China's SASAC to transfer 50 billion yuan from China Mobile to China Unicom (China)
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China's State-owned Assets Supervision and Administration Commission (SASAC) will soon transfer about 50 billion yuan from the China Mobile Group to the China Unicom Group, to boost China Unicom's working capital.
According to sources, China Unicom will then transfer part of the sum to China Telecom as an "interconnection settlement" to ease China Telecom's financial pressure as it purchases China Unicom's CDMA wireless network. SASAC is the main shareholder in the China Mobile, China Unicom and China Telecom groups. Under the state-sponsored restructuring of the country's telecom industry, fixed line operator China Telecom will pay 110 billion yuan to buy China Unicom's CDMA wireless network, becoming a full-service operator.
Meanwhile, China Telecom has obtained the securities regulator's approval to issue 20 billion yuan worth of corporate bonds.
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