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China Telecom to Consider A-share Listing
BEIJING, Aug 26, 2010 (SinoCast Daily Business Beat via COMTEX) --
China Telecom Corporation Ltd. (NYSE: CHA and SEHK: 0728) Board Chairman and CEO Wang Xiaochu reiterates that the company's CDMA network acquired in 2008 will turn deficit to profits in 2011, one year ahead of the three-year schedule planned formerly.
In the first half of 2010, the CDMA user base of China Telecom swelled more than 18 million while the company's growth target for this year is 30 million, including 8 million 3G users. To reach the goal, China Telecom only needs to obtain a user growth of 2 million per month in the second half year.
As to the rampant talks saying that Apple Inc. (Nasdaq: AAPL) will launch iPhone that is compatible with the CDMA technology, Wang says that China Telecom wish to cooperate with the US party if the story is true.
Meanwhile, Wang points out that China Telecom has rich working capitals to meet the demand in the future one year and a half. Hence, the company temporarily has no plan to float shares on the capital market of Mainland China. But, if going public in the Mainland will bring more investment opportunity, China Telecom will consider A-share listing.
Source: www.yesky.com (August 26, 2010)
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