May 21, 2009 (FinancialWire) — Chinese mobile internet company KongZhong Corp.’s (NASDAQ: KONG) board has authorized the company to up its buyback authorization to $15 million worth of the company’s American depositary shares, compared to $10 million as originally authorized in October of last year.

The company said it expects to finance the purchases from existing and future cash reserves. As part of the share repurchase plan, the company’s board has authorized KongZhong to purchase 1.3 million ADSs from an individual shareholder of the company.

Beijing-based KongZhong offers wireless value-added services to consumers in China through multiple technology platforms including WAP, multimedia messaging service, Java, short messaging service, interactive voice response, and color ring-back tone.

The company operates three wireless internet sites that enable users to access media, entertainment and community content directly from their mobile phones. The company also designs and operates mobile games, including mobile online games, Java games and WAP games.

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