China’s three main telecommunications operators will transfer Rmb231bn ($36bn) in network assets to a jointly owned holding company in a move to improve efficiency by pooling resources.
State-owned China Mobile, the world’s largest wireless company by subscribers, will own 38 per cent of China Tower Corp, while China Unicom and China Telecom will each own about 28 per cent, the three carriers said in filings late on Wednesday.
The remaining 6 per cent will be held by China Reform Holdings, a state-owned company created in 2010 to promote restructuring of state groups.
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