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China Telecom

From Wikipedia, the free encyclopedia
For the parent corporation, see China Telecommunications Corporation.

China Telecom Corporation Limited
Native name
中国电信股份有限公司
Company typePublic
SSE: 601728(A share)
SEHK: 728(H share)
ISINCNE1000002V2
IndustryTelecommunications
Founded10 September 2002; 22 years ago (2002-09-10)
FounderChina Telecommunications Corporation
Headquarters
Beijing, China
Shanghai
,
China
Area served
China, Europe and the Americas
Key people
Yang Jie(chairman & CEO)[1][2]
Services
RevenueIncrease CN¥352.285 billion[3]: 129  (2016)
Increase CN¥027.201 billion[3]: 129  (2016)
Decrease CN¥018.004 billion[3]: 129  (2016)
Total assetsIncrease CN¥652.368 billion[3]: 127  (2016)
Total equityIncrease CN¥315.324 billion[3]: 128  (2016)
OwnerChina Telecommunications Corporation (70.89%)
Number of employees
287,076[3]: 85  (2016)
ParentChina Telecommunications Corporation
ASNs
Traffic Levels1-5 Tbps [4]
WebsiteChinaTelecom-H.com
ChinaTelecomGlobal.com
ChinaTelecom.com.cn
Footnotes / references
in a consolidated financial statement[3]
China Telecom Corp., Ltd.
Simplified Chinese中国电信股份有限公司
Traditional Chinese中國電信股份有限公司
Transcriptions
Standard Mandarin
Hanyu PinyinZhōngguó Diànxìn Gǔfèn Yǒuxiàn Gōngsī
China Telecom
Simplified Chinese中国电信
Traditional Chinese中國電信
Transcriptions
Standard Mandarin
Hanyu PinyinZhōngguó Diànxìn

China Telecom Corporation Limited (CT) is a Chinese telecommunications company.[5] It is one of the publicly traded red chip companies of the state-owned China Telecommunications Corporation.

The company's H shares have been traded on the Stock Exchange of Hong Kong since 15 November 2002.[6] It is a constituent of the Hang Seng China Enterprises Index, the index for the H shares of state-controlled listed companies. The company was also listed on the New York Stock Exchange until January 2021. China Telecom is the second-largest wireless carrier in China, with 362.49 million subscribers as of June 2021.[7]

History

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China Telecom Corp., Ltd. was incorporated on 10 September 2002 as a limited company[3]: 133  in order to float some of the assets of the group on the stock exchange, specifically the wireline telecommunications businesses in Shanghai, Guangdong, Jiangsu, and Zhejiang, as well as other assets from the parent company.[3]

In 2003, China Telecom acquired businesses in Anhui, Fujian, Jiangxi, Guangxi, Chongqing, Sichuan, as well as other assets for CN¥46 billion.[3] In 2004, it acquired businesses in Hubei, Hunan, Hainan, Guizhou, Yunnan, Shaanxi, Gansu, Qinghai, Ningxia and Xinjiang and other assets for CN¥27.8 billion.[3][8]

China Telecom was among six state-owned companies that built the communications infrastructure and assisted in financing the Ministry of Industry and Information Technology's Connecting Every Village Project, which began in 2004.[9]: 24–25  The project aimed to promote universal telecommunications and internet access in rural China.[9]: 24–25  The program successfully extended internet infrastructure throughout rural China and promoted development of the internet.[9]: 25 

In 2007, China Telecom acquired three companies: China Telecom System Integration, China Telecom Global and China Telecom (Americas) for CN¥1.408 billion.[3] In 2008 the business in Beijing (China Telecom Group Beijing) was acquired for CN¥5.557 billion.[3]: 134  In 2011, e-commerce business and video media business[which?] were acquired by China Telecom's subsidiaries E-surfing Pay and E-surfing Media. However, E-surfing Media was sold back to the parent company[which?] in 2013.[3]: 134  In 2012, a digital trunking business was acquired from sister company Besttone Holding (a company listed on the Shanghai Stock Exchange) for CN¥48 million.[3] In 2013, China Telecom (Europe) was acquired from the parent company for CN¥278 million.[3]

In 2015, China Telecom formed a joint venture China Tower with fellow state-owned telecommunication companies China Mobile and China Unicom.[10][11] China Tower, which was the largest telecommunications tower group by revenue, became a separate listed company in 2018.[12] China Telecom, China Mobile and China Unicom were remained the largest clients of China Tower as of 2018.[13]

In August 2015, Chang Xiaobing, former chairman of China Unicom, became the chairman of China Telecom as well chairman of China Telecommunications Corporation.[14][15][16][17] While Wang Xiaochu [zh], who previously served in these two positions, was appointed to the same positions in China Unicom.[15][18] However, Chang was investigated for corruption in December 2015 and resigned.[14] He was sentenced to six years imprisonment in 2017.[19]

In 2016, China Telecom was responsible for illegally intercepting communications between the governments of Canada and Korea.[20][21]

Expansion outside mainland China

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China Telecom (Europe) said on 23 October 2008 it would expand its Asian and European services, aiming to increase its market share in Europe.[22] China Telecom (Europe) became part of China Telecom Corp., Ltd. in 2013.

