China Telecommunications Corporation
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|Formerly||Directorate General of Telecommunications|
|Founded||27 April 1995|
|Founder||Ministry of Posts and Telecommunications|
|Revenue||CN¥375.734 billion (2019)|
|CN¥29.070 billion (2019)|
|CN¥20.712 billion (2019)|
|Total assets||CN¥703.131 billion (2019)|
|Total equity||CN¥355.040 billion (2019)|
|Owner||Chinese Government (100%)|
|Footnotes / references|
in consolidated financial statement
|China Telecommunications Corporation|
|Literal meaning||China Telecommunications Group Corporation|
China Telecommunications Corporation known as its trading name China Telecom is a Chinese state-owned telecommunication company. It is the largest fixed-line service and the third largest mobile telecommunication provider in China. It has three listed companies: China Telecom Corporation Limited (Chinese: 中国电信股份有限公司), China Communications Services Corporation Limited (Chinese: 中国通信服务股份有限公司) and Besttone Holding Co., Ltd. (Chinese: 号百控股股份有限公司).
The company originated as a government agency of the Ministry of Posts and Telecommunications. On 27 April 1995, it was registered as a separate legal entity as Directorate General of Telecommunications, P&T, China, using "China Telecom" as brand name. On 17 May 2000 it was registered as China Telecommunications Corporation. In May 2002, China Netcom Corporation was spun off as a separate company that was also supervised by the State-owned Assets Supervision and Administration Commission of the State Council directly. It also owned subsidiaries in Beijing, Tianjin, Hebei, Shanxi, Inner Mongolia, Liaoning, Jilin, Heilongjiang, Henan and Shandong that formerly belonged to China Telecommunications Corporation. According to the United States Department of Defense, the company has links to the People's Liberation Army.
On 10 September 2002, China Telecom Corporation Limited was spun-off as a listed company. The listed company gradually acquired the assets from China Telecommunications Corporation. As of 31 December 2016[update], however, China Telecommunications Corporation still owned the controlling stake in the company, for 70.89%.
The company provides fixed-line and Xiaolingtong (Personal Handy-phone System) telephone services to 216 million people as of April 2008,[failed verification] and broadband internet access to over 38 million subscribers, providing approximately 62% (46 Gbit/s) of China's internet bandwidth. On 2 June 2008, China Telecommunications Corporation announced that it would purchase China Unicom's nationwide CDMA business and assets for CN¥110 billion, giving it 43 million mobile subscribers. According to the company, the listed portion of China Telecom Group (China Telecom Corp., Ltd.) paid CN¥43.8 billion, the unlisted portion of China Telecom Group (China Telecommunications Corporation) paid CN¥66.2 billion.
Consolidation and expansion
On 2 June 2008, the company announced it would acquire China Unicom's CDMA business and network for a total of CN¥110 billion in cash, a series of transactions aimed transform the company into a fully integrated telecommunications operator after its expected completion in the next six months to one year.
Such shifts mark a new era for the Telecommunications industry in China in which analyst have further commented that these changes are aimed at promoting a more fair and competitive industry environment.
China Telecom was chosen by the Chinese Government as an investor in the Philippines for providing telecom services. They were later chosen as 'provisional' telecommunications provider of the country after a bidding led by the Philippine government on November 7, 2018. As current laws restrict foreign ownership to 40%, China Telecom (through its parent company) forms a venture with local companies Udenna Corporation (owner of Phoenix Petroleum) and Chelsea Logistics under the franchise of Mindanao Islamic Telephone Company, Inc (or the Mislatel consortium). The selection was formalized on 20 November after the Philippine National Telecommunications Commission junked petitions from its rival bids. On 8 July 2019, Mislatel renamed to Dito Telecommunity and at the same time, was granted its permit to operate. The firm will begin its commercial operations on the second quarter of 2020.
- As of 9 July 2019
- Besttone Holding (58.45%, excluding shares held by China Telecom)
- China Communications Services
- China Telecom
- Dito Telecommunity (40% stake)
Allegations of rerouted Internet traffic
On 8 April 2010 China Telecom rerouted about 15% of foreign Internet traffic through Chinese servers for 18 minutes. The traffic included the commercial websites of Dell, IBM, Microsoft, and Yahoo! as well as government and military sites in the United States. China Telecom denied hijacking any Internet traffic.
U.S. investment prohibition
In November 2020, U.S. President Donald Trump issued an executive order prohibiting any American company or individual from owning shares in companies that the United States Department of Defense has listed as having links to the People's Liberation Army, which included China Telecom. In response, the NYSE announced that it would delist China Telecom.
- "2007–2009 Three Year Financial Report" (PDF) (in Chinese). China Telecommunications Corporation. 1 March 2011. Retrieved 26 July 2017.
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- China Telecom Key Performance Indicators
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- "Mislatel, now Dito Telecommunity, gets permit to operate as 3rd telco". CNN Philippines. 8 July 2019. Retrieved 9 July 2019.
- Balinbin, Arjay L. (8 July 2019). "Mislatel to rebrand as 'Dito Telecommunity' after getting license". BusinessWorld. Retrieved 9 July 2019.
- Parrocha, Azer (8 July 2019). "PRRD hands Mislatel Consortium permit to operate as 3rd telco". Philippine News Agency. Retrieved 9 July 2019.
- "2016 Annual Report" (PDF) (in Chinese). Besttone Holding. 22 April 2017. p. 35. Retrieved 26 July 2017.
- Crittenden, Michael R. (17 November 2010). "Chinese Firm 'Hijacked' U.S. Data in April". The Wall Street Journal.
- "Section 2: External Implications of China's Internet-related Activities" (PDF). USCC 2010 Annual Report. U.S.-China Economic and Security Review Commission. Archived from the original (PDF) on 2 December 2010.
- Young, Doug (17 November 2010). "China Telecom denies hijacking U.S. Web traffic". Reuters.
- Mozur, Paul (1 January 2021). "New York to Delist Chinese Telecom Firms in Symbolic Shift". The New York Times. ISSN 0362-4331. Retrieved 1 January 2021.
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