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E-commerce service provider iBusiness  has bought 28 per cent of TradeTextile.com, an online trading platform for the textile and apparel industry.

This makes iBusiness, controlled by Cheung Kong (Holdings) and Hutchison Whampoa, the second-largest shareholder, with the company founders retaining 55 per cent.

Edmond Ip Tak-chuen, director and chief executive officer of iBusiness, declined to disclose the cost, saying only that the deal was completed 'with a small amount of cash' and there were no share-swap arrangements.

'Our investment was prompted by the fact that TradeTextile is a reputable company. And we believe China's expected World Trade Organisation entry will present a lot of opportunities for the textile industry,' Mr Ip said.

TradeTextile.com has established a comprehensive e-trading platform for business to business trade as well as applications services for textile traders.

It has more than 8,000 members - 60 per cent import and export companies and manufacturers in Hong Kong and on the mainland.

Chief executive Allan Cheung Chi-wan said e-trading transactions had reached US$30 million since the service began in March.

He expected the e-commerce solutions arm, launched in September, to generate revenue of between HK$50 million and HK$100 million in the next three years.

'We expect to become profitable in the next 12 to 15 months,' Mr Cheung said.

IBusiness is 75 per cent owned by Cheung Kong (Holdings) and Hutchison Whampoa, and the rest by HSBC and Hang Seng Bank.

It has teamed up with Excel Technology International (Hong Kong) to develop application service provider solutions, and with Hong Kong Economic Times (Holdings) to operate a job-search portal.



IBusiness buys into textile site