China Telecom plans to issue $7.3 bln domestic bond. Good way to get funding to upgrade its DSL and CDMA networks. My opinions are:
1. CDMA technology is relatively outdated compare to GSM and 3G. This may affect adoption rate. Having said that, how many subscribers in Singapore actually use 3G function? My concern may be trivial.
2. China Telecom Gearing of 48% is relatively high compare to SingTel 39% and China Mobile 34%. China Telecom current ratio is dangerously low at 0.31 compare to China Mobile 1.34 and SingTel 0.68. Bond issue may help to clean up their current account.
3. China Telecom PE is about 14, similar to SingTel but significantly lower than China Mobile (PE 24). It shows that investors are willing to pay a premium for China Mobile for its market share, growth potential and strong balance sheet.
4. China Telecom Price-to-NTA ratio is 1.43 compare to SingTel 2.66. So, China Telecom is cheaper than SingTel and China Mobile.
5. China Telecom earning growth is only 1.1% compare to SingTel 4.8% and China Mobile 31%. The problem lies on decreasing fixed line subscribers as more users switch to mobile line. The silver lining is the growth of its DSL (broadband) and CDMA (Mobile) businesses. My take is that China Telecom has more upside compare to other telecoms because it 43 million mobile subscribers base offer more growth potential than China Netcom (125 million) and China Mobile (399 million). Looking at the growth potential in China and current stock valuation, I think China Telecom is worth investing at current price.
Showing posts with label China Telecom. Show all posts
Showing posts with label China Telecom. Show all posts
Wednesday, July 23, 2008
SingTel said to considering China Telecom investment
The Wall Street Journal reports that Singapore Telecommunications (SingTel) is considering investing in China Telecom Corp, the world’s largest fixed line operator by lines in service. However, citing unnamed sources the report states that formal talks have yet to begin. SingTel, 55-owned by Singapore state investment company Temasek Holdings, holds stakes in mobile phone operators in India, Indonesia, Thailand, Philippines, Pakistan and Bangladesh. It also owns Optus in Australia.
Tuesday, July 22, 2008
China Begins $70B Carrier Revamp
Having unveiled the details of their various merger and 3G plans at the end of May, China's carriers are forging ahead with their asset swaps and acquisitions in deals worth tens of billions of dollars.
China Unicom Ltd. (NYSE: CHU - message board) today announced that its CDMA operations and network are being acquired by China Telecommunications Corp. (NYSE: CHA - message board) for 110 billion Chinese Yuan (US$15.9 billion).
The move will create one of the world's biggest operators: At the end of April Unicom had 43 million CDMA subscribers, while China Telecom had 216.3 million fixed-line customers, including 38.4 million broadband customers.
Separately, Unicom is merging its GSM operations (125.4 million subscribers) with fixed-line operator China Netcom Corp. Ltd. (NYSE: CN - message board; Hong Kong: 0906), which has nearly 109 million customers (end of April 2008), including more than 22 million broadband subscribers.
Each share in Netcom will be exchanged for 1.508 Unicom shares. The operators value the deal at $439 billion Hong Kong dollars ($56.3 billion).
Those deals will create two of China's new, giant operators, each of which has hundreds of millions of customers in a country with a total population of about 1.3 billion. (See table below.)
The other merger is that of wireless giant China Mobile Communications Corp. , which has nearly 400 million mobile subscribers, with fixed-line minnow, China TieTong Telecommunications Corp. , which has more than 20 million customers. Speculation in the Chinese media suggests that TieTong, which is wholly owned by the government, may just be folded into China Mobile for free.
— Ray Le Maistre, International News Editor, Light Reading
China Unicom Ltd. (NYSE: CHU - message board) today announced that its CDMA operations and network are being acquired by China Telecommunications Corp. (NYSE: CHA - message board) for 110 billion Chinese Yuan (US$15.9 billion).
The move will create one of the world's biggest operators: At the end of April Unicom had 43 million CDMA subscribers, while China Telecom had 216.3 million fixed-line customers, including 38.4 million broadband customers.
Separately, Unicom is merging its GSM operations (125.4 million subscribers) with fixed-line operator China Netcom Corp. Ltd. (NYSE: CN - message board; Hong Kong: 0906), which has nearly 109 million customers (end of April 2008), including more than 22 million broadband subscribers.
Each share in Netcom will be exchanged for 1.508 Unicom shares. The operators value the deal at $439 billion Hong Kong dollars ($56.3 billion).
