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Gold/Mining/Energy : TS TELECOM (www.tstelecom.com): ASPIRING TELECO

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To: Tomsr who wrote (798)	10/3/1999 12:43:00 AM
From: Tomsr	Read Replies (1) of 1762

China Unicom won't pay its foreign partners, AWSJ reports Bloomberg News, News.com Friday, October 01 1999 BEIJING--China Unicom, China's No. 2 phone company, told more than two dozen foreign partners that they won't receive any money earned from joint ventures, the Asian Wall Street Journal reported, citing a letter sent to the companies. The firms, including France Telecom SA, Motorola Inc., Nippon Telegraph & telephone Corp., and Cable & Wirless HKT Ltd., have invested more than US$1.4 billion in 30 joint ventures with China Unicom. Unicom said in the letter that it can't ``make any distribution of cash flow newly generated by the cooperative project after Oct. 1.' China's regulators ordered China Unicom to terminate its joint ventures with foreign firms by the end of September saying those ventures violated government regulations forbidding foreign investment in China's telecom infrastructure. Copyright 1999, Bloomberg L.P. All Rights Reserved. Looks like China Unicom is toast. Can't see who would want to do business with them anymore. Maybe good news for TOM as they just bought Ying Zhi Xun Telecom. Anyone know anything about YZX Telecom? Maybe a shrewd move for TOM. If anyone has links to Asian news and can find out more on Ying Zhi Xun, please post it.

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