Dragon Venture's subsidiary Shanghai Yazheng Information Technology Company has completed the acquisition of 51% ownership of Shanghai Cnnest Technology Development Company, a wireless 3G-based solutions and applications company.

The price of the acquisition was not disclosed.

The Shanghai Cnnest Technology Development Co., Ltd. (Cnnest) was established in 2002. Cnnest is dedicated to commercial 3G wireless applications and mobile business solutions. Based on wireless 3G platforms, Cnnest's objective is to take advantage of a host of new mobile internet applications. Cnnest intends to become one of the leading companies in the field of mobile Internet solutions and applications.

According to 3GMPS.com, 3G Mobile-Services and the Mobile Internet bring people's life into a brand new era. Mobile Internet phones or 3G Smart Phones in use are expected to reach one billion worldwide in 2005. Global mobile data market revenues should reach $450 billion by 2010.