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<TITLE>Prepared by MerrillDirect</TITLE>

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<p align=center><b><font size=3>SECURITIES AND EXCHANGE
COMMISSION<br>
Washington, D.C.&nbsp; 20549</font></b></p>

<p align=center><font size=3 face=Times>____________________</font></p>

<p align=center><b><font size=3>FORM S-8<br>
REGISTRATION STATEMENT<br>
UNDER<br>
THE SECURITIES ACT OF 1933</font></b></p>

<p align=center><font size=3 face=Times>____________________</font></p>

<p><font size=3 face=Times>&nbsp;</font></p>

<p align=center><b><font size=3>PACIFICNET.COM, INC.<br>
</font></b><font>(Exact
name of Registrant as specified in its charter)</font></p>

<p><font size=3 face=Times>&nbsp;</font></p>

<div align=center>

<table border=0 cellspacing=0 cellpadding=0 width="100%">
 <tr>
  <td  align=center width="49%" valign=top><font size=3 face=Times>Delaware</font></td>
  <td  align=center width="50%" valign=top><font size=3 face=Times>11-2854355</font></td>
 </tr>
 <tr>
  <td  align=center width="49%" valign=top><font size=3 face=Times>(State
  or other jurisdiction of <br>
  incorporation or organization)</font></td>
  <td  align=center width="50%" valign=top><font size=3 face=Times>(I.R.S.
  Employer <br>
  Identification No.)</font></td>
 </tr>
</TABLE>

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<p align=center><font size=3>7808
Creekridge Circle, Suite 101<br>
Bloomington, MN&nbsp; 55439<br>
(Address of principal executive offices)<br>
</font>____________________</p>

<p align=center><b><font size=3>1998 STOCK OPTION PLAN<br>
</font></b><font>(Full
title of the plan)<br>
</font>____________________</p>

<p align=center><font size=3>United
Corporate Services, Inc.<br>
15 East North Street<br>
Dover, Delaware&nbsp; 19901</font></p>

<p align=center><font size=3>(Name
and address of agent for service)</font></p>

<p align=center><font size=3>(302)
678-0855<br>
(Telephone number, including area code, of agent for service)</font></p>





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<p align=center><font size=3>CALCULATION
OF REGISTRATION FEE</font></p>

<p><font size=3 face=Times>&nbsp;</font></p>

<table border=0 cellspacing=0 cellpadding=0 width="100%">
 <tr>
  <td width="26%" valign=bottom><font size=3>&nbsp; Amount of <br>&nbsp; Title of <br>&nbsp; Securities <br>&nbsp; Registration <br>&nbsp; To Be <br>&nbsp; Registered</font>
<hr size=1 width="100%" noshade color=black align=left></td>
  <td width="19%" valign=bottom><font size=3>&nbsp; Amount To Be<br>&nbsp; Registered (1)</font>
<hr size=1 width="100%" noshade color=black align=left></td>
  <td width="15%" valign=bottom><font size=3>&nbsp; Proposed <br>&nbsp; Maximum <br>&nbsp; Offering <br>&nbsp; Price (3)</font>
<hr size=1 width="100%" noshade color=black align=left></td>
  <td width="19%" valign=bottom><font size=3>&nbsp; Proposed <br>&nbsp; Maximum <br>&nbsp; Aggregate <br>&nbsp; Offering Price (3)</font>
<hr size=1 width="100%" noshade color=black align=left></td>
  <td width="19%" valign=bottom><font size=3>&nbsp; Registration <br>&nbsp; Fee</font>
<hr size=1 width="100%" noshade color=black align=left></td>
 </tr>
 <tr>
  <td width="26%" valign=top><font size=3>&nbsp; Common <br>&nbsp; Stock, $.0001 par value</font></td>
  <td width="19%" valign=bottom><font size=3>&nbsp; 1,450,000 (2)</font></td>
  <td width="15%" valign=bottom><font size=3>&nbsp; $1.25</font></td>
  <td width="19%" valign=bottom><font size=3>&nbsp; $1,812,500</font></td>
  <td width="19%" valign=bottom><font size=3>&nbsp; $453.13 (3)</font></td>
 </tr>
</TABLE>

