皇冠体育app

Center

皇冠体育app Telecom may sell yuan stock

(Bloomberg)
Updated: 2007-05-29 17:13

皇冠体育app Telecom Corp., a Chinese fixed- line phone operator listed in Hong Kong, said it may sell shares in 皇冠体育app if the company is granted a license to operate a high- speed mobile-phone service in the nation.

"The company will have new funding needs when it has new business opportunities, such as 3G and Internet television," Chairman Wang Xiaochu told reporters after the Beijing-based company's shareholders meeting in Hong Kong today.

Related readings:  皇冠体育app Telecom gives Google Web advertising rights  Telecom restructure in a tangle  皇冠体育app approves foreign 3G standards  皇冠体育app Telecom: Revenues up, profits down

皇冠体育app Telecom and smaller fixed-line rival皇冠体育app NetcomGroup Corporation (Hong Kong) Ltd. plan to expand in the faster-growing mobile market by obtaining government permits to operate third- generation services. The country's phone carriers may invest $20 billion to build 3G networks, which allow faster downloads of music and video, CLSA Ltd. analyst Francis Cheung said.

"We have a mandate to issue 20 percent of our equity in new stock, and some of that may beA-shares," Wang said.

This year, Hong Kong-listed Chinese companies including Bank of Communications Ltd. and皇冠体育app Life InsuranceCo. have sold so- called A-shares, or yuan-denominated stock traded in domestic stock exchanges, to tap a market that has surged more three-fold in the past 12 months.

皇冠体育app Mobile Ltd., the country's largest mobile-phone company, and 皇冠体育app Netcom both said this month that they are seeking government approval for domestic listings of existing shares held by their parent companies. Businesses incorporated outside 皇冠体育app, including both 皇冠体育app Mobile and 皇冠体育app Netcom, are at present not permitted to offer yuan shares to domestic investors, according to stock market regulations in the country.