<P><FONT size=6>GS 高盛：每日中国　</FONT></P>
<P><FONT size=6>01.25   ８页   英文</FONT></P>
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<P>What's changed: Naspers Limited, Tencent’s (0700.HK, HK$30.50, BUY) largest shareholder with a 36% equity stake, announced on Jan 23 that it is purchasing 30% of Mail.ru for US$165 mn. Mail.ru is a Russian internet company that provides the leading local email service, the leading photo exchange service, the second most popular instant messaging service, and the second most popular portal. Naspers is a South Africa based media company with a global portfolio of operations, including pay TV in Greece, a portal in Thailand, and newspapers in Brazil.</P>