Those deals will create two of China's new, giant operators, each of which has hundreds of millions of customers in a country with a total population of about 1.3 billion. (See table below.)
The other merger is that of wireless giant China Mobile Communications Corp. , which has nearly 400 million mobile subscribers, with fixed-line minnow, China TieTong Telecommunications Corp. , which has more than 20 million customers. Speculation in the Chinese media suggests that TieTong, which is wholly owned by the government, may just be folded into China Mobile for free.
— Ray Le Maistre, International News Editor, Light Reading
China Telecom's Big Numbers
China Telecommunications Corp. (NYSE: CHA) has reached a landmark in its fixed broadband access growth, and is reportedly planning a massive investment in its CDMA mobile network.
The carrier today announced that at the end of June it had amassed 39.95 million DSL subscribers, having added 4.3 million broadband customers during the first six months of the year. On average, then, the operator is boosting its broadband customer base by more than 710,000 per month, which means it will have broken through the 40 million DSL subscriber mark by now.
That makes it a major contributor to the world's DSL user base. According to the Broadband Forum (formerly the DSL Forum), there were 238 million DSL customers worldwide at the end of March 2008, when China Telecom says it had 37.7 million DSL subscribers, or 15.8 percent of the global total.
The country's other main fixed line carrier, China Netcom Corp. Ltd. (NYSE: CN; Hong Kong: 0906), has added nearly 3.6 million new DSL customers this year to give it a grand total of 23.4 million by the end of June. At the end of March it had 21.7 million DSL customers, giving it 9.1 percent of the world's total.
Together, the two Chinese giant's accounted for 24.9 percent, practically one quarter, of the world's DSL subscribers at the end of the first quarter this year.
But the broadband world isn't just about DSL, though that technology did account for 65 percent of all high-speed fixed line connections at the end of March.
In addition to the DSL users, there were nearly 80 million cable modem customers, 42 million fiber-to-the-something (FTTx) users, and 7.9 million people using "other methods" of broadband Internet access at the end of the first quarter this year, giving a grand global broadband user total of nearly 369 million.
CDMA blow-out? China Telecom is also reportedly planning to invest up to 30 billion Renminbi ($4.4 billion) in the CDMA mobile network assets it's in the process of acquiring from China Unicom Ltd. (NYSE: CHU), which has more than 43 million CDMA subscribers.
Unconfirmed reports from China suggest the carrier has issued tenders for core network equipment (accounting for up to half of the planned expenditure), base stations (about a quarter of the spend), and service management and delivery systems (the remaining quarter of the capex).
Vendors believed to be involved in the bidding process include Alcatel-Lucent (NYSE), Huawei Technologies Co. Ltd. , Motorola Inc. (NYSE: MOT), Nortel Networks Ltd. (NYSE/Toront0), and ZTE Corp. (Shenzhen: 000063 ; Hong Kong: 0763).
With Huawei and ZTE the dominant network infrastructure suppliers in their domestic market, news of the massive potential outlay gave ZTE's share price a lift late last week, sending it up 9 percent to HK$36.15 on Friday and up a further HK$0.35, nearly 1 percent, to HK$36.50 Monday on the Hong Kong Stock Exchange.
Huawei and ZTE are also set to benefit from the imminent award of 3G wireless licenses in China, which will kick-start yet another wave of mobile infrastructure spending by the three giant operators that will exist once the country's telecom restructuring process is complete.
— Ray Le Maistre, International News Editor, Light Reading
The carrier today announced that at the end of June it had amassed 39.95 million DSL subscribers, having added 4.3 million broadband customers during the first six months of the year. On average, then, the operator is boosting its broadband customer base by more than 710,000 per month, which means it will have broken through the 40 million DSL subscriber mark by now.
That makes it a major contributor to the world's DSL user base. According to the Broadband Forum (formerly the DSL Forum), there were 238 million DSL customers worldwide at the end of March 2008, when China Telecom says it had 37.7 million DSL subscribers, or 15.8 percent of the global total.
The country's other main fixed line carrier, China Netcom Corp. Ltd. (NYSE: CN; Hong Kong: 0906), has added nearly 3.6 million new DSL customers this year to give it a grand total of 23.4 million by the end of June. At the end of March it had 21.7 million DSL customers, giving it 9.1 percent of the world's total.
Together, the two Chinese giant's accounted for 24.9 percent, practically one quarter, of the world's DSL subscribers at the end of the first quarter this year.
