Hong Kong, 31 May 2000 - China United Telecommunications Corporation (China Unicom) and Hutchison Whampoa Limited (HWL) announce that they have signed a business co-operation framework agreement to form a strategic alliance and to co-operate in various telecommunications activities in Mainland China. All such activities will be carried out within the regulatory framework of the PRC government, and in accordance with the market opening schedules in China's accession to the WTO.
In particular, HWL and China Unicom have also undertaken to form a Technical Support and Consultancy Co-operative Joint Venture in the Mainland. The scope of the co-operative joint venture business will be nation wide, providing telecom-related consultancy and training in areas of network planning, design and optimisation, operation maintenance, marketing & sales and customer services.
By a strategic placing agreement also signed between China Unicom Limited, HWL and China International Capital Corporation Limited, HWL will acquire, at the IPO of China Unicom Limited, US$400 million worth of shares in the company, whose shares are expected to be listed on the Hong Kong Stock Exchange. China Unicom Limited is a subsidiary of China Unicom.
Commenting on the strategic alliance, a spokesman of China Unicom said, "We are delighted to have Hutchison which has many areas of expertise in telecommunications as a strategic investor of our Hong Kong listed company and as a co-operation partner in our Mainland activities. As the telecom market in China continues to develop, we look forward to further co-operation with Hutchison in this fast expanding industry."
"We are very excited to be given the opportunity to invest in China Unicom Limited. Access to the Mainland market also extends our telecommunications footprint to cover most of the major markets in the world," remarked a HWL spokesman.
For press enquiries:
China Unicom
Li Zhengmao
Tel: 852 2126 2018
Hutchison Whampoa
Laura Cheung
Tel: 852 2128 1289
laurac@hwl.com.hk
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