In 2008, China Telecom acquired China Unicom (Macau). The subsidiary was renamed to China Telecom (Macau) [zh][3]: 151  In 2015, China Telecom (Macau) acquired a 4G LTE license from the Macau S.A.R. authority.[23] The 4G service started in the same year.[24]

In May 2011, China Telecom formed a strategic partnership with the German software group SAP to offer a cloud-based version of SAP's business software to small and medium companies in China.[25]

In October 2015, China Telecom worked with SAP to create SAP Anywhere, although it was sunset by 2018 so SAP could focus on other more established services.[26]

China Telecom, in partnership with Vodafone, was one of the bidders for a license in the newly opened mobile telecommunications market in Myanmar.[27]

U.S. sanctions

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Further information: United States sanctions against China

In January 2021, China Telecom was delisted from the NYSE in response to a US executive order.[28] The same year, the Federal Communications Commission (FCC) revoked China Telecom's operating license in the U.S. for national security reasons.[29] However, China Telecom (Americas) Corp plans to keep offering other services on United States soil.[30] In March 2022, the FCC designated China Telecom (Americas) Corp a national security threat.[31] In April 2024, the FCC ordered U.S. units of China Telecom to discontinue operations in the country. The FCC previously found that China Telecom used Border Gateway Protocol vulnerabilities to misroute U.S. internet traffic on at least six occasions.[32]

Subsidiaries

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As of 19 November 2018
  • China Telecom (Americas) Corporation[3]
  • China Telecom (Europe) Limited[3]

Equity interests

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As of 31 December 2016

Shareholders

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As of 31 December 2016[3]: 50 
Rank Name Chinese name Percentage Footnotes
1 China Telecommunications Corporation 中国电信集团公司 70.89% Central Government-owned SOE, owner of A share
2 Guangdong Rising Assets Management 6.94% Guangdong Government-owned SOE, owner of A share
3 JPMorgan Chase 2.19% Long position figure only, owner of H share
4 BlackRock 1.02% Long position figure only, owner of H share
5 The Bank of New York Mellon 0.93% Long position figure only, owner of H share
6 Templeton Global Advisors 0.87% Long position figure only, owner of H share
7 GIC Private Limited 0.86% Long position figure only, owner of H share

