Hanwang Technology Co Ltd, a Chinese maker of e-readers and portable devices with handwriting recognition, has transferred its "i-phone" trademark to Apple Inc.

Pursuant to the agreement inked on Jul. 18 last year, Apple paid RMB 24.94 million for the trademark. The Beijing-based company said the payment, which it had received by the end of the year, boosted its 2009 income to RMB 25.02 million. Its income was RMB 735,000 in 2008.

Apple said the deal will benefit both companies.

Reportedly, in 2004 the Chinese company registered the "i-phone" trademark and launched a mobile phone under this name. The phone is discontinued now. Apple released the iPhone in 2007 and two years later began to sell it in China in cooperation with China Unicom<600050><0762><CHU>.

Source:China Knowledge