But the broadband world isn't just about DSL, though that technology did account for 65 percent of all high-speed fixed line connections at the end of March.
In addition to the DSL users, there were nearly 80 million cable modem customers, 42 million fiber-to-the-something (FTTx) users, and 7.9 million people using "other methods" of broadband Internet access at the end of the first quarter this year, giving a grand global broadband user total of nearly 369 million.
CDMA blow-out? China Telecom is also reportedly planning to invest up to 30 billion Renminbi ($4.4 billion) in the CDMA mobile network assets it's in the process of acquiring from China Unicom Ltd. (NYSE: CHU), which has more than 43 million CDMA subscribers.
Unconfirmed reports from China suggest the carrier has issued tenders for core network equipment (accounting for up to half of the planned expenditure), base stations (about a quarter of the spend), and service management and delivery systems (the remaining quarter of the capex).
Vendors believed to be involved in the bidding process include Alcatel-Lucent (NYSE), Huawei Technologies Co. Ltd. , Motorola Inc. (NYSE: MOT), Nortel Networks Ltd. (NYSE/Toront0), and ZTE Corp. (Shenzhen: 000063 ; Hong Kong: 0763).
With Huawei and ZTE the dominant network infrastructure suppliers in their domestic market, news of the massive potential outlay gave ZTE's share price a lift late last week, sending it up 9 percent to HK$36.15 on Friday and up a further HK$0.35, nearly 1 percent, to HK$36.50 Monday on the Hong Kong Stock Exchange.
Huawei and ZTE are also set to benefit from the imminent award of 3G wireless licenses in China, which will kick-start yet another wave of mobile infrastructure spending by the three giant operators that will exist once the country's telecom restructuring process is complete.
— Ray Le Maistre, International News Editor, Light Reading
China Telecom end-June fixed-line users hit 214.89m
China Telecom Corp Ltd said fixed-line users at the end of June totaled 214.89 million, down 580,000 from May.
In May, the decline in subscriber numbers was 820,000.
Broadband subscribers at the end of June totaled 39.95 million, up from 38.06 million at end of May.
China Telecom noted that the data includes subscribers from Beijing Telecom Co Ltd, which it purchased from its parent company in June.
In May, the decline in subscriber numbers was 820,000.
Broadband subscribers at the end of June totaled 39.95 million, up from 38.06 million at end of May.
China Telecom noted that the data includes subscribers from Beijing Telecom Co Ltd, which it purchased from its parent company in June.
China Telecom plans $7.3 bln domestic bond issue
HONG KONG, July 22 - China Telecom Corp Ltd <0728.hk>, the country's biggest fixed-line operator, plans to issue up to 50 billion yuan worth of bonds in the domestic market for business development.
The bonds would have a maturity of up to 10 years, China Telecomsaid in a statement on Monday evening.
The company will hold an extraordinary general meeting on September 5 in Beijing to seek shareholders' approval for a general mandate to issue up to 80 billion yuan worth of debentures, including the 50 billion yuan bond issue, from a previously approved 60 billion yuan.
China Telecom have fallen 29.5 percent so far this year to close at HK$4.37 on Monday.
The bonds would have a maturity of up to 10 years, China Telecom
The company will hold an extraordinary general meeting on September 5 in Beijing to seek shareholders' approval for a general mandate to issue up to 80 billion yuan worth of debentures, including the 50 billion yuan bond issue, from a previously approved 60 billion yuan.
China Telecom have fallen 29.5 percent so far this year to close at HK$4.37 on Monday.
China Telecom Background Information
China Telecom Corporation Limited ("China Telecom" or the "Company", together with its subsidiaries, the "Group") is the world’s largest wireline telecommunications and broadband services provider, providing telecommunications and information services including voice, data, image and multimedia mainly in 21 provinces, municipalities, and autonomous regions in China, with about 220 million fixed line subscribers and over 35 million broadband subscribers. Their H shares and American Depositary Shares ("ADSs") are listed on The Stock Exchange of Hong Kong Limited and the New York Stock Exchange respectively.
JUNE 2007 : Acquisition of China Telecom (HK), China Telecom (Americas) and China Telecom System Integration from China Telecommunications Corporation at a purchase price of RMB1.4 billion (SGD280 million), expanding markets for the Company’s development.
