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Netcom to Set up Subsidiary in Hong Kong
China Netcom, one of China's telecom carriers, said the company will establish a subsidiary in Hong Kong this year ahead of its planned overseas listing.
The company will inject the majority of its assets in China's mainland into the new enterprise, to be named China Netcom Hong Kong, according to the Hong Kong Economic Journal.
The new company will also invite senior executives from foreign companies to join its company board, Netcom said.
Netcom raised some US$300 million in a private financing from a number of high-flying foreign investors, including Goldman Sachs and News Corp in late February.
Netcom is currently trialing broadband network access in Hangzhou, and expects the new service will initially have 150,000 subscribers.
The company is jointly formed by the Chinese Academy of Sciences, the Ministry of Railways, the State Administration of Radio, Film and TV and the Shanghai municipal government in June 1999.
Source: chinadaily.com.cn
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