KongZhong Corporation Plows Back $4.9m into R&D During Q1

KongZhong Corporation (NASDAQ: KONG), an interactive entertainment, media and community services provider to mobile phone users in China, spent $4.9 million in research and development during the first quarter of 2009, up 16% on the previous quarter. Its revenues were up 38% to $29.6 million over the period. KongZhong in February reached a non-binding agreement to place 5-year convertible senior notes with Nokia Growth Partners in exchange for $6.8 million.

$1 = ¥6.8