2006 : Strategic transformation gaining momentum with integrated development of voice and non-voice businesses and driving sustained growth; revenue from non-voice business representing 29% of total operating revenues (excluding amortisation of upfront connection fees)
OCTOBER 2005 : Issued 6-month, RMB10 billion (SGD2 billion) denominated short term commercial paper with an annual interest rate of 2.54%.
DECEMBER 2004 : Mr. Wang Xiaochu was appointed as the Chairman and CEO on the retirement of Mr. Zhou Deqiang.
JUNE 2004 : Acquisition of ten telecom companies as its wholly-owned subsidiaries, including Hubei Telecom, Hunan Telecom, Hainan Telecom, Guizhou Telecom, Yunnan Telecom, Shaanxi Telecom, Gansu Telecom, Qinghai Telecom, Ningxia Telecom and Xinjiang Telecom from China Telecommunications Corporation at a purchase price of RMB27.8 billion (SGD5.56 billion), expanding the Company’s service areas to 20 provinces.
MAY 2004 : Global Offering of approximately 5.3 billion new H shares with net proceeds of approximately US$1.5 billion (SGD300 million).
DECEMBER 2003 : Acquisition of six telecom companies as its wholly-owned subsidiaries, including Anhui Telecom, Fujian Telecom, Jiangxi Telecom, Guangxi Telecom, Chongqing Telecom and Sichuan Telecom, from China Telecommunications Corporation at a purchase price of RMB46.0 billion (SGD9.2 billion), expanding the Company's service areas to 10 provinces.
SEPTEMBER 2002 : Establishment of the Company with service areas including Shanghai, Guangdong, Jiangsu and Zhejiang.
SEPTEMBER 2002 : Establishment of the Company with service areas including Shanghai, Guangdong, Jiangsu and Zhejiang.
NOVEMBER 2002 : The Company was listed on The Stock Exchange of Hong Kong Limited and the New York Stock Exchange with net proceeds from IPO of approximately US$1.3 billion (SGD260 million). H share (HKEx:728), (NYSE:CHA)
Board of Directors
Mr. Wang Xiaochu
Chairman and CEO
Chairman and CEO
Age: 50
Mr. Wang served as Director General and Deputy Director General of the Hangzhou Telecommunications Bureau in Zhejiang province, Director General of the Tianjin Posts and Telecommunications Administration, Chairman and Chief Executive Officer of China Mobile (Hong Kong) Limited, Vice President of China Mobile Communications Corporation, Chairman of the board of directors and a Non-Executive Director of China Communications Services Corporation Limited. He is also President of China Telecommunications Corporation and Honorary Chairman of China Communications Services Corporation Limited. He was responsible for the development of China Telecom's telephone network management systems and various other information technology projects and as a result, received the Third-Class Award from the State Scientific and Technological Progress Award and the First-Class Award from the former Ministry of Posts and Telecommunications Scientific and Technological Progress Award. He graduated from Beijing Institute of Posts and Telecommunications in 1989 and received a doctorate degree in business administration from The Hong Kong Polytechnic University in 2005. Mr. Wang has over 27 years of management experience in the telecommunications industry.
Mr. Shang Bing
President and COO
Age: 52
Mr. Shang is a Vice President of China Telecommunications Corporation, the controlling shareholder of the Company. Mr. Shang is a senior economist. He graduated in 1982 from Shenyang Chemical Industry Institution with a bachelor’s degree in chemical industry and received a master’s degree in business administration from New York State University in 2002. He received a doctorate degree in business administration from the Hong Kong Polytechnic University in 2005. Mr. Shang served as a Director of Industrial Technology Development Centre in Liaoning Province, a Deputy General Manager and General Manager of Economic and Technological Development Company in Liaoning Province. Mr. Shang served as a Deputy General Manager and General Manager of China United Telecommunications Corporation ("Unicom Group") Liaoning Branch, a Vice President of Unicom Group, a Director of Unicom Group, the President of Unicom Group and an Executive Director and President of China Unicom Limited. In addition, Mr. Shang also served as a Director and President of the China United Telecommunications Corporation Limited and China Unicom Corporation Limited. Mr. Shang has extensive experience in management and telecommunications industry.