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<p><font size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In accordance with Rule 416 of the
General Rules and Regulations under the Securities Act of 1933, as amended (the
&#147;Securities Act), there also are being registered such indeterminate number of
additional shares of common stock as may become issuable pursuant to
anti-dilution provisions of the plan.</font></p>

<p><font size=2>(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PacificNet.com, Inc. (&#147;Registrant&#148;) is
registering an aggregate of 1,450,000 shares under its 1998 Stock Option Plan
pursuant to this Registration Statement.&nbsp;
This aggregate number represents an increase in the shares reserved for
issuance under Registrant's 1998 Stock Option Plan, which increase was approved
by Registrant's stockholders at a meeting held on June 2, 2000.&nbsp; An aggregate of 216,667 shares (as adjusted
following a 1 for 3 reverse stock split) were previously registered for
issuance under the 1998 Stock Option Plan pursuant to previous Forms S-8 filed
by Registrant with the Securities and Exchange Commission (the
&quot;Commission&quot;) on April 12, 1999 (Registration No. 333-76059) and on
September 28, 1999 (Registration No. 333-87929).</font></p>

<p><font size=2>(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimated solely for the purpose of
calculating the registration fee on the basis of the average of the high and
low price paid per share of the common stock as reported by the Nasdaq National
Market on May 24, 2001.</font></p>

<p align=center><font size=3>PART
II<br>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font></p>

<p><font size=3>Item 3.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>Incorporation of Documents By Reference.</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>The
following documents filed by Registrant with the Commission are incorporated by
reference:</font></p>

<PAGE>


<p><font size=3>1.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>Registrant&#146;s
Annual Report on Form 10-KSB for the year ended December 31, 2000 (File No.
000-24985).</font></p>

<p><font size=3>2.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>Registrant&#146;s
definitive Proxy Statement dated April 30, 2001, filed in connection with the
Registrant&#146;s June 15, 2001 Annual Meeting of the Stockholders.</font></p>

<p><font size=3>3.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>Registrant&#146;s
Registration Statements on Form S-8, filed with the Commission on April 12,
1999 (Registration No. 333-76059) and on September 28, 1999 (Registration No.
333-87929).</font></p>

<p><font size=3>4.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>The
description of the Registrant's Common Stock contained in the Registrant's
Registration Statement on Form 8-A dated October 21, 1998 (Registration No.
333-65929), filed pursuant to Section 12(g) of the Securities Exchange Act of
1934, as amended (the &#147;Exchange Act&#148;), including any amendment or report
subsequently filed by the Registrant for the purpose of updating that
description.</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition, any document filed by the
Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d)
of the Exchange Act subsequent to the date hereof, but prior to the filing of a
post-effective amendment to this Registration Statement which indicates that
all shares of the Registrant's Common Stock registered hereunder have been sold
or that deregisters all such shares of Common Stock then remaining unsold, will
be deemed to be incorporated by reference herein and to be a part hereof from
the date of filing of such documents.</font></p>

<p><font size=3 face=Times>Item
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Description of Securities.</font></p>

<p><font size=3 face=Times>Not
Applicable.</font></p>

<p><font size=3 face=Times>Item
5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interests of Named Experts and
Counsel.</font></p>

