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China Phone Carriers Put $36 Billion of Assets Into New Firm

  • China Mobile will be biggest shareholder with 38% stake
  • Deal is part of government reform of state-owned enterprises
Updated on

China reorganized its wireless industry Wednesday by injecting 231.4 billion yuan ($36 billion) of network assets such as base stations into a new company controlled by the nation’s carriers.

China Tower Corp. will be 38 percent owned by market leader China Mobile Ltd., according to a statement. Smaller rivals China Unicom (Hong Kong) Ltd. and China Telecom Corp. will each have about 28 percent.