China, a fast-growing developing country, has the largest number of mobile phone users all over the world, and its mobile business (m-business) is booming with the rapid development of mobile technologies. We propose a framework of m-business value chain in China, and analyze the participators of the value chain and their roles. Our results indicate that China?s m-business value chain is different from those in developed countries. Furthermore, the results provide a foundation for future strategic analysis of the telecommunications industry in China. Drawing on technological factors that may influence the development of m-business, this study also discusses the future of m-business in China.