PacificNet to Buy Beijing iMobile Stake For $1.8 Million

Hong Kong-based tech service provider PacificNet will acquire a majority interest in Chinese Internet portal Beijing iMobile

PacificNet will buy a 51 percent equity interest in iMobile for $1.8 million, with 14 percent payable in cash. As part of the deal, PacificNet has committed to investing $250,000 in iMobile, while iMobile has committed to generate $500,000 in annual income.

iMobile operates its e-commerce business via two internet portals, and, and WAP portal “”. In addition, iMobile’s operation is the designated internet distributor for Motorola, Nokia, and NEC’s mobile products in China.