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Huawei Technologies Reorganizes For IPO
July 7, 2004 |
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Huwaei, one of China's telecom equipment providers is being restructured to pave the way for its listing plan, according to Wednesday's China Daily.
"Restructuring is what we are undertaking right at the moment," Huawei Technologies spokesman Fu Jun said. "We are doing the reshuffle to offer better services to our customers. Meanwhile, it will also help us to optimize our resources and enhance our competitiveness in the face of fiercer competition."
The China Daily quotes a source close to the company as saying it will also be split into eight companies to focus on different areas such as technologies, mobile business and investment. Although the restructuring may not be directly linked to Huawei's listing plan, it will accelerate its initial public offering (IPO) process, the source said. Fu denied that the Huawei would be split into eight companies.
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