China Mobile Absorbs Tietong, Announces Industry Restructuring
Sotck Star, 5/23/08
A spokesperson for China Mobile Communications Corporation (CMCC), the parent company of China Mobile Ltd (NYSE: CHL; 0941.HK), has confirmed that China Tietong will be absorbed into CMCC as a wholly-owned subsidiary, though it will continue for now to maintain "relatively independent" operations.
The spokesperson added that Wang Jianzhou will stay on as GM of CMCC, as well as deputy Party secretary; Zhang Chunjiang will serve as Party secretary and deputy GM. Former CMCC deputy GMs will stay on in their current positions, and will be joined by Zhao Jibin, Zhang Xiaotie, and Li Zhengmao.
Some reports claim that Wang Xiaochu will continue as CEO of China Telecom (NYSE: CHA; 0728.HK), while former chairman Shang Bing will act as Party secretary and deputy GM, with the rest of the China Telecom deputy GMs staying in their current positions and former China Unicom (NYSE: CHU; 0762.HK; 600050.SH) VP Yang Xiaowei and executive director Miao Jianhua being transferred to China Telecom.
The remaining senior executives from China Netcom (NYSE: CN; 0906.HK) and China Unicom will be pooled together to form the planning group for the new China Unicom: Chang Xiaoping will head up the planning group; China Unicom VPs Li Gang and Zhang Jun'an, among others, will be members of the group, as will China Netcom deputy Party secretary Lu Yimin and China Netcom VPs Zuo Xunsheng, Pei Aihua, Zhao Jidong, Li Jianguo, Li Fushen, and Jiang Zhengxin.
China Unicom will spin off its CDMA network to be absorbed by China Telecom; Unicom's GSM network will be merged with China Netcom to form the new China Unicom Group.
China Unicom, China Telecom, and China Netcom have not reported on the above information.
Keywords: Zhang Xiaotie Yang Xiaowei Miao Jianhua Chang Xiaoping Zhang Jun'an Lu Yimin Pei Aihua Zhao Jidong Li Jianguo Li Fushen Jiang Zhengxin HR 0728.HK 0762.HK 0906.HK 0941.HK 600050.SH CHA China Mobile China Netcom China Telecom China Tietong China Unicom CHL CHU CN GSM Li Gang Li Zhengmao restructuring Shang Bing telecom Wang Jianzhou Wang Xiaochu Zhang Chunjiang Zhao Jibin Zuo Xunsheng wireless
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