China Telecom, Guangdong Telecom and Zhejiang Telecom have jointly set up a new company called China Communications Service Holdings Company, captialized at CNY3.96 billion.
China Telecom, Guangdong Telecom and Zhejiang Telecom each hold respective stakes of 91.5%, 6.2% and 2.3% at the new company.
As approved by China's State Administration of Industry and Commerce, this new company is focused on over ten scopes of business including communications technology development, technology consulting, communications appliance production and investment.
Wang Xiaochu, General Manager of China Telecom, will work as President of the new company. Li Pingtan, Deputy General Manager of China Telecom, is the new company's General Manager, and Wang Qi, General Manager of Guangdong Telecom, has been installed as Deputy General Manager of CCSHC.
China Telecom hopes to have CCSHC listed in Hong Kong by the end of this year.