ChinaNet Online Holdings, Inc., an online technology and software provider which has, since its inception in 2003, led the field in full-service media development for small and medium enterprises (SME’s), today announced the appointment of a new Chief Technology Officer (CTO).

Mr. Hongli Xu will be taking the job of CTO at ChinaNet. CEO of ChinaNet, Mr. Handong Cheng, proclaimed that “he will provide critical leadership as we continue to elevate ChinaNet’s position in the Chinese media and advertising markets”.

Cheng went on to extol the appointment, saying of the candidate that “Mr. Xu brings over two decades of experience in the internet and software development industry in various sectors”.

With two years as head of development and management of an entire suite of software products for ThinkingPower Technology Co., Ltd. – a company working in broadcast and television markets via e-government software applications – Mr. Xu has the experience

ChinaNet Online Holdings Inc. offers full-service media development, advertising and communications to small and medium-sized companies in the People’s Republic of China. Yesterday, the company posted its second-quarter financials, reporting an increase in revenues, net income and cash flow.

ChinaNet increased its revenues for the second quarter of 2009 by 79 percent to $9.4 million, up from the $5.2 million reported in the same period of 2008. The company attributes the achievement to a boost in its Internet and television advertising, which contributed roughly 45 percent of total revenues for 2009.

Net income for the second quarter of 2009 was $1.3 million, up 73.1 percent from the $0.7 million reported in the second quarter the year prior.

“We are very pleased to report strong revenue and net income growth in the second quarter and year-to-date. While operating margins were modestly impacted by non-recurring and non-cash expenses we were able to