History
The company started as a wholesaler for high-speed data networks in 1999, headquartered in Shanghai. It was backed by Jiang Mianheng, Jiang Zeming's son, and Liu Chuanzhi, chairman of Legend Computers (now Lenovo). However, the business flopped partly because at the time China Telecom held a monopoly over the telecom market.
Netcom was on the verge of bankruptcy. Fortunately for Netcom, with the backing of Jiang's son, the Chinese government broke up the China Telecom monopoly and granted Netcom a third of China Telecom's assets. Most of those assets are located in the northern provinces.
Read more about this topic: China Netcom
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