<p><font size=3 face=Times>Not Applicable.</font></p>

<p><font size=3 face=Times>Item
6.</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to Section 102(b)(7) of the
General Corporation Law of the State of Delaware (the &quot;GCL&quot;), Article
Sixth of the Registrant's amended and restated certificate of incorporation
eliminates the personal liability of the Registrant's directors to the
Registrant and its stockholders except for liabilities related to breach of
duty of loyalty, actions not in good faith and certain other liabilities.
Section 145 of the GCL permits a corporation to indemnify certain persons,
including officers and directors and former officers and directors.&nbsp; Such law provides further that the
indemnification permitted thereunder shall not be deemed exclusive of any other
rights to which officers and directors may be entitled under the corporation's
certificate of incorporation, by-laws, any agreement or otherwise.</font></p>

<PAGE>


<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size=3 face=Times>The Registrant's amended and restated
certificate of incorporation requires it to indemnify, to the full extent
permitted by the GCL, any person who is made or threatened to be made, a party
to an action, suit or proceeding (whether civil, criminal, administrative or
investigative) by reason of the fact that he is or was a director or officer of
the Registrant or serves or served as a director, officer, partner, trustee,
fiduciary, employee or agent of any other enterprise or organization at the
Registrant's request.&nbsp; The bylaws of the
Registrant also require it to indemnify, to the full extent provided by law,
each director of the Registrant.</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 145(g) of the Delaware
Corporation Law provides, in general, that a corporation shall have the power
to purchase and maintain insurance on behalf of any person who is or was a
director or officer of the corporation against any liability asserted against
the person in any such capacity, or arising out of the person's status as such,
whether or not the corporation would have the power to indemnify the person
against such liability under the provisions of the law. Registrant&nbsp; has purchased and maintains directors and
officers insurance coverage through Northland Insurance and Clarendon.</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The above discussion of the GCL and of
Registrant's amended and restated certificate of incorporation, bylaws and
insurance coverage is not intended to be exhaustive and is qualified in its
entirety by such statutes, amended and restated certificate of incorporation,
bylaws and insurance policies.</font></p>

<p><font size=3 face=Times>Item
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exemption from Registration
Claimed</font></p>

<p><font size=3 face=Times>Not
Applicable</font></p>

<p><font size=3 face=Times>Item
8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>The
following exhibits are filed herewith or incorporated by reference as a part of
this Registration Statement:</font></p>

<table border=0 cellspacing=0 cellpadding=0 width="100%">
 <tr>
  <td width="6%" valign=top>&nbsp;</td>
  <td width="8%" valign=top><font size=3>4</font></td>
  <td width="84%" valign=top><font size=3>1998
  Stock Option Plan, as amended, incorporated by reference from Registrant&#146;s
  Annual Report on Form 10-KSB for the fiscal year ended December 31, 1998
  (File No. 33-18521-NY).</font></td>
 </tr>
 <tr>
  <td width="6%" valign=top>&nbsp;</td>
  <td width="8%" valign=top>&nbsp;</td>
  <td width="84%" valign=top>&nbsp;</td>
 </tr>
 <tr>
  <td width="6%" valign=top>&nbsp;</td>
  <td width="8%" valign=top><font size=3>5</font></td>
  <td width="84%" valign=top><font size=3>Opinion
  of Preston Gates &amp; Ellis LLP (included herewith).</font></td>
 </tr>
 <tr>
  <td width="6%" valign=top>&nbsp;</td>
  <td width="8%" valign=top>&nbsp;</td>
  <td width="84%" valign=top>&nbsp;</td>
 </tr>
 <tr>
  <td width="6%" valign=top>&nbsp;</td>
  <td width="8%" valign=top><font size=3>23.1</font></td>
  <td width="84%" valign=top><font size=3>Consent
  of Arthur Anderson &amp; Co., Certified Public Accountants (included
  herewith).</font></td>
 </tr>
 <tr>
  <td width="6%" valign=top>&nbsp;</td>
  <td width="8%" valign=top>&nbsp;</td>
  <td width="84%" valign=top>&nbsp;</td>
 </tr>
 <tr>
  <td width="6%" valign=top>&nbsp;</td>
  <td width="8%" valign=top><font size=3>23.2</font></td>
  <td width="84%" valign=top><font size=3>Consent
  of Preston Gates &amp; Ellis LLP (included in Exhibit 5).</font></td>
 </tr>
 <tr>
  <td width="6%" valign=top>&nbsp;</td>
  <td width="8%" valign=top>&nbsp;</td>
  <td width="84%" valign=top>&nbsp;</td>
 </tr>
 <tr>
  <td width="6%" valign=top>&nbsp;</td>
  <td width="8%" valign=top><font size=3>24</font></td>
  <td width="84%" valign=top><font size=3>Power
  of Attorney (included herewith).</font></td>
 </tr>
</TABLE>

