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Found a news item on the Nival forum about Might and Magic Online.
It's a bit late, but here it is:
Might and Magic Online announced
Work in progress from October 8, 2004 with 15h 02
A little slow lately, but the Might and Magic license will soon be back in service. The Chinese division of Ubi Soft announced at a small conference in Shanghai that the next Might and Magic is currently under development in the studios of TQ DIGITAL Entertainment, but with a slightly different concept, as the title will take the form of an MMORPG and will thus be playable only online. Expected in 2005, the release of this new project, which we will temporarily call Might and Magic Online, is only planned for the Chinese territory, although a release in all of Asia and then worldwide is possible later. For now, we will have to be satisfied with this short announcement, which raises many questions, and we will have to be patient a little longer before having more details.
And here is another piece of information from a review:
Heroes of Might and Magic gets MMORPG treatment
Ubisoft teams with China's TQ Digital; online version of Might and Magic franchise due for Chinese gamers in 2005.
SHANGHAI, China--In America, 2004 has seen the cancellation of many high-profile massively multiplayer online role-playing games. Ultima X: Odyssey, Mythica, Warhammer Online, have all fallen under the axe.
However, across the Pacific, a classic role-playing game with more than a dozen sequels is about to be reincarnated as an MMORPG. At a press conference this week in Shanghai, Ubisoft China and game developer TQ Digital Entertainment said they had inked a deal that will see an MMORPG based on the Might and Magic franchise reaching Chinese gamers in 2005. A worldwide launch is also being considered.
In the case of the upcoming venture, Alain Corre, Ubisoft managing director for Europe, Middle East, and Asia, said, "The approach on this product is to blend Asian gameplay elements and a Western franchise with high recognition in the Asian territories. To that end, we will work closely with TQ Digital, who already has wide experience in this area and who we know will be able to develop a great game that will please Chinese MMO fans." He added, "The online gaming market in Asia is booming, but, to date, Western products have failed to penetrate in any depth."
TQ Digital's parent company, NetDragon, made headlines last year when it sold its gaming portal, 17173.com, to one of China's online giants, SOHU, which is the operator of a Web portal that delivers news, search, games, e-mail, and instant messaging to its customers in China. The $20 million dollar deal was one of the few significant transactions completed in the competitive Chinese games marketplace in the last 12 months. TQ Digital is considered one of the major game operators in China, distinct from others because its online games are all locally developed.