Merger With China Unicom
China Netcom was a subsidiary of China Network Communications Group Corporation.
On June 2 2008, Netcom announced its intention to merge with China Unicom, after the latter sold its CDMA network to China Telecom. The combined company has all the assets of China Netcom, plus Unicom's nationwide GSM network with 125 million subscribers, as well as its smaller dial-up and ADSL ISP business.
The merger was completed on 6 October 2008. China Netcom became a wholly owned subsidiary of China Unicom and the listings of its shares on the Hong Kong Stock Exchange and its American Depositary Receipt Shares on the New York Stock Exchange were withdrawn.
Read more about this topic: China Netcom
Famous quotes containing the word china:
“Consider the China pride and stagnant self-complacency of mankind. This generation inclines a little to congratulate itself on being the last of an illustrious line; and in Boston and London and Paris and Rome, thinking of its long descent, it speaks of its progress in art and science and literature with satisfaction.... It is the good Adam contemplating his own virtue.”
—Henry David Thoreau (1817–1862)