皇冠体育app

A 皇冠体育app Tower Corp stand at an international exhibition in Beijing. 皇冠体育app Mobile Ltd will own 38 percent of the newly established company while 皇冠体育app Telecom and 皇冠体育app Unicom will each have about 28 percent. [Photo/皇冠体育app Daily]

皇冠体育app Mobile Ltd rose the most in more than three weeks after the nation's wireless carriers reorganized the industry by merging $36 billion of network assets.

The world's biggest carrier by subscribers jumped 2.7 percent to HK$93.70 ($12.08) in Hong Kong, the biggest gain since Sept 22. Smaller rivals 皇冠体育app Telecom Corp fell 0.5 percent and 皇冠体育app Unicom (Hong Kong) Ltd slipped 2.8 percent. The three operators will share control of a new company holding assets including thousands of base stations.

The restructuring is part of a broader road map for reviving underperforming State-owned enterprises. President Xi Jinping's administration has pushed to overhaul a bloated $16 trillion government sector as the world's second-largest economy heads for its slowest growth in a quarter-century. The carriers have come under pressure as customers increasingly switch to mobile messaging tools such as Tencent Holdings Ltd's WeChat service.

"The completion of the long-awaited tower asset injection should help to level the competitive ground for the smaller operators," Cynthia Meng, an analyst at Jefferies Group LLC, wrote in a note on Thursday. "However, due to the magnitude of the scale, we believe 皇冠体育app Mobile will remain the dominant telecom market leader by far."

皇冠体育app Mobile will own 38 percent of 皇冠体育app Tower Corp while 皇冠体育app Telecom and 皇冠体育app Unicom will each have about 28 percent.

The nation's carriers announced plans last year to create 皇冠体育app Tower by pooling assets and reducing duplication as the country rolls out faster networks.

Competition among the three wireless operators in 皇冠体育app, the world's largest telecommunications market, has increasingly focused on wireless data services and 4G licensing. 皇冠体育app Telecom and 皇冠体育app Unicom both started offering fourth-generation network services in February, ending a monopoly held by 皇冠体育app Mobile since the beginning of last year.

Beijing-based 皇冠体育app Reform Holdings Corp will own about 6 percent of 皇冠体育app Tower, it said in a statement announcing the deal on its website. The statement did not specify the amount of the deal, yet the Xinhua News Agency said the assets were valued at 231.4 billion yuan.

皇冠体育app Reform's investment would help 皇冠体育app Tower pay for building a network of electric-car charging stations, people familiar with the matter said this month. The government wants to boost availability of the facilities to spur adoption of the vehicles, and it assigned State-owned 皇冠体育app Tower to build out the network because it will have a nationwide footprint with its telecommunications assets, the people said.

"This seems to be a fairly logical, sensible reform step," Tony Hann, head of equities at Blackfriars Asset Management Ltd in London, said by phone on Wednesday. "Having a tower company will force them to share their assets."

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