<dir><dir>
<p><font size=3 face=Times>&nbsp;</font></p>
</dir></dir>

<p><font size=3>Item 9.</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>Undertakings</font></p>

<PAGE>


<p><font size=3>The undersigned Registrant hereby
undertakes:</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To
file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement to include any material
information with respect to the plan of distribution not previously disclosed
in the Registration Statement or any material change to such information in the
Registration Statement.</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That,
for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To
remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of this
offering.</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; That,
for purposes of determining any liability under the Securities Act, each filing
of Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act that is incorporated by reference in the Registration Statement
shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of Registrant pursuant to the foregoing
provisions, or otherwise, Registrant has been advised that in the opinion of
the SEC such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable.&nbsp; In the event that a claim for indemnification against such
liabilities (other than the payment by Registrant of expenses incurred or paid
by a director, officer or controlling person of Registrant in the successful
defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being
registered, Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.</font></p>

<PAGE>


<p align=center><font size=3>SIGNATURES</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>Pursuant to
the requirements of the Securities Act, the registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this Registration Statement on Form S-8 to be
signed on its behalf by the undersigned, thereunto duly authorized, in
Bloomington, Minnesota , on May 29, 2001.</font></p>

<table border=0 cellspacing=0 cellpadding=0 width="100%">
 <tr>
  <td width="45%" valign=top>&nbsp;</td>
  <td width="54%" valign=top><font size=3>PACIFICNET.COM,
  INC.</font></td>
 </tr>
 <tr>
  <td width="45%" valign=top>&nbsp;</td>
  <td width="54%" valign=top>&nbsp;</td>
 </tr>
 <tr>
  <td width="45%" valign=top>&nbsp;</td>
  <td width="54%" valign=top><font size=3>By:&nbsp; /s/ Tony I. Tong</font>
<hr size=1 width="100%" noshade color=black align=left>
</td>
 </tr>
 <tr>
  <td width="45%" valign=top>&nbsp;</td>
  <td width="54%" valign=top><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tony I. Tong</font></td>
 </tr>
 <tr>
  <td width="45%" valign=top>&nbsp;</td>
  <td width="54%" valign=top><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Executive Officer</font></td>
 </tr>
</TABLE>

<PAGE>


<p align=center><font size=3>POWER
OF ATTORNEY</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>KNOW ALL
PERSONS BY THESE PRESENTS, that each individual whose signature appears below
hereby constitutes and appoints Tony I. Tong and Charles W. Mueller, and each
of them, his true and lawful agent, proxy and attorney-in-fact, with full power
of substitution, for him in any and all capacities, to sign this Registration
Statement and any amendments hereto, and to file the same, with exhibits
thereto, and other documents in connection therewith, with the Securities and
Exchange Commission, granting unto said attorney-in-fact and agent full power
and authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as he might do or could do in
person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute or substitutes, may do or cause to be done by virtue
hereof.</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>Pursuant to
the requirements of the Securities Act, this Registration Statement on Form S-8
has been signed by the following persons in the capacities and on the dates
indicated.</font></p>