Mr. Leng Rongquan
Executive Director
Mr. Shang Bing
President and COO
Age: 52
Mr. Shang is a Vice President of China Telecommunications Corporation, the controlling shareholder of the Company. Mr. Shang is a senior economist. He graduated in 1982 from Shenyang Chemical Industry Institution with a bachelor’s degree in chemical industry and received a master’s degree in business administration from New York State University in 2002. He received a doctorate degree in business administration from the Hong Kong Polytechnic University in 2005. Mr. Shang served as a Director of Industrial Technology Development Centre in Liaoning Province, a Deputy General Manager and General Manager of Economic and Technological Development Company in Liaoning Province. Mr. Shang served as a Deputy General Manager and General Manager of China United Telecommunications Corporation ("Unicom Group") Liaoning Branch, a Vice President of Unicom Group, a Director of Unicom Group, the President of Unicom Group and an Executive Director and President of China Unicom Limited. In addition, Mr. Shang also served as a Director and President of the China United Telecommunications Corporation Limited and China Unicom Corporation Limited. Mr. Shang has extensive experience in management and telecommunications industry.
Mr. Leng Rongquan
Executive Director
Age: 59
Mr. Leng is a professor-level senior engineer. He graduated from the Beijing University of Posts and Telecommunications with a master degree in engineering science. Mr. Leng served as Chief Engineer of the Beijing Long-Distance Telephone Office, Deputy Chief Engineer of the Directorate General of Telecommunications ("DGT") of the Ministry of Posts and Telecommunications ("MPT"), Deputy Director General of the DGT of the MPT, Deputy General Manager of China Telecommunications Corporation, Deputy General Manager of China Network Communications Group Corporation, Vice Chairman of China Netcom Group Corporation (Hong Kong) Limited. He is also Vice President of China Telecommunications Corporation. Mr. Leng has 32 years of operational management experience in the telecommunications industry in China.
Madam Wu Andi
Executive Director, EVP and CFO
Madam Wu Andi
Executive Director, EVP and CFO
Age: 53
Madam Wu is a senior accountant. She graduated from the Beijing Institute of Economics with a bachelor degree in finance and trading in 1983, and studied in a postgraduate program in business economics management at the Chinese Academy of Social Sciences from 1996 to 1998. Prior to joining China Telecommunications Corporation in May 2000, she served as Director General of the Department of Economic Adjustment and Communication Settlement of the Ministry of Information Industry ("MII"), Director General, Deputy Director General and Director of the Department of Finance of the MPT. She is also Vice President of China Telecommunications Corporation. Madam Wu has 26 years of economic and financial management experience in the telecommunications industry in China.
Mr. Zhang Jiping
Executive Director and EVP
Mr. Zhang Jiping
Executive Director and EVP
Age: 52
Mr. Zhang is a professor-level senior engineer. He graduated from the Beijing University of Posts and Telecommunications with a bachelor degree in radio telecommunications engineering in 1982, studied in a postgraduate program in applied computer engineering at Northeastern Industrial University from 1986 to 1988, and received Doctor of Business Administration from The Hong Kong Polytechnic University in 2004. Prior to joining China Telecommunications Corporation in May 2000, he served as Deputy Director General of DGT of MPT, a Deputy Director General and Director of the Network Management Center of the Posts and Telecommunications Administration of Liaoning Province. He is also Vice President of China Telecommunications Corporation. Mr. Zhang has 26 years of experience in network operation and management in the telecommunications industry in China.
Ms. Huang Wenlin
Executive Director
Age: 53
Ms. Huang is a Senior Economist. She graduated in 1984 from the Beijing University of Posts
and Telecommunications with a major in engineering management. Prior to joining China Telecommunications Corporation in May 2000, Ms. Huang served as Director of the Domestic Communications Division and Director of the Communications Organization Division of the DGT of the MPT. Ms. Huang has 32 years of operational and managerial experience in the telecommunications industry in China.
Mr. Zhang Chenshuang
Executive Director and EVP
Ms. Huang Wenlin
Executive Director
Age: 53
Ms. Huang is a Senior Economist. She graduated in 1984 from the Beijing University of Posts
and Telecommunications with a major in engineering management. Prior to joining China Telecommunications Corporation in May 2000, Ms. Huang served as Director of the Domestic Communications Division and Director of the Communications Organization Division of the DGT of the MPT. Ms. Huang has 32 years of operational and managerial experience in the telecommunications industry in China.
