At the China Gaming Industry Annual Conference in January, gaming
giants like
Tencent, Netease and Shanda Interactive
Entertainment Ltd all reported 2010 was their most difficult year, according to the CBN.
Most of China's tech
giants, including instant messaging and gaming company
Tencent, mobile handset maker Xiaomi, portal and microblogging
giant Sina, and the country's video streaming sites YoukuTudou, iQiyi, and LeTV, all have rushed into the rapidly growing space, joining upstarts such as Panda TV, an e-sports streaming app owned by Wang Sicong, the son of Wang Jianlin, China's richest man, a real estate mogul with aspirations in media and
entertainment.