Onboard infotainment company Mobile Media is set to gain listing status through a reverse takeover announced yesterday. Gold Focus, which holds 92.1 per cent of Mobile Media, is proposing to sell the infotainment business to Growth Enterprise Market-listed 36.com Holdings for 14.39 billion new 36.com shares. The new shares will be priced at 1.6 HK cents each, valuing Mobile Media at about HK$230 million. The deal allows Gold Focus, controlled by SAR-listed companies Star East Holdings and ITC, to gain a 67.8 per cent interest in Internet firm 36.com, which will be renamed M Channel. The backdoor listing move for Mobile Media follows the main-board flotation of Kowloon Motor Bus' (KMB) multimedia arm Roadshow Group last June. Mobile Media and Roadshow operate media businesses through the installation of liquid crystal display (LCD) screens in buses and mini-buses for onboard broadcasting. Mobile Media operates its infotainment network, M Channel, in more than 700 buses and 1,000 mini-buses in Hong Kong, as well as 900 buses in Guangzhou and Beijing. Roadshow has installed LCD screens on 2,400 KMB buses, and about 200 public light buses. Despite the similarity in their businesses, Roadshow is more profitable than Mobile Media. In the six months to June 30, the main-board company recorded a net profit of HK$55.73 million. Last year, Mobile Media reported a net loss of HK$20.70 million. Investors yesterday applauded the backdoor listing strategy, with 36.com shares bucking the market trend and surging 10 per cent to close at 2.2 HK cents. Albert Cheng King-hon, 36.com's founder, said he expected the new controlling shareholder to maintain the company's existing business. The company operates a Chinese-language portal and monthly magazine Cup. It made net losses of almost HK$150 million in the 21 months to December 31.