<table border=0 cellspacing=0 cellpadding=0 width="100%">
 <tr>
  <td width="44%" valign=top><font size=3>Signature</font>
<hr size=1 width="95%" noshade color=black align=left></td>
  <td width="35%" valign=top><font size=3>Title</font>
<hr size=1 width="95%" noshade color=black align=left></td>
  <td width="20%" valign=top><font size=3>Date</font>
<hr size=1 width="95%" noshade color=black align=left></td>
 </tr>
 <tr>
  <td width="44%" valign=top>&nbsp;</td>
  <td width="35%" valign=top>&nbsp;</td>
  <td width="20%" valign=top>&nbsp;</td>
 </tr>
 <tr>
  <td width="44%"><font size=3>/s/ Tony I. Tong</font>
<hr size=1 width="95%" noshade color=black align=left>
<font size=3>Tony I. Tong</font></td>
  <td width="35%" valign=top><font size=3>Chief Executive
  Officer and <br>
  Director (principal and <br>
  executive offer)<br><br></font></td>
  <td width="20%" valign=top><font size=3>May 29, 2001</font></td>
 </tr>
 <tr>
  <td width="44%"><font size=3>/s/ Charles W. Mueller</font>
<hr size=1 width="95%" noshade color=black align=left>
<font size=3>Charles W. Mueller</font></td>
  <td width="35%" valign=top><font size=3>Chief Financial
  Officer and <br>
  Director (principal financial <br>
  officer)<br><br></font></td>
  <td width="20%" valign=top><font size=3>May 29, 2001</font></td>
 </tr>
 <tr>
  <td width="44%" valign=top><font size=3><br>
  /s/ David Bussmann</font>
<hr size=1 width="95%" noshade color=black align=left>
<font size=3>David Bussmann</font></td>
  <td width="35%" valign=top><font size=3>Director</font></td>
  <td width="20%" valign=top><font size=3>May 29, 2001</font></td>
 </tr>
 <tr>
  <td width="44%" valign=top><font size=3><br>
  /s/ Allan Yap</font>
<hr size=1 width="95%" noshade color=black align=left>
<font size=3>Allan Yap</font></td>
  <td width="35%" valign=top><font size=3>Director</font></td>
  <td width="20%" valign=top><font size=3>May 29, 2001</font></td>
 </tr>
 <tr>
  <td width="44%" valign=top><font size=3><br>
  /s/ Michael Gaard</font>
<hr size=1 width="95%" noshade color=black align=left>
<font size=3>Michael Gaard</font></td>
  <td width="35%" valign=top><font size=3>Director</font></td>
  <td width="20%" valign=top><font size=3>May 29, 2001</font></td>
 </tr>
 <tr>
  <td width="44%" valign=top><font size=3><br>
  /s/ Chih Cheung</font>
<hr size=1 width="95%" noshade color=black align=left>
<font size=3>Chih Cheung</font></td>
  <td width="35%" valign=top><font size=3>Director</font></td>
  <td width="20%" valign=top><font size=3>May 29, 2001</font></td>
 </tr>
 <tr>
  <td width="44%" valign=top><font size=3><br>
  /s/ Sally Lee</font>
<hr size=1 width="95%" noshade color=black align=left>
<font size=3>Sally Lee</font></td>
  <td width="35%" valign=top><font size=3>Director</font></td>
  <td width="20%" valign=top><font size=3>May 29, 2001</font></td>
 </tr>
</TABLE>

