Tuesday, October 12, 2010

Capital tangle 3G

Operators like A-share listed, you must first get the 3G license; and want to get a license, must be restructured.

The past six months, the domestic stock market bullish Donghonghong, stock has doubled, attracted Bank of China, ICBC, China Life Insurance and other state-owned carrier Air China and the domestic capital market have a beachhead. Zhe Fan circumstances for other state-owned enterprises really jealous brothers, allegedly waiting for a large state-owned enterprises have been listed by long lines, and these include the Big Three domestic telecommunications industry, China Mobile, China Netcom and China Telecom. Three operators are explicitly or implicitly present position on the domestic capital market from the plot, while the domestic capital markets have long been carriers of this "Chinese people make money, to the foreign dividend" approach do not see the past, urged They hastened to allow domestic investors to taste the taste of cents. For organizations who hand hot money for the domestic market means that operators more than a good choice. The three companies have many years of overseas listing of qualifications, the Commission on the relative confidence in corporate governance, can relax their scrutiny. Operators along the domestic market seems to be the public voice of God thing.

However, operators to the domestic market is not so simple. Since the three operators have been listed overseas, they can be CDR (China depository receipts, the Chinese mainland companies listed in Mainland China, a way of raising funds, investors purchase the CDR equivalent to the overseas company to buy stock) or the A Share Issue In the domestic market in two ways. For now, CDR has no precedent in the country, dealing with difficult technology, domestic investors are also difficult to accept in a short time, operators are more inclined to the latter. According to current regulations in Mainland China, such as China Mobile registered overseas red-chip companies, not directly to mainland China A share market, China Mobile can be set up in Mainland China, a new company, acquired the assets related to the present, to avoid the policy obstacles. But either way, the domestic market will involve the interests of foreign investors, many of the technical details of the deal will be delayed three major domestic carriers time to market.

No matter what form operators listed, one thing is certain, the three operators does not do it already, one shot will definitely be generous. The three operators are all signs 3G outgoing funds to do to prepare, were said to reach 100 billion yuan will be financed as much. Since the financing is to 3G, will have to take into account the issue of 3G license issuance time, if no 3G licenses were available, and want to pass that one and I am afraid of China Securities Regulatory Commission is unlikely. More recent travels Sheng is China Mobile TD-SCDMA will be built in the license, but the maturity of TD is still under discussion, when it can reach the whole business depends on the efforts of the parties. In comparison, China Netcom and China Telecom's 3G open the door to the manner in which it is currently unknown.

As the 3G hundreds of billion yuan of investment required is huge, currently in the mobile communications market, in terms of financial strength or from the experience point of view, China Mobile have been recognized as the strongest. Market concerned is to enable China Telecom and China Netcom are each independent build a complete 3G network will be powerless. If so, the two companies will lag behind 3G running with China Mobile. Ministry of Information Industry will not sit idly by this fact, the restructuring of the telecommunications industry to become a very urgent matter. JP Morgan has recently estimated the restructuring of the telecommunications industry in Mainland China the fastest place in the first quarter of this year, by way of China Unicom to be split from China Telecom and China Netcom are digested. The version of the restructuring program are many in the industry legend. And recent media reports, since January 1, 2007, China Netcom Group (Hong Kong) Limited's Guangdong and Shanghai have been out of the assets of listed companies, which will help China Netcom was launched this year, financing and 3G mobile services to do well prepared. It appears that once again restructuring the telecommunications industry is already the atmosphere of the wind is really full of building.

No matter what way between operators reorganization can be expected that the former is bound to get a license to restructure, or difficult to obtain a license (mainly Netcom and Telecom), while the operator can only obtain a license to A shares after the listing, otherwise Listing name is not correct then no justification. However, the restructuring of several major carriers is not a simple addition and subtraction, carrier division of the assets, the coordination of the interests of shareholders, as well as many technical details of the deal have a lot of time. Therefore, to see in the domestic capital market of China Mobile, China Telecom, China Netcom three pillars of the situation, we need a little more patience.

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