Has Jongo.com a chance?

China Media News comes after earlier entries with more news about Jongo.com: the project I had already written off is said to continue with the support of the UK investors. Today's entry includes what I consider to be the funniest statement of the day:

The Managing Director of Jongo once said, "It takes a long time to build a portal, but once it's profitable, it is basically like printing money." Expect to see more of Jongo in the future, just not the near future.

It might explain a bit the lemming-like behavior of the UK investors who have until recently been pouring in 100,000 US dollars per month into the project. It shows such a lack of understanding how things have worked, work and will work in China that I can hardly set myself to the boring task of explaining all this.
First, the operation is illegal, a foreign entities are banned from having this kind of media organizations. There is nothing against being illegal in China, as long as you do not get noticed. And you cannot print money without being noticed.
The Chinese portals (who now have a potential customer base of over 160 million internet users in China, compared to maybe a few million who might be interested in and English language service) had a hard time. More than ten years after Sohu, Sina and others took off, things seem to be picking up for the first time. They have been under threat of being kicked off the Nasdaq more than once because they underperformed. The news market has certainly changed dramatically: there is no market for a web1.0 service like Jongo is offering.
You wonder what consultant has been making money on this project. I know Cam of the China Media News only arrived when it was all too late, but somebody has been giving dramatically wrong advises here.