BEIJING, Oct 28 (Reuters) – China Telecom Corp Ltd’s
net income for the first nine months of this year rose
9.7 percent to 16.17 billion yuan ($2.65 billion) as growth in
its fixed-line Internet subscribers offset its stagnant mobile
and fixed-voice business.
China Telecom has been pressured along with its industry
peers by competition from web-based apps, but the carrier has
managed to keep revenue growing slightly thanks to Chinese
consumers’ appetite for Internet access.
BEIJING, Oct 23 (Reuters) – China Unicom Hong Kong Ltd
saw net income for the first nine months of 2014
increase 26.1 percent to 10.56 billion yuan ($1.73 billion), as
the telecoms firm continued to increase its high-paying 3G
subscriber base while cutting spending on handset subsidies.
The carrier said sales from smartphone users who pay for 3G
internet access rose 24.3 percent from a year ago, reaching
80.36 billion yuan, and now accounts for two thirds of its
mobile service revenues.
BEIJING, Oct 23 (Reuters) – Fast-growing Chinese smartphone
maker Xiaomi Inc said on Thursday it is migrating some data on
non-Chinese customers away from its servers in Beijing due to
performance and privacy considerations.
Data belonging to the privately owned company’s non-Chinese
users will be moved in several phases to Amazon Inc
servers in the United States and data centres in Singapore,
Xiaomi vice president Hugo Barra said in a Wednesday blog post
on Google Plus.
BEIJING, Oct 22 (Reuters) – China’s overseas direct
investment is projected to rise at least 10 percent annually for
the next five years, a trend that will soon make the country a
net capital exporter, a senior commerce ministry official said
“It’s only a matter of time,” said Zhang Xiangchen, an
assistant minister at the Ministry of Commerce (MOFCOM),
referring to when China’s outbound investment will eclipse
BEIJING (Reuters) – Quarterly revenue at China Mobile Ltd (0941.HK: Quote, Profile, Research, Stock Buzz) fell year-over-year for the first time since at least 2009 as China’s largest telecom provider continued to stumble in the face of rising competition from popular Internet-based messaging apps.
China Mobile reported on Monday operating revenue of 481.24 billion yuan ($78.59 billion) for the first nine months of the year. The cumulative figure implied revenue of 156.6 billion yuan during the June-September quarter – or down 2 percent from a year prior – marking the first time in years that quarterly revenue has declined, according to a Reuters calculation.
BEIJING (Reuters) – Chinese e-commerce firm Alibaba Group Holding Ltd said on Thursday it has changed the name of its Alipay financial services affiliate to Ant Financial Services Group as it steps up its push into the financial services industry.
Alibaba has been aggressively offering new financial services around Alipay, including a money market fund for consumers, a mobile payment app and even a new private bank that was approved by the Chinese government in September.
BEIJING/SAN FRANCISCO (Reuters) – Intel’s investment of up to $1.5 billion in two fast-growing Chinese mobile chipmakers has effectively aligned the U.S. giant with a third party – a Beijing government intent on producing a viable domestic challenger to the likes of Qualcomm and Samsung.
For more than a decade, China has targeted semiconductor design and manufacture as a major focus of its industrial policy. Activity has picked up markedly over the past year with a spate of cross-border mergers and cooperation deals.
BEIJING (Reuters) – Lenovo Group Ltd (0992.HK: Quote, Profile, Research, Stock Buzz) will close its acquisition of International Business Machines Corp’s (IBM) (IBM.N: Quote, Profile, Research, Stock Buzz) x86 server division on Oct 1 for $2.1 billion, giving the Chinese tech firm the firepower to win business clients from U.S. rivals.
The closing purchase price is lower than the $2.3 billion announced in January because of a change in the valuation of inventory and deferred revenue liability, Lenovo said. Roughly $1.8 billion will be paid in cash and the remainder in stock.
BEIJING, Sept 29 (Reuters) – Lenovo Group Ltd will
close its acquisition of International Business Machines Corp’s
(IBM) x86 server division on Oct 1 for $2.1 billion,
giving the Chinese tech firm the firepower to win business
clients from U.S. rivals.
The closing purchase price is lower than the $2.3 billion
announced in January because of a change in the valuation of
inventory and deferred revenue liability, Lenovo said. Roughly
$1.8 billion will be paid in cash and the remainder in stock.
BEIJING/SAN FRANCISCO, Sept 26 (Reuters) – Intel Corp
said it will pay as much as $1.5 billion for a 20
percent stake in two mobile chipmakers with ties to the Chinese
government, in the hopes of catching up in a smartphone chip
industry dominated by rival Qualcomm Inc.
Intel will acquire the stake in Spreadtrum Communications
and RDA Microelectronics through a deal with Tsinghua Unigroup,
a government-affiliated private equity firm which owns the two