convertible notes.

Reconciliation of the Company's Non-GAAP financial measures to the GAAP financial measures is set forth below.


                                   For the Three For the Three For the Three
                                    Months Ended  Months Ended  Months Ended

                                     December 31, September 30,  December 31,
                                            2008          2009          2009
                                 (US$ thousands) (US$ thousands)(US$ thousands)
    GAAP Net  Income (Loss)                 $522        $4,496        $2,017
    Share-based compensation                 418         1,229         1,248
    Financial expense on
     convertible notes                        --           234           234
    Amortization of intangibles              152           319           441
    Investment impairment  loss               --            --         1,500
    Non-GAAP Net Income                   $1,092        $6,278        $5,440

    Non-GAAP diluted net income
     per ADS (Note 1)                      $0.03         $0.16         $0.13

    Note 1: The non-GAAP adjusted net income per ADS is computed using
    non-GAAP net income and number of ADS used in GAAP diluted EPS calculation,
    where the number of ADS is adjusted for dilution due to convertible notes
    issued to Nokia Growth Partners, or equivalent to 41.17 million ADS.

About KongZhong:

KongZhong Corporation is a leading mobile Internet company in China. The Company delivers wireless value-added services to consumers in China through multiple technology platforms including WAP, multimedia messaging service (MMS), JAVATM, short messaging service (SMS), interactive voice response (IVR), and color ring-back tone (CRBT). The Company operates three wireless Internet sites, Kong.net, Ko.cn and cn.NBA.com, which enable users to access media, entertainment and community content directly from their mobile phones. The Company also designs and operates mobile games, including mobile online games, JAVA games and WAP games.

Safe Harbor Statement:

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding trends in the wireless value-added services, wireless media and mobile games industries and our future results of operations, financial condition and business prospects. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends and our results may differ materially from those expressed or implied in these forward looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to, continued competitive pressure in China's wireless value-added services, wireless media and mobile games industries and the effect of such pressure on prices; unpredictable changes in technology, consumer demand and usage preferences in the market; the state of and any change in our relationship with China's telecommunications operators; our dependence on the billing systems of telecommunications operators for our performance; the outcome of our investment of operating income generated from the WVAS segment into the development of our wireless Internet segment and mobile games segment; changes in the regulations or policies of the Ministry of Industry and Information Technology and other relevant government authorities; and changes in political, economic, legal and social conditions in China, including the Chinese government's policies with respect to economic growth, foreign exchange, foreign investment and entry by foreign companies into China's telecommunications market. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the Securities and Exchange Commission. We assume no obligation to update any forward-looking statements, which apply only as of the date of this press release.

    For more information, please contact:

    Investor Contact:
     Jay Chang
     Chief Financial Officer
     Tel.:  +86-10-8857-6000
     Fax:   +86-10-8857-5891
     Email: ir@kongzhong.com

    Media Contact:
     Xiaohu Wang
     Manager
     Tel:   +86-10-8857-6000
     Fax:   +86-10-8857-5900
     Email: xiaohu@kongzhong.com

SOURCE KongZhong Corporation