<PAGE>


<p><font size=3 face=Times>&nbsp;</font></p>

<p align=center><u><font size=3>EXHIBIT
INDEX</font></u></p>

<p><font size=3 face=Times>&nbsp;</font></p>

<table border=0 cellspacing=0 cellpadding=0 width="100%">
 <tr>
  <td width="9%" valign=top>&nbsp;</td>
  <td width="9%" valign=top><font size=3>5</font></td>
  <td width="81%" valign=top><font size=3>Opinion
  of counsel as to the legality of securities being registered.</font></td>
 </tr>
 <tr>
  <td width="9%" valign=top>&nbsp;</td>
  <td width="9%" valign=top>&nbsp;</td>
  <td width="81%" valign=top>&nbsp;</td>
 </tr>
 <tr>
  <td width="9%" valign=top>&nbsp;</td>
  <td width="9%" valign=top><font size=3>23.1</font></td>
  <td width="81%" valign=top><font size=3>Consent
  of Independent Public Accountants.</font></td>
 </tr>
 <tr>
  <td width="9%" valign=top>&nbsp;</td>
  <td width="9%" valign=top>&nbsp;</td>
  <td width="81%" valign=top>&nbsp;</td>
 </tr>
 <tr>
  <td width="9%" valign=top>&nbsp;</td>
  <td width="9%" valign=top><font size=3>23.2</font></td>
  <td width="81%" valign=top><font size=3>Consent
  of counsel (included in Exhibit 5).</font></td>
 </tr>
 <tr>
  <td width="9%" valign=top>&nbsp;</td>
  <td width="9%" valign=top>&nbsp;</td>
  <td width="81%" valign=top>&nbsp;</td>
 </tr>
 <tr>
  <td width="9%" valign=top>&nbsp;</td>
  <td width="9%" valign=top><font size=3>24</font></td>
  <td width="81%" valign=top><font size=3>Power
  of Attorney (see previous page).</font></td>
 </tr>
</TABLE>