Mr. Zhang Chenshuang
Executive Director and EVP
Age: 56
Mr. Zhang served as Executive Director and Vice President of China Mobile Limited, Vice President of China Mobile Communications Corporation, Director of China Mobile Communication Co., Ltd., the Assistant to the President of China Mobile Communications Corporation, Director General of the Neimenggu Posts and Telecommunications Administration, Deputy Director General of the Office of the Ministry of Posts and Telecommunications. He is also Vice President of China Telecommunications Corporation. Mr. Zhang graduated from the Party School of the Communist Party of China (CPC) and received a MBA degree from Hong Kong Polytechnic University. Mr. Zhang is a senior economist with over 28 years of experience in the telecommunications industry.
Mr. Li Ping
Executive Director and EVP
Mr. Li Ping
Executive Director and EVP
Age: 54
Mr. Li is a senior engineer. He graduated from the Beijing University of Posts and Telecommunications with a major in radio telecommunications in 1976 and received an MBA degree from the State University of New York at Buffalo, U.S.A. in 1989. Prior to joining China Telecommunications Corporation in August 2000, he served as Vice Chairman of the board of directors and Chief Executive Officer of China Communications Services Corporation Limited, Chairman and President of China Telecom (Hong Kong) International Limited, Vice Chairman and Executive Vice President of China Mobile (Hong Kong) Limited, Deputy Director General of the DGT of the MPT. He is also Vice President of China Telecommunications Corporation, and Chairman of the board of directors and an Executive Director of China Communications Services Corporation Limited. Mr. Li has extensive experience in managing public companies and 32 years of operational and managerial experience in the telecommunications industry in China.
Mr. Yang Xiaowei
EVP
Age: 44
Mr. Yang is a Vice President of China Telecommunications Corporation, the controlling shareholder of the Company. Mr. Yang is a senior engineer. He received a bachelor’s degree from the Computer Application Department of Chongqing University in 1998 and a master’s degree in engineering from the Management Engineering Department of Chongqing University in 2001. Mr. Yang held the positions of Assistant to Director and Deputy Director of Chongqing Telecommunications Bureau, a Deputy Director of the Chongqing Telecommunications Administration Bureau and a Director of Chongqing Municipal Communication Administration Bureau. Mr. Yang served as General Manager of the Chongqing branch and the Guangdong branch of the Unicom Group, a Vice President of the Unicom Group, a Director of the Unicom Group and an Executive Director and Vice President China Unicom Limited. Mr. Yang also served as a Director and a Vice President of China Unicom Corporation Limited and the Chairman of Unicom Huasheng Telecommunications Technology Co. Ltd.. Mr. Yang has extensive experience in management and telecommunications industry.
Mr. Yang Jie
Executive Director and EVP
Mr. Yang Xiaowei
EVP
Age: 44
Mr. Yang is a Vice President of China Telecommunications Corporation, the controlling shareholder of the Company. Mr. Yang is a senior engineer. He received a bachelor’s degree from the Computer Application Department of Chongqing University in 1998 and a master’s degree in engineering from the Management Engineering Department of Chongqing University in 2001. Mr. Yang held the positions of Assistant to Director and Deputy Director of Chongqing Telecommunications Bureau, a Deputy Director of the Chongqing Telecommunications Administration Bureau and a Director of Chongqing Municipal Communication Administration Bureau. Mr. Yang served as General Manager of the Chongqing branch and the Guangdong branch of the Unicom Group, a Vice President of the Unicom Group, a Director of the Unicom Group and an Executive Director and Vice President China Unicom Limited. Mr. Yang also served as a Director and a Vice President of China Unicom Corporation Limited and the Chairman of Unicom Huasheng Telecommunications Technology Co. Ltd.. Mr. Yang has extensive experience in management and telecommunications industry.
Mr. Yang Jie
Executive Director and EVP
Age: 46
He is a professor-level senior engineer. He graduated from Beijing University of Posts and Telecommunications with a major in radio engineering in 1984, and subsequently obtained a master degree of telecommunications and information management at the Norwegian School of Management. Mr. Yang served as Deputy Director General of Shanxi Posts and Telecommunications Administration, General Manager of Shanxi Telecommunications Corporation, Vice President of China Telecom Beijing Research Institute and General Manager of Business Department of the Northern Telecom of China Telecommunications Corporation. He is also Vice President of China Telecommunications Corporation. Mr. Yang has 24 years of operational and managerial experience in the telecommunications industry in China.
