Telstra Invests $100m in Lmobile

Lmobile, a Beijing-based mobile service provider, has received $100 million investment from Australia's Telstra, Lmobile founder and chairman Xu Maodong confirmed Monday. It was rumored late last year that Telstra was bidding to acquire Lmobile for $200 million. Lmobile was established in 2008 and offers interactive marketing, multimedia message and mobile news feed services. In 2006 Telstra spent $254 million on a strategic stake in Sohu's (NASDAQ: SOHU) Soufun.com that focuses on the real estate market.