Back in January we reviewed a promising new online video startup out of China, called Mojiti. While there are many so-called YouTube clones fighting it out on the Chinese web 2.0 battleground, - which launched in November 2006 - caught our attention because it offered a fresh user experience. It wasn't just a YouTube clone, in other words. In Mojiti, videos are not just available to watch and share - you can annotate them too. With Mojiti you can add text and graphics to existing videos.

In our review, we spoke to Eric Feng, the founder of and a former Microsoft exec. He mentioned that other new features to come included a Media Center plugin, Flash Spots, and SubRip/SubViewer. So there is a lot of functionality in Mojiti, which seems to have made it a prime acquisition target for $1 billion News Corp./NBC online video joint venture Hulu, according to Techcrunch.

Note that Eric Feng told Read/WriteWeb in January that unlike most Chinese startups, was targeting the international market by offering an English version since launch. We'll keep an eye on this story and whether the rumor is confirmed soon, although TC is usually spot on with them.

A nice demo of what Mojiti can do can be found in the video below: