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China Mobile (HK) Saw a Net Profit of 18bn Yuan in 2000
Wang Xiaochu, president of China Mobile (Hong Kong) Ltd. (shortened as CMHK) announced its 2000 results on April 9. According to the report, the company achieved a net profit up to 18 billion yuan, an increase of 276 percent over that of the previous year.
By the end of last year, the users of CMHK reached 45.13 million with an income totaling 65 bn yuan or a profit of 1.25 yuan per share, up 213 percent over 1999.
CMHK issued new shares and convertible notes in the international capital markets, raising a total of approximately US$7.555 billion in November 2000. Moreover, CMHK raised for the first time RMB12.5 billion yuan by way of a syndicated loan in the mainland, the largest syndicated loan ever achieved in the inland of China. With a total of US$32.84 billion CMHK succeeded in acquiring from China Mobile Communications Corporation the rights and interests of seven mobile communications companies in Beijing, Shanghai, Tianjin, Hebei, Liaoning, Shandong and Guangxi. It has thus expanded the size and scope of the company with its network coverage extending to 13 provinces, municipalities and autonomous region along the coastal areas, a coverage of almost half of the population in China. And CMHK's subscribers accounted for approximately 53 percent of all mobile subscribers in China.
CMHK has also been active in tapping for opportunities in international cooperation. This has led to its forming a tactic alliance with Vodafone. This milestone alliance has helped it realize a major step forward for CMHK to become a global wireless multimedia service provider in the world. CMHK and Vodafone have already entered into cooperation in some technological and operational arena, Wang added.
Wang Xiaochu later remarked that he was optimistic with his company, for the popularization of the 2G (second generation) mobile communication service still remains low and there is large and potential market to tap for in China.
By PD Online staff member Yin Zhili
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