Oak Pacific Interactive (Oak Pacific), a Chinese Internet company formerly known as ChinaInterActiveCorp, announced today that it has closed a new round of financing of $48 million from a group of leading global private equity and venture capital firms led by General Atlantic LLC (GA). In addition to GA, the group includes DCM - Doll Capital Management, Technology Crossover Ventures (TCV), Accel Partners, and Legend Capital.

Oak Pacific provides next generation communication, content distribution and community Internet platforms including a number of well-known Chinese websites such as mop.com, UUme.com, DoNews.com, and wowar.com. Oak Pacific currently has approximately 22 million registered users and more than 150 million daily page views. Oak Pacific will use this new round of financing to continue to expand its portfolio of digital entertainment assets and build brand awareness for its offerings in high-growth sectors including online advertising, wireless value-added services and online broadband entertainment.

Joseph Chen, Chairman and CEO of Oak Pacific, said, "As a leading Web2.0 platform, our mission is to develop a world-class, sustainable business by leveraging China's rapidly growing Internet market. We selected these investment partners because of their capacity to help Oak Pacific continue its aggressive growth strategy and become a global leader."

Vince Feng, a Managing Director of GA and head of its Hong Kong office, commented on the partnership with Oak Pacific, "We are extremely pleased to become an investor and active board member of Oak Pacific Interactive. Oak Pacific's management team, led by Joe Chen, has a proven track record as entrepreneurs and in building Internet communities.

David Chao, Co-founder and Managing General Partner of DCM, added, "Oak Pacific is representative of the next-generation Internet companies and, with its powerful underlying Web 2.0 platform, is establishing a leading portfolio of Internet communities. We see tremendous opportunity for sustainable growth and long-term profits."

Before this round of financing, DCM, Accel Partners, Legend Capital, and Itochu Technology Venture were investors in the business through their initial investment in UUMe, a leading Chinese social networking platform acquired by Oak Pacific in late 2005.