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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting -- Ignore unavailable to you. Want to Upgrade?

To: foundation who wrote (5253)	12/4/2000 10:13:04 PM
From: david matherly	Respond to of 197028

AT&T in China now Monday December 4, 8:11 pm Eastern Time AT&T to launch China's first telecom venture BEIJING, Dec 5 (Reuters) - AT&T Corp (NYSE:T - news) has been given a green light, after eight years of negotiations, to launch what appears to be the first legal foreign-invested telecommunications operator in China, a state newspaper reported on Wednesday. The $25 million company, a broadband service provider called Shanghai Symphony Telecom Co, will be 25 percent owned by AT&T with the remainder of shares held by the Shanghai branch of China Telecom and Shanghai Information Investment Inc, which is controlled by the Shanghai government, the China Daily said. ``The joint venture makes AT&T the first foreign player in China's telecom sector,'' the newspaper said. AT&T, the No. 1 long-distance phone company in the United States, was not immediately available for comment. More than 40 foreign-invested telecoms joint ventures were set up in China in the mid-1990s, but Beijing declared them ``irregular'' in 1998 and forced them to unwind. The AT&T deal appears to be the first telecoms joint venture since Beijing pledged to allow limited foreign investment in the sector under agreements to join the World Trade Organisation.