<p><font size=3>&nbsp;</font></p>

</div>

</body>

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{"company-data": {"conformed-name": "PACIFICNET COM INC", "cik": "0000815017", "assigned-sic": "7371", "irs-number": "112854355", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-62002", "film-number": "1651975"}, "business-address": {"street1": "7808 CREEKRIDGE CIRCKE SUITE 101", "street2": "TAIKOKTSUI KOWLOON HONG KONG", "city": "BLOOMINGTON", "state": "MN", "zip": "55439", "phone": "7184746568"}, "mail-address": {"street1": "7808 CREEKRIDGE CIRCKE SUITE 101", "street2": "TAIKOKSUI KOWLOON HONG KONG", "city": "BLOOMINGTON", "state": "MN", "zip": "55439"}, "former-company": [{"former-conformed-name": "CREATIVE MASTER INTERNATIONAL INC", "date-changed": "19980508"}, {"former-conformed-name": "DAVIN ENTERPRISES INC", "date-changed": "19920703"}]}
Prepared by MerrillDirect
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C.  20549
____________________
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
____________________
PACIFICNET.COM, INC.
(Exact
name of Registrant as specified in its charter)
Delaware
11-2854355
(State
  or other jurisdiction of
incorporation or organization)
(I.R.S.
  Employer
Identification No.)
7808
Creekridge Circle, Suite 101
Bloomington, MN  55439
(Address of principal executive offices)
____________________
1998 STOCK OPTION PLAN
(Full
title of the plan)
____________________
United
Corporate Services, Inc.
15 East North Street
Dover, Delaware  19901
(Name
and address of agent for service)
(302)
678-0855
(Telephone number, including area code, of agent for service)
CALCULATION
OF REGISTRATION FEE
Amount of
Title of
Securities
Registration
To Be
Registered
Amount To Be
Registered (1)
Proposed
Maximum
Offering
Price (3)
Proposed
Maximum
Aggregate
Offering Price (3)
Registration
Fee
Common
Stock, $.0001 par value
1,450,000 (2)
$1.25
$1,812,500
$453.13 (3)
(1)         In accordance with Rule 416 of the
General Rules and Regulations under the Securities Act of 1933, as amended (the
"Securities Act), there also are being registered such indeterminate number of
additional shares of common stock as may become issuable pursuant to
anti-dilution provisions of the plan.
(2)         PacificNet.com, Inc. ("Registrant") is
registering an aggregate of 1,450,000 shares under its 1998 Stock Option Plan
pursuant to this Registration Statement. 
This aggregate number represents an increase in the shares reserved for
issuance under Registrant's 1998 Stock Option Plan, which increase was approved
by Registrant's stockholders at a meeting held on June 2, 2000.  An aggregate of 216,667 shares (as adjusted
following a 1 for 3 reverse stock split) were previously registered for
issuance under the 1998 Stock Option Plan pursuant to previous Forms S-8 filed
by Registrant with the Securities and Exchange Commission (the
"Commission") on April 12, 1999 (Registration No. 333-76059) and on
September 28, 1999 (Registration No. 333-87929).
(3)         Estimated solely for the purpose of
calculating the registration fee on the basis of the average of the high and
low price paid per share of the common stock as reported by the Nasdaq National
Market on May 24, 2001.
PART
II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents By Reference.
The
following documents filed by Registrant with the Commission are incorporated by
reference:
1.
Registrant's
Annual Report on Form 10-KSB for the year ended December 31, 2000 (File No.
000-24985).
2.
Registrant's
definitive Proxy Statement dated April 30, 2001, filed in connection with the
Registrant's June 15, 2001 Annual Meeting of the Stockholders.
3.
Registrant's
Registration Statements on Form S-8, filed with the Commission on April 12,
1999 (Registration No. 333-76059) and on September 28, 1999 (Registration No.
333-87929).
4.
The
description of the Registrant's Common Stock contained in the Registrant's
Registration Statement on Form 8-A dated October 21, 1998 (Registration No.
333-65929), filed pursuant to Section 12(g) of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), including any amendment or report
subsequently filed by the Registrant for the purpose of updating that
description.
In addition, any document filed by the
Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d)
of the Exchange Act subsequent to the date hereof, but prior to the filing of a
post-effective amendment to this Registration Statement which indicates that
all shares of the Registrant's Common Stock registered hereunder have been sold
or that deregisters all such shares of Common Stock then remaining unsold, will
be deemed to be incorporated by reference herein and to be a part hereof from
the date of filing of such documents.
Item
4.         Description of Securities.
Not
Applicable.
Item
5.         Interests of Named Experts and
Counsel.
Not Applicable.
Item
6.
Pursuant to Section 102(b)(7) of the
General Corporation Law of the State of Delaware (the "GCL"), Article
Sixth of the Registrant's amended and restated certificate of incorporation
eliminates the personal liability of the Registrant's directors to the
Registrant and its stockholders except for liabilities related to breach of
duty of loyalty, actions not in good faith and certain other liabilities.
Section 145 of the GCL permits a corporation to indemnify certain persons,
including officers and directors and former officers and directors.  Such law provides further that the
indemnification permitted thereunder shall not be deemed exclusive of any other
rights to which officers and directors may be entitled under the corporation's
certificate of incorporation, by-laws, any agreement or otherwise.
The Registrant's amended and restated