Mr. Sun Kangmin
Executive Director and EVP
Mr. Sun Kangmin
Executive Director and EVP
Age: 51
He is a senior engineer. He holds a MBA degree from the University of Hong Kong. Mr. Sun served as Department Head of the Information Industry Department of Sichuan Province, Director General of Communications Bureau of Sichuan Province, Chairman and General Manager of Sichuan Telecom Company Limited. He is also Vice President of China Telecommunications Corporation. Mr. Sun has 24 years of operational and managerial experience in the telecommunications industry in China.
Mr. Li Jinming
Non-Executive Director
Mr. Li Jinming
Non-Executive Director
Age: 56
Mr. Li is Chairman of Guangdong Rising Assets Management Co., Ltd. (one of the domestic shareholders of the Company) and Chairman of Shenzhen Zhongjin Lingnan Nonfemet Company Limited. Mr. Li graduated from Guangdong Radio and TV University, and holds an EMBA degree from Lingnan College, Zhong Shan University after the completion of his study in the postgraduate programme of international economics and industrial commerce management. Mr. Li served as Chief and Deputy Director General of the Guangdong Provincial Discipline Inspection Commission, and Director and Deputy General Manager of Guangdong Rising Assets Management Co., Ltd. Mr. Li has extensive experience in enterprise management.
Mr. Zhang Youcai
Independent Non-Executive Director
Mr. Zhang Youcai
Independent Non-Executive Director
Age: 67
He graduated from Nanjing Institute of Chemical Technology with a major in inorganic chemistry in 1965. Mr. Zhang served as Vice Minister of the Ministry of Finance of China and was responsible for the formulation and implementation of Chinese government financial and accounting policies. He has contributed to the improvement and reform of the financial and accounting systems of China for more than ten years. Prior to serving at the Ministry of Finance, he served as Deputy Director of the Planning Commission of Nantong City, and Deputy Mayor and Mayor of Nantong City in Jiangsu Province. Mr. Zhang is also Deputy Chairman of the Supervisory Committee of China Petroleum & Chemical Corporation. Mr. Zhang has over 40 years of experience in managing Chinese state-owned enterprises and financial management.
Mr. Lo Hong Sui Vincent
Independent Non-Executive Director
Mr. Lo Hong Sui Vincent
Independent Non-Executive Director
Age: 60
Mr. Lo is the Chairman of the Shui On Group which was founded by him in 1971. He is also the Chairman of Shui On Construction And Materials Limited, the Chairman and Chief Executive Officer of Shui On Land Limited, and the Chairman of China Central Properties Limited.
Mr. Lo is a Member of The Eleventh National Committee of Chinese People's Political Consultative Conference, Honorary Life President of Business and Professionals Federation of Hong Kong, President of Shanghai-Hong Kong Council for the Promotion and Development of Yangtze, Economic Adviser to the Chongqing Municipal Government, Vice Chairman of Chamber of International Commerce Shanghai, Director of Great Eagle Holdings Ltd, Non-Executive Director of Hang Seng Bank Ltd, Court Member of The Hong Kong University of Science and Technology, and other public service positions.
He was awarded the Gold Bauhinia Star in 1998 and appointed Justice of the Peace in 1999 by the Government of the Hong Kong Special Administrative Region. He was made an Honorary Citizen of Shanghai in 1999 and was named Businessman of the Year by the Hong Kong Business Awards in 2001. He also won the Director of the Year Award from The Hong Kong Institute of Directors in 2002 and awarded Chevalier des Arts et des Lettres by the French government in 2005.
Mr. Shi Wanpeng
Independent Non-Executive Director
Mr. Lo is a Member of The Eleventh National Committee of Chinese People's Political Consultative Conference, Honorary Life President of Business and Professionals Federation of Hong Kong, President of Shanghai-Hong Kong Council for the Promotion and Development of Yangtze, Economic Adviser to the Chongqing Municipal Government, Vice Chairman of Chamber of International Commerce Shanghai, Director of Great Eagle Holdings Ltd, Non-Executive Director of Hang Seng Bank Ltd, Court Member of The Hong Kong University of Science and Technology, and other public service positions.
He was awarded the Gold Bauhinia Star in 1998 and appointed Justice of the Peace in 1999 by the Government of the Hong Kong Special Administrative Region. He was made an Honorary Citizen of Shanghai in 1999 and was named Businessman of the Year by the Hong Kong Business Awards in 2001. He also won the Director of the Year Award from The Hong Kong Institute of Directors in 2002 and awarded Chevalier des Arts et des Lettres by the French government in 2005.
