China Telecom

By: EconomyWatch   Date: 17 July 2010

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China Telecom Corporation Limited or China Telecom is a telecommunications company in People's Republic of China. It is the largest fixed service telecommunications provider in China. China Telecom is ranked #168th in 2008 Forbes Global 2000 list.
China Telecom Corporation Limited provides fixed line and broadband services. China Telecom operates in 21 China provinces with voice, image, data and multimedia services to more than 40 million broadband and 210 million fixed line subscribers. This company is listed in Hong Kong (SEHK: 728) and New York (NYSE: CHA) stock exchanges.

Brief history
China Telecom was formerly a Chinese government owned and operated monopoly. It was established on September, 2002 with a footprint over 21 southern Chinese provinces, including Zhejiang, Shanghai, Jiangsu and Guangdong. It was listed in Hong Kong and New York bourses in same year. IPO of listing collected approximately USD 1.3 billion.

China Telecom acquired six regional telecom companies from China Telecommunications Corporation on December, 2003. Companies like Sichuan Telecom, Anhui Telecom, Jiangxi Telecom, Chongqing Telecom, Fujian Telecom and Guangxi Telecom. Total cost incurred was approximately RMB 46 billion. China Telecom acquired 10 more mainland Chinese companies including Hunan Telecom, Yunnan Telecom, Gansu Telecom, Ningxia Telecom, Xinjiang Telecom, Hubei Telecom, Hainan Telecom,Guizhou Telecom,Shaanxi Telecom and Qinghai Telecom in 2004. Mr. Wang Xiaochu is present Chairman and CEO of China Telecom Corporation Limited.

Products and services
China Telecom Corporation Limited provides fixed line telecommunication link to 21 mainland China provinces and municipalities. Autonomous regions are also included in network. Besides wireline services, voice, image, data and multimedia services are also provided to its consumers. China Telecom presently operates a CDMA based cellular network.

Financials
China Telecom clocked sales of $64,463 billion in 2008. Profits generated were $8.705 billion. Total assets were calculated to be $60.083 billion. China Telecom currently possess an employee strength of nearly 285,105.

Awards and recognition
China Telecom was awarded 'Best Managed Company -China 2008' by FinanceAsia in 2008. It was accredited The Capital Outstanding China Enterprise Awards - Telecommunications" by CAPITAL for three consecutive years.


Current financial crisis
Global financial crisis of 2008 has marginally affected China Telecom Corporation Limited's business. Only setback that took place was postponement of its 3G business launch.


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