China Netcom's Chongqing Branch successful acquisition of cqnet.com.cn, which was known as Chongqing Netcom Information Harbor, for CNY383 million has now consolidated the two brands and ended confusion among consumers.
For a few years, consumers in Chongqing were confused because both companies offered similar services, had similar names, and advertised themselves the same way. The parties say they have signed a stake transfer agreement and undergone the relevant transfer procedures at the local department of industry and commerce. Chongqing Netcom Information Harbor's 50,000 users are now managed by Chongqing Netcom and its service hotline has been changed from 96500 to 10060, the same as Chongqing Netcom's.
In addition to the CNY383 million it is paying to purchase Chongqing Netcom Information Harbor, Chongqing Netcom also needs to handle the company's CNY250 million in debt.
Chongqing Netcom is a subsidiary of China Netcom. Founded in 2002, it has now grown into the second largest fixed telecom and broadband operator in Chongqing.