Mr. Shi Wanpeng
Independent Non-Executive Director
Age: 71
Mr. Shi graduated from Northern Jiaotong University with a major in railway transportation management in 1960. He is a professor-level senior engineer. Mr. Shi served as Deputy Director General of Department of Transportation, Director General of Department of Economy & Technology Cooperation of State Economy & Trade Commission, Director General of Department of Production Planning of State Development Planning Commission, Deputy Secretary of Production Office of the State Council, President (minister-level) of China Textile General Association, Deputy Director (minister-level) and Deputy Director of Economic and Trade Office of the State Council, a member of the Standing Committee of the Tenth Chinese People's Political Consultative Conference, and Vice-Chairman of the Economic Affairs Committee. Mr. Shi is also President of China Packaging Federation and Independent Non-Executive Director of China Petroleum & Chemical Corporation. Mr. Shi has been working in the areas of economic and management, and has over 40 years of macroeconomic and managerial experience in reforming state-owned enterprises and state-owned assets development in China.
Professor Xu Erming
Independent Non-Executive Director
Professor Xu Erming
Independent Non-Executive Director
Age: 58
He is Deputy Dean, professor, and Ph.D. supervisor of the Graduate School at the Remin University of China, Deputy Secretary-General of the Tenth Session of the Academic Committee, and a member of the Third Session of the University Affairs Committee of the Remin University of China, Associate Convener of the Fifth Session of the Business Administration Academic Appraisal Group of the Academic Degree Committee of the State Council, a member of China's National MBA Education Advisory Committee, Deputy Chairman of the Chinese Enterprise Management Research Association, and Chairman of Beijing Contemporary Enterprise Research Association. He is also entitled to the State Council's special government allowances.
Over the years, Professor Xu has conducted research in areas related to strategic management, organizational theories, international management and education management, and has been responsible for research on many subjects put forward by the National Natural Science Foundation, the National Social Science Foundation, and other authorities at provincial and ministry level. Professor Xu has issued many publications including Business Strategic Management, Introduction to International Business Management, number of case studies, as well as number of academic dissertations such as Emperical Research: Effects on Performance of Supervision Mechanisms Substitution Effect of Listed Companies and has also been a columnist in the Economic Daily. He has received many awards such as the Ministry of Education's Class One Excellent Higher Education Textbook Award and the State-Level Class Two Teaching Award.
Professor Xu has been a visiting professor at over 10 domestic universities. Professor Xu was previously a lecturer at the New York State University at Buffalo, U.S.A., the University of Scranton, U.S.A., the University of Technology, Sydney, the Kyushu University, Japan and Hong Kong Polytechnic University.
Mr. Tse Hau Yin, Aloysius
Independent Non-Executive Director
Over the years, Professor Xu has conducted research in areas related to strategic management, organizational theories, international management and education management, and has been responsible for research on many subjects put forward by the National Natural Science Foundation, the National Social Science Foundation, and other authorities at provincial and ministry level. Professor Xu has issued many publications including Business Strategic Management, Introduction to International Business Management, number of case studies, as well as number of academic dissertations such as Emperical Research: Effects on Performance of Supervision Mechanisms Substitution Effect of Listed Companies and has also been a columnist in the Economic Daily. He has received many awards such as the Ministry of Education's Class One Excellent Higher Education Textbook Award and the State-Level Class Two Teaching Award.
Professor Xu has been a visiting professor at over 10 domestic universities. Professor Xu was previously a lecturer at the New York State University at Buffalo, U.S.A., the University of Scranton, U.S.A., the University of Technology, Sydney, the Kyushu University, Japan and Hong Kong Polytechnic University.
Mr. Tse Hau Yin, Aloysius
Independent Non-Executive Director
Age: 60
Mr. Tse is currently an Independent Non-executive Director of CNOOC Limited, China Construction Bank Corporation, Wing Hang Bank Limited, Linmark Group Limited and Sinofert Holdings Limited and is the Chairman of the International Advisory Council of The People's Municipal Government of Wuhan. Mr. Tse is a fellow of The Institute of Chartered Accountants in England and Wales, and the Hong Kong Institute of Certified Public Accountants ("HKICPA"). Mr. Tse is a past president of the HKICPA. He joined KPMG in 1976, became a partner in 1984 and retired in March 2003. Mr. Tse was a non-executive Chairman of KPMG's operations in China and a member of the KPMG China advisory board from 1997 to 2000. Mr. Tse is a graduate of the University of Hong Kong.
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