China Mobile could change the terms of the deal,

Right now, they give about 85 percent of value-added content revenues to the portals. They could try to change that deal.

China Mobile is actually 31 provinces, and each province has its autonomy and capital expenditures. Often they'll promote their own local brands at the expense of national brands they should be promoting.

They have raw talent and the ability to throw people at a problem. It's hard to match.

China is a high-maintenance market. It is highly regulated, highly sensitive and difficult to manage from 15 hours' time difference away.

It's been a great education. These effects aren't going to go away.