OpenBC

Germany's business social networking site

Similar to www.linkedin.com

Case study

• Li Jie never expected that her self description on a business social networking Website could help an Israeli trader find a Chinese supplier of astronomic telescopes. The Israeli businessman, Evgeny Gesin, whom she happened to invite to join her network on openbc.com, read her profile and learnt another e-commerce site that she usually visits, where Gesin got the supplier's contact. The deal was done later after trust was built up with negotiations and payment all online. Many people nowadays look for potential business partners on the Internet, mostly through an online marketplace to search for direct orders and offerings. But some others, like Li and Gesin, still prefer to build a personalized network of potential partners before they seek any potential business opportunities. This has turned the interpersonal connections of the business people a special commodity in cyberspace, which could have a price tag as some Websites are trying to cash in on the business relation building service within their online business communities.

plans for IPO

FRANKFURT, Nov 9 (Reuters) - German Open Business Club AG, which operates a professional networking Web site, said on Thursday it was planning to float on Frankfurt's stock market within the next six months.

Chief Executive Lars Hinrichs said he could not rule out a listing this year, even though recent market conditions have been difficult for initial public offerings (IPOs).

The volume of the IPO could be in the lower three-digit million euros, sources familiar with the situation said.

OpenBC, which will be re-named XING at the end of the month, plans to use the proceeds from the IPO to fund growth and said it was also interested in acquisitions.

The company said it made its first profit in its first fiscal quarter of 2006, on sales of 2.8 million euros ($3.58 million).

renamed to "Xing"

openBC is now XING

384 words

23 November 2006

Middle East Company News

English

Copyright 2006 AME Info FZ LLC. All rights reserved.

International online networking platform openBC has officially re-launched its website and changed its name to XING last week.

This new name for openBC site comes with a brand new and delightfully short domain name www.xing.com and a new tag line that reflects what openBC / XING really do, which is powering relationships.

www.openbc.com URL will continue and the company name Open Business Club GmbH will stay as well as will all the things that make this networking community unique.

Lars Hinrichs, the CEO of OPEN Business Club said, 'The new name is the cornerstone of great developments that we believe will bring great benefits to you, our loyal members. I would like to acknowledge all our members for bringing us to where we are today and I would also personally like to thank you all in advance for where we will go together, which will be an even bigger and brighter community.'

The new name XING was chosen for its positive meaning and international flair. In Chinese for example XING means flourishing, productive energy. It also could be translated as a 'star' and 'can do' attitude, reflecting on what this young and dynamic company stands for.

'Thanks to the strong first capital letter 'X' , XING could be decoded as a cross-ing. In networking context this associates with cross-cultural, border crossing , cross over, meeting at the cross-section,' said Nelly Liebrecht, the Regional Manager for XING networking platform and OPEN Business Club AG in UAE.

About XING / OPEN Business Club AG:

XING is international online networking platform, which is aimed at entrepreneurs, decision-makers, leading professionals, and the managers of the future.

XING is used predominantly for searching rapidly for new business partners, initiating new business contacts, opening up new markets, finding partnership opportunities and for setting up and managing existing business relations.

Business professionals join www.xing.com for:

• finding relevant people faster

• conduct business

• personal branding in a business context

• self expression & marketing

• contact management beyond the desktop

• finding like minded people

Contact Information:

Nelly Liebrecht

Regional Manager, UAE

XING / OPEN Business Club AG

P.O.Box 74221

Dubai,

UAE

Tel: +971-4-368 2029

Mobile: +971-50- 8589796

103118

http://www.ameinfo.com/images/news/8/32438-xinglogo.jpg

Business review

openBC Motivates Chinese Counterparts

224 words

4 December 2006

SinoCast China Business Daily News (Abstracts)

Page 1

English

(c) 2006 SinoCast LLC. All Rights Reserved.

BEIJING, December 04, SinoCast -- After three months of preparation, Hamburg-headquartered OPEN Business Club AG (openBC), one of the world's leading networking platforms for professionals, will be listed on Frankfort stock exchange on December 7, said the general manager of the company's China operation Song Xinyu.

Founded in August 2003, openBC is named one of the world's hottest Web 2.0 startups by Business 2.0/CNN Money and one of Europe's "Top 100" by Red Herring. It also has offices in Beijing of China and in Zurich of Switzerland.

Before 2005, openBC was mainly funded by some angel investors in Europe, and it brought in EUR 5.7 million of venture capital from Germany's Wellington venture capitalist after September of 2005.

openBC's way of gain profit is simple, but effective, that is via membership, said Song. It now has more than 1.5 million registered members worldwide, charging senior members in Europe monthly EUR 6, and CNY 228 per year for users in China.

The company's profitability model has been proved successful in the market, and its China operation has already been profitable even without further expansion, according to Song, adding that the listing of openBC can be an illumination for Chinese web2.0 operators to struggle for success amid changing market.