The Digital Source For China's Tech Innovation Since 2000

Search
Close

hongkong.com Announces Acquisition Of Go2joy

July 9, 2004
Telecom & Wireless

hongkong.com Corporation, a China mobile applications, online games and Internet services company, today announced its intention to acquire Go2joy (Beijing He He Technology Company Limited), a mobile applications and services provider in China, from another subsidiary of its parent company, chinadotcom corporation.

With the addition of Go2joy, the company is expected to develop further synergies within the hongkong.com Group in the mobile applications arena.

Under the transaction agreement, hongkong.com will pay chinadotcom no more than HK$467 million (US$60 million) to acquire a 100% stake in Go2joy from chinadotcom. The actual amount of the payment will be determined pursuant to an earn-out formula based on Go2joy's financial results over the next two years.

Since adding Go2joy to the chinadotcom group in May this year, synergies have begun to develop between Newpalm and Go2joy, including joint product development and joint promotional activities of Newpalm's interactive voice response ("IVR") products through Go2joy's distribution platform. Further synergies are expected to be developed by leveraging upon Newpalm's local connectivity with provincial mobile operators and Go2joy's exclusive mobile payment and TV partnerships in relation to the offering of mobile value added services to China Mobile's users.

Go2joy is an IVR and SMS (text message) services provider with TV and mobile payment service partnerships in China. Recently, Go2joy launched its services on Channel 5, a TV sports channel on China's state-owned national television station, through Beijing Yang Shi Information Technology Co. Ltd. ("Beijing Yang Shi"), an interactive media service provider that partners with China's state-owned national TV station. The services launched on Channel 5 provide the latest news and games related to a variety of sports, including the most popular European soccer leagues, live reports on NBA scores, golf and volleyball matches as well as other sporting highlights.

In addition, Go2joy has the capability to offer a mobile payment service ("Mobile Wallet") for Internet-related services through partnership with Union Mobile Pay Ltd. ("UMP"), a joint venture between China Mobile and China UnionPay Co., Ltd. Mobile Wallet is the official mobile payment platform authorized by China Mobile to handle third party collections of non-mobile related services and also provides a convenient payment gateway for mobile users and innovative payment solutions for merchants.

Tags: acquisition | agreement | applications | Beijing | China | China Mobile | China UnionPay | development | distribution | European | finance | financial | football | games | Gateway | information technology | interactive | Internet | joint venture | mobile | NBA | sports | technology | television | TV

Other Related News:

China Again? — Why The Crypto Market Lost Over $300 Billion In Hours And What To Expect

September 22, 2021

Credit unions enlist fintechs to vie with commercial, challenger banks and Vice President Kamala Harris seeks to enlist Vietnam in resistance to Beijing ‘bullying’

September 2, 2021

Microsoft China Shanghai Science And Technology Park Begins Operations

April 5, 2010

Hurray Reports Lackluster Results

August 15, 2005

Elaine Chin Joins Stage 13 (Warner Bros.) as SVP, Head of Scripted Content

February 5, 2021

Toyota, Volkswagen and Tesla are bringing factories in China back on line ChinaPulse.com China News, Data, Media Intelligence and Insights

April 19, 2022

Tom Online Formally Denies Acquisition Talks

March 4, 2005

Ericsson Signs WCDMA License Agreement With Compal

March 27, 2007

How Australia could be forced to go to WAR as tensions between China and Taiwan reach fever-pitch

October 10, 2021
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
Menu
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
© 2022 ChinaTechNews.com. A Service of Asia Media Network.
Twitter
Posting....