Pay88, Inc. (fka PAYI)

[resident1155]

I've spent some time researching this one and it sure looks like they are operating just fine. Apparently their payment platform is directly linked to several of the biggest banks in China. It's also important to note that there are only about ~30 companies in China that offer an online banking system available to end users. They also seem to be catering to ebayers as well, much in the same way that Paypal is. If you don't believe, take a look through the help pages on the Qian Bao site.

Something is going on here and I'm willing to bet that they DID obtain the necessary capital to continue operations and become prosperous. The payment platform is the key here folks. The game cards that they offer are just a perk (although gaming in china is becoming such a problem that they have addiction facilities to help kids that need it).

Qian Bao is the company they acquired a few years ago that offered this payment platform. It became a beta release and eventually was launched a few months back. If someone could make a long distance call, they might be able to get in touch with someone in China that could explain the company's current operations. There are 3 or 4 phone numbers listed on the Qian Bao site.