Chinese Domain Name Sells For $160,000 Edit

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A sale of Chinese Internet domain names netted more than $160,000 on Friday in what organizers said was the biggest such auction yet in the computer-crazy country. A pair of sites named for ultra-mobile personal computing (umpc.cn and umpc.com.cn), one of the hottest technologies around, fetched an eye-popping 390,000 yuan ($49,000).

Generic domain names including art.com.cn and book.com.cn sold well above their reserve prices, while caipiao.com—“caipiao” means lottery ticket in Chinese—fetched 37,000 yuan.