The company is based in Silicon Valley and Shanghai, and its clients include worldwide leaders in game software, hardware, and services, as well as hedge funds, media companies, trade associations, and management consulting firms, all of whom have a vested interest in a thorough understanding of the games industry in Southeast Asian and China.

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Still, the number of Google Web searches by mainland-Chinese Internet users has risen over the past two years, said Mr. Alegre, who is based in Tokyo and often visits Beijing and Shanghai.

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Bank of Communications is the only Shanghai-based big firm, in which HSBC holds a 19% share.

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Based in Shanghai, China Eastern Airlines (CEA, 36) is China's third-largest airline.

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But China is likely to be cautious in granting Cathay additional flights given opposition from home carriers including Shanghai-based China Eastern Airlines as the fragmented Chinese airline industry consolidates.

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China's biggest airline is closing in on a deal for a 51% stake in the proposed cargo joint venture to be based in Shanghai.

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