Mining for a Chinese YouTube

I happened to read through a few of my favorite Chinese-focused blogs today and happened on a gem about the video sharing business in China. Imagethief points to a Perry Wu article at where he outlines the recent shift in business strategy by Admax Resources, a company formerly in the mining business. The new name China YouTV Company (CYTV.OB) seemingly represents a shift toward user generated video content.
From the company press release:

“If the Company finds mineralized material and it is economically feasible to remove the mineralized material, it will attempt to raise additional money through a subsequent private placement, public offering or through loans. If the Company needs additional cash and can’t raise it, it will either have to suspend activities until it is able to raise the cash, or cease activities entirely. If the Company can’t find any mineralized material or it is not economically feasible to remove the mineralized material, it will have to cease activities and focus on the new market: the video sharing industry in China.”

Or to paraphrase: If there’s no money in digging up dirt, maybe we can get rich with this video thing.
I think the smart money remains on Tudou, which seems to have a viable business model and a growth plan.