Local media reports that Tom Online (TOMO) will soon announce the acquisition of eBay Eachnet and Paypal in China in the next few days.

According to the "informative person" quoted in local media, eBay will totally sell its business in China because it has seen diminishing returns due to the fierce Chiense competition.

Tom Online had earlier this year signed on as the general agent of Skype, a service provided by eBay, in China.

Neither party has formally confirmed the report regarding the acquisition.