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|Monday, August 14, 2000, updated at 14:51(GMT+8)|
Tom.com to Acquire Yang Cheng Press and Shawei.comTom.com, the Web portal owned by Hong Kong tycoon Li Ka-shing, signed preliminary agreements on Sunday with two sports-related Chinese companies in a move to strengthen its position in the mainland's sports industry.
Tom.com said it intends to acquire a 70 percent stake in Yang Cheng Press for US$30.3 million and a 100 percent stake in Sharkwave Asia Pacific Ltd., which owns shawei.com, for about US$20 million.
Yang Cheng Press is a leading sports adverstising and event management company on the Chinese mainland, while shawei.com is the leading sports site in China.
Tom.com, founded in last December, announced last month that it was laying off 80 employees in Hong Kong so that it could focus on Chinese mainland's business.
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