Pay88, Inc. has entered into a Share Purchase Agreement with the shareholders of Chongqing Qianbao Technology Ltd., a limited liability company based in Chongqing, China, said the company in a statement. Pursuant to the Agreement, Pay88 acquired Qianbao by purchasing 100% of Qianbao's registered capital stock in exchange for 5,000,000 shares of Pay88's Series A Convertible Preferred Stock. "We believe that the acquisition of QianBao Technology will add value to Pay88 by adding complimentary product lines, improved technology and strengthening of our online marketing ability that will allow us to quickly broaden our online market penetration'' said Guo Fan, Pay88's CEO.