See also

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References

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  1. ^ "中国电信总裁兼首席运营官杨杰接替常小兵". 中国经济网 (in Chinese). re-published by cnr.cn. 31 December 2015. Archived from the original on 20 September 2017. Retrieved 26 July 2017.
  2. ^ "RESIGNATION OF DIRECTOR AND CHANGE OF IMPORTANT EXECUTIVE POSITION" (PDF). China Telecom. 7 June 2017. Archived (PDF) from the original on 7 August 2017. Retrieved 26 July 2017.
  3. ^ a b c d e f g h i j k l m n o p q r s t "2016 Annual Report" (PDF). China Telecom. 6 April 2017. Archived (PDF) from the original on 10 November 2017. Retrieved 26 July 2017.
  4. ^ China Telecom. "PeeringDB". PeeringDB. Retrieved 27 July 2022.
  5. ^ "728 Profile & Executives – China Telecom Corp Ltd – Bloomberg". bloomberg.com. Archived from the original on 14 December 2017. Retrieved 22 August 2012.
  6. ^ "List of H Share Companies (Main Board)". Hong Kong Stock Exchange. 30 June 2017. Archived from the original on 8 July 2017. Retrieved 26 July 2017.
  7. ^ "China Telecom Corporation Limited - Investor > Key Performance Indicators - Monthly".
  8. ^ Ramstad, Evan; Ng, Loretta (13 April 2004). "China Telecom Deal To Lift Public's Stake". The Wall Street Journal. Archived from the original on 28 September 2018. Retrieved 28 September 2018.
  9. ^ a b c Shi, Song (2023). China and the Internet: Using New Media for Development and Social Change. New Brunswick, NJ: Rutgers University Press. ISBN 9781978834736.
  10. ^ Wildau, Gabriel (15 October 2015). "China telecoms operators pool $36bn in assets". Financial Times. Archived from the original on 28 September 2018. Retrieved 28 September 2018.
  11. ^ "Discloseable transaction in relation to the disposal of telecommunications towers and related assets" (PDF) (Press release). Hong Kong: China Telecom. 14 October 2015. Archived (PDF) from the original on 28 September 2018. Retrieved 28 September 2018 – via Hong Kong Exchanges and Clearing website.
  12. ^ Dunkley, Emma (2 August 2018). "China Tower raises most in an IPO globally since 2016". Financial Times. Archived from the original on 28 September 2018. Retrieved 28 September 2018.
  13. ^ "China Tower, world's largest mobile phone tower company, to kick off year's biggest IPO next Wednesday". South China Morning Post. Hong Kong. 19 July 2018. Archived from the original on 28 September 2018. Retrieved 28 September 2018.
  14. ^ a b "China Telecom chief resigns amid investigation". BBC News Services. 31 December 2015. Archived from the original on 28 September 2018. Retrieved 28 September 2018.
  15. ^ a b "resignation of director" (PDF) (Press release). China Telecom. 24 August 2015. Archived (PDF) from the original on 28 September 2018. Retrieved 28 September 2018 – via Hong Kong Exchanges and Clearing website.
  16. ^ "APPOINTMENT OF CHIEF EXECUTIVE OFFICER AND PROPOSED APPOINTMENT OF DIRECTOR" (PDF) (Press release). China Telecom. 1 September 2015. Archived (PDF) from the original on 28 September 2018. Retrieved 28 September 2018 – via Hong Kong Exchanges and Clearing website.
  17. ^ "List of directors and their role and function" (PDF) (Press release). China Telecom. 23 October 2015. Archived (PDF) from the original on 28 September 2018. Retrieved 28 September 2018 – via Hong Kong Exchanges and Clearing website.
  18. ^ "List of directors and their role and function" (PDF) (Press release). China Unicom (Hong Kong). 1 September 2015. Archived (PDF) from the original on 28 September 2018. Retrieved 28 September 2018 – via Hong Kong Exchanges and Clearing website.
  19. ^ "Former China Telecom boss Chang Xiaobing sentenced to six years for corruption". South China Morning Post. Hong Konf. 31 May 2017. Archived from the original on 28 September 2018. Retrieved 28 September 2018.
  20. ^ Fife, Robert; Chase, Steven (30 October 2018). "China Telecom diverted internet traffic in U.S. and Canada, report finds". The Globe and Mail. Archived from the original on 4 September 2024. Retrieved 10 November 2021.
  21. ^ "Malicious Life: IP Hijacking [ML BSide] (36m)". castro.fm. Retrieved 10 November 2021.
  22. ^ "China Telecom to spread Asian-European services". London: Xinhua News Agency. 23 October 2008. Archived from the original on 21 October 2012. Retrieved 28 September 2018.
  23. ^ 經營採用長期演進技術（4G）的公共地面流動電信網絡及提供相關的公用地面流動電信服務牌照的公開招標之競投結果 (Press release) (in Traditional Chinese). Macau: Direcção dos Serviços de Regulação de Telecomunicações. 9 March 2015. Archived from the original on 28 September 2018. Retrieved 28 September 2018.
  24. ^ 廖冬韻; 黃偉鴻 (25 November 2015). "TDM" 中國電信 (澳門) 啟動4G. Rádio Macau (in Traditional Chinese and Cantonese). Teledifusão de Macau. Archived from the original on 28 September 2018. Retrieved 28 September 2018.
  25. ^ Taylor, Paul (17 May 2011). "SAP-China Telecom deal to offer cloud-based services in China". Financial Times. Archived from the original on 4 September 2024. Retrieved 28 September 2018.
  26. ^ "SAP and China Telecom Offer New Category of Front Office Solution in Mainland China". SAP News. 20 October 2015. Archived from the original on 2 January 2017. Retrieved 5 February 2016.
  27. ^ "Vodafone, China Mobile eye Myanmar". Investvine.com. 5 April 2013. Archived from the original on 11 January 2021. Retrieved 5 April 2013.
  28. ^ "New York Stock Exchange to delist three Chinese companies on U.S. Executive order". January 2021. Archived from the original on 17 January 2021. Retrieved 17 February 2021.
  29. ^ Shepardson, David (27 October 2021). "FCC revokes authorization of China Telecom's U.S. unit". Reuters. Archived from the original on 20 August 2023. Retrieved 28 October 2021.
  30. ^ Shepardson, David (22 December 2021). "China Telecom plans to continue some U.S. services after FCC revokes authorization". Reuters. Archived from the original on 18 February 2022. Retrieved 18 February 2022.
  31. ^ Shepardson, David; Satter, Raphael (26 March 2022). "U.S. FCC adds Russia's Kaspersky, China telecom firms to national security threat list". Reuters. Archived from the original on 8 November 2023. Retrieved 26 March 2022.
  32. ^ Shepardson, David (3 September 2024). "White House asks agencies to step up internet routing security efforts". Reuters. Retrieved 4 September 2024.
  33. ^ "2016 Annual Report" (PDF) (in Chinese). Besttone Holding. 22 April 2017. p. 35. Archived (PDF) from the original on 14 December 2017. Retrieved 26 July 2017.
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