certificate of incorporation requires it to indemnify, to the full extent
permitted by the GCL, any person who is made or threatened to be made, a party
to an action, suit or proceeding (whether civil, criminal, administrative or
investigative) by reason of the fact that he is or was a director or officer of
the Registrant or serves or served as a director, officer, partner, trustee,
fiduciary, employee or agent of any other enterprise or organization at the
Registrant's request.  The bylaws of the
Registrant also require it to indemnify, to the full extent provided by law,
each director of the Registrant.
Section 145(g) of the Delaware
Corporation Law provides, in general, that a corporation shall have the power
to purchase and maintain insurance on behalf of any person who is or was a
director or officer of the corporation against any liability asserted against
the person in any such capacity, or arising out of the person's status as such,
whether or not the corporation would have the power to indemnify the person
against such liability under the provisions of the law. Registrant  has purchased and maintains directors and
officers insurance coverage through Northland Insurance and Clarendon.
The above discussion of the GCL and of
Registrant's amended and restated certificate of incorporation, bylaws and
insurance coverage is not intended to be exhaustive and is qualified in its
entirety by such statutes, amended and restated certificate of incorporation,
bylaws and insurance policies.
Item
7.         Exemption from Registration
Claimed
Not
Applicable
Item
8.         Exhibits
The
following exhibits are filed herewith or incorporated by reference as a part of
this Registration Statement:
4
1998
  Stock Option Plan, as amended, incorporated by reference from Registrant's
  Annual Report on Form 10-KSB for the fiscal year ended December 31, 1998
  (File No. 33-18521-NY).
5
Opinion
  of Preston Gates & Ellis LLP (included herewith).
23.1
Consent
  of Arthur Anderson & Co., Certified Public Accountants (included
  herewith).
23.2
Consent
  of Preston Gates & Ellis LLP (included in Exhibit 5).
24
Power
  of Attorney (included herewith).
Item 9.
Undertakings
The undersigned Registrant hereby
undertakes:
(1)      To
file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement to include any material
information with respect to the plan of distribution not previously disclosed
in the Registration Statement or any material change to such information in the
Registration Statement.
(2)      That,
for the purpose of determining any liability under the Securities Act, each
such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona fide offering
thereof.
(3)      To
remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of this
offering.
(4)      That,
for purposes of determining any liability under the Securities Act, each filing
of Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Exchange Act that is incorporated by reference in the Registration Statement
shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of Registrant pursuant to the foregoing
provisions, or otherwise, Registrant has been advised that in the opinion of
the SEC such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable.  In the event that a claim for indemnification against such
liabilities (other than the payment by Registrant of expenses incurred or paid
by a director, officer or controlling person of Registrant in the successful
defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being
registered, Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
SIGNATURES
Pursuant to
the requirements of the Securities Act, the registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing
on Form S-8 and has duly caused this Registration Statement on Form S-8 to be
signed on its behalf by the undersigned, thereunto duly authorized, in
Bloomington, Minnesota , on May 29, 2001.
PACIFICNET.COM,
  INC.
By:  /s/ Tony I. Tong
Tony I. Tong
Chief Executive Officer
POWER
OF ATTORNEY
KNOW ALL
PERSONS BY THESE PRESENTS, that each individual whose signature appears below
hereby constitutes and appoints Tony I. Tong and Charles W. Mueller, and each
of them, his true and lawful agent, proxy and attorney-in-fact, with full power
of substitution, for him in any and all capacities, to sign this Registration
Statement and any amendments hereto, and to file the same, with exhibits
thereto, and other documents in connection therewith, with the Securities and
Exchange Commission, granting unto said attorney-in-fact and agent full power
and authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as he might do or could do in
person, hereby ratifying and confirming all that said attorney-in-fact and
agent, or his substitute or substitutes, may do or cause to be done by virtue
hereof.
Pursuant to
the requirements of the Securities Act, this Registration Statement on Form S-8
has been signed by the following persons in the capacities and on the dates
indicated.
Signature
Title
Date
/s/ Tony I. Tong
Tony I. Tong
Chief Executive
  Officer and
Director (principal and
executive offer)
May 29, 2001
/s/ Charles W. Mueller
Charles W. Mueller
Chief Financial
  Officer and
Director (principal financial
officer)
May 29, 2001
/s/ David Bussmann
David Bussmann
Director
May 29, 2001
/s/ Allan Yap
Allan Yap
Director
May 29, 2001
/s/ Michael Gaard
Michael Gaard
Director
May 29, 2001
/s/ Chih Cheung
Chih Cheung
Director
May 29, 2001
/s/ Sally Lee
Sally Lee
Director
May 29, 2001
EXHIBIT
INDEX
5
Opinion
  of counsel as to the legality of securities being registered.
23.1
Consent
  of Independent Public Accountants.
23.2
Consent
  of counsel (included in Exhibit 5).
24
Power
  of Attorney (see previous page).