Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: foundation who wrote (18641)	1/31/2002 6:54:14 AM
From: foundation	Read Replies (1) \| Respond to of 196628

Break up of China Telecom delayed says MII By Reuters staff 31 January 2002 Breaking up fixed-line giant China Telecom into two competing firms will take longer than was reported by an official newspaper this month, an official at China's telecoms regulator said on Wednesday. In a massive reform of its telecoms industry, China is breaking up the near-monopoly carrier and merging its networks in 10 provinces with two smaller rivals to create a new fixed-line competitor based in northern China. The official China Daily newspaper quoted Minister of Information Industry Wu Jichuan earlier this month as saying the two revamped fixed-line carriers were to be launched officially on February 12, Chinese New Years Day. But an MII official said on Wednesday he thought Wu might have been misunderstood and that the two carriers were unlikely to be launched before the week-long national holiday for the Lunar New Year. "I wasn't there, but what I heard was that he didn't say that," said MII's Li Jialu. "What he said was that before the Spring Festival it was possible the executives would be decided upon." Splitting China Telecom will determine when it can carry out a planned $3-5 billion overseas listing as the firm, due to emerge from the break up with 21 provincial networks instead of 31, can only gain government permission for its IPO when it the restructuring is complete. MAY TAKE SEVERAL MONTHS Banking sources told Reuters in December China Telecom was likely to launch its IPO in Hong Kong and New York following the Chinese New Year. Sceptics called that schedule unrealistic. An official at one of the carriers involved in the restructuring said on Wednesday she doubted the unwieldy giant could be split up in less than several months. "I think it will take at least one month to actually come up with an idea that can be carried out. And then based on that we can say, 'okay, we can register the companies,' or 'we can start the whole process'," she said. "And then how long it would take to actually finish the process, I don't know. Several months probably," she said. A small high-level committee in the State Council, China's cabinet, was deciding who will run the new carrier, she said. totaltele.com