Tài liệu Nothing But Net 2009 Internet Investment Guide 11 pdf
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Global Equity Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
number of bidders they would typically have exposure to, thus increasing the amount
of money raised for their cause.
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Global Equity Research
05 Januar
y 2009
Imran Khan
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Global Equity Research
05 Januar
y 2009
Imran Khan
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International Sector Outlooks
International Sector Outlooks
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Global Equity Research
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y 2009
Imran Khan
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105
Global Equity Research
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y 2009
Imran Khan
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China Internet Market Overview
Number of Internet Users Continues Strong Uptrend
China’s Internet population grew at a rapid pace in 2007, increasing 53% Y/Y to
210M, according to China Internet Network Information Center (CNNIC). In 1H08,
the number of Internet users climbed a further 20% to reach 253M as per CNNIC,
giving China the world’s largest Internet user base. This strong growth in recent
years has been driven by factors such as robust GDP growth, lower priced
computers, more affordable telecom connection fees, government support to Internet
usage and low-cost entertainment aspects. Further, growth in the rural population
exceeded that in the overall population, growing at almost 128% in 2007, as lower-
income groups also continue to adopt the Internet.
Despite this rapid growth, China's Internet penetration rate of ~20% of the population
is still well below that of developed markets like the US, Japan and Korea (over
70%). We expect Internet users to grow by around 20% Y/Y in 2009 to reach
~320M, or the penetration rate to reach ~24% of the population by the end of 2009.
Figure 57: China Internet Users and Penetration Rate
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Jun-01
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0%
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Number of China Internet Users (Left, millions)
Penetration Rate as % of Total Population (Right)
Source: CNNIC (China Internet Network Information Center), J.P. Morgan estimates.
Broadband and Mobile Continue Rapid Growth
The number of users with broadband Internet access grew 80% Y/Y to 163M (78%
of total users) by the end of 2007, and to 214M (85% of total users) by June 2008, as
per CNNIC.
