China Telecom finalizes CDMA leap forward plan: three years of investment will exceed 80 billion China Telecom's plan to acquire CDMA-related assets from China Unicom was finally finalized. According to the final agreement signed by both parties on July 27, China Telecom's parent company China Telecom Group will invest 66.2 billion yuan to acquire CDMA network assets from China Unicom's parent company, while China Telecom listed companies will invest 48.3 billion yuan to acquire CDMA's CDMA network from China Unicom's listed company. For the business, after the above acquisition is completed, the listed company of China Telecom will lease the CDMA network from the parent company of China Telecom to start business operations. On July 28, Wang Xiaochu, who served as both the chairman and CEO of China Telecom, appeared in Hong Kong with Shang Bing, who was "overstepped" by China Unicom to serve as president and COO (Chief Operating Officer) of China Telecom. According to Wang Xiaochu, "I am mainly responsible for the company's overall strategy and overall personnel control, and the specific operation is the responsibility of President Shang, which is to implement the strategy into the strategy. This is the division of labor between me and Shang Bing." In an interview with this reporter, including Wang Xiaochu, Wang Xiaochu admitted that according to the current situation, China Telecom "does indeed face many challenges and pressures to undertake C network." The pressure also comes from the huge capital expenditure required for the acquisition. From the final result, China Telecom follows the previous model of Unicom operating CDMA, that is, the parent company purchases assets while the listed company leases the network. "From the perspective of listed companies, obtaining national CDMA network usage rights by paying lease fees can not only save expenses in the initial stage of operation, but also reduce the investment risk of listed companies, but in the long run, with the rapid development of mobile services, Realizing the unified operation of the network and business under appropriate conditions is conducive to controlling costs, reducing related party transactions, and optimizing operating and management costs, which is in the long-term interest of shareholders, "said Wang Xiaochu, but as to when listed companies will acquire CDMA assets from their parent companies, Then "it will be decided according to the principle of maximizing benefits and shareholders' benefits." 100 million households in 3 years Wang Xiaochu introduced that China Telecom fully acquired Unicom's CDMA business and launched mobile services in three steps. From the announcement of the preliminary acquisition framework on June 2 to July 27, the two parties formally signed the acquisition agreement as the first phase, mainly for the preparation and development of the network, products, IT systems and industrial chain; and from October 1 to 11 On the 30th of the official delivery period, China Telecom will begin to implement new mobile services and customer experience, as well as commercial trials; by March 31 next year, China Telecom will begin to promote its own brand of 3G mobile services on a large scale. According to the data released by China Unicom at the end of the first quarter of this year, China Unicom had 42.81 million CDMA subscribers, accounting for 7.4% of the country's mobile subscribers. The ARPU (average monthly telephone bill income per person) was 53.3 yuan. Yuan, accounting for 5.5% of the national mobile communications market. The EBITDA rate was 31.3% and the pre-tax profit was 1.2 billion yuan. This is not a very optimistic number. Especially the key indicator ARPU, the data shows that the ARPU value of CDMA has dropped year by year from a high of 172 yuan in 2002, and has dropped to 53 yuan by the end of the first quarter of this year! In terms of the number of users, the number of users in the first half of this year was 43.169 million, which was only 1.242 million more than that at the end of last year, accounting for 23% of the 5.4 million new users added last year. From the first half of this year, Unicom's CDMA operating figures are indeed not very good-looking. As for whether the delivery period will be further deteriorated in accordance with the acquisition agreement in the future, Wang Xiaochu said, "I believe that China Unicom is a large company and a company with integrity. After the two parties signed the agreement, they will hand it over to our users at the end of September. The Internet, including revenue and profits, I believe will be the same as what we determined at the time of the acquisition, at least it should remain at a level similar to that at the end of last year. " "In the next 2-3 years, we plan to have 100 million CDMA users, a market share of 15%, an ARPU value that is rising steadily, and value-added services account for 35%." Wang Xiaochu said. Not only that, according to Wang Xiaochu's plan, CDMA's EBITDA will change from negative to positive in 2009, and profit will turn positive in 2010. This means that in the next 2-3 years, CDMA will increase by at least nearly 19 million households on average every year! This number will be 3.5 times the number of CDMA users added last year. Similarly, China Telecom also plans to increase its market share from the current 5.5% to 15%, and increase the proportion of value-added services to 35%. At the end of last year, China Unicom's value-added services accounted for only 23%. Wang Xiaochu said that China Telecom's fixed-line value-added services have now reached 43%. Two "80 billion" It is undoubtedly an arduous task to make the aforementioned figures come true, but it also requires huge investment. Wang Xiaochu said that China Telecom ’s parent company expects total investment in CDMA networks to exceed 80 billion yuan in the first three years. Coupled with the pre-purchase of 66.2 billion yuan of CDMA from Unicom, the capital expenditure of China Telecom's parent company on CDMA will be as high as 146.2 billion yuan in the first three years! "Currently, to operate a CDMA network, we must first pass the approval of small shareholders in September, and the approval of the sale of Unicom shareholders, so we are currently conducting network operation surveys and preparations, such as the first phase of the network needs to be done How much, it is necessary to communicate with the major manufacturers to determine how much the first phase is. "Wang Xiaochu said that China Telecom ’s parent company has initially decided to invest 27.9 billion yuan in the first phase to improve CDMA in domestic cities, especially The capacity and quality issues of central cities, as well as some rural areas, are mainly network coverage in rural areas along roads and densely populated areas. According to Wang, the lease cost of the Unicom parent company ’s CDMA network was 31% of the annual revenue of the CDMA business, while the lease rate of China Telecom ’s listed company was only 28%, which is cheaper, which shows that China Telecom ’s parent company Support for listed companies. According to the acquisition and lease agreement, China Telecom listed companies need to pay the parent company no more than 4 billion, 20 billion and 35 billion yuan in network lease fees in 2008, but the minimum lease fee in 2010 should not be less than 2009 90% of the annual rental fee. Wang Xiaochu did not specifically disclose the amount of investment that the listed companies of China Telecom will invest in the CDMA business. But he emphasized that at "favorable times", listed companies will buy CDMA assets from their parent companies. "As for the favorable conditions, mainly based on the financial situation, if the lease is the most favorable to the financial situation of the listed company, then continue to lease to the parent company, but if it comes to a certain time, for example, the depreciation ratio of CDMA assets has been To a certain extent, and the income of CDMA has also gone up, because the lease fee is paid according to 28% of the annual income, this is a good point for the listed company to buy the CDMA assets held by the parent company, which Only to benefit all shareholders of the listed company. "Wang Xiaochu said. But in any case, Wang Xiaochu did not shy away. Under the current circumstances, to complete the acquisition of CDMA assets and networks, China Telecom's parent company and listed companies need to be financed. "In terms of listed companies, we will prefer debt issuance financing, because in the past few years, Telecom has rapidly increased its cash flow through transformation, so the capital-liability ratio is less than 30%, and it has huge debt space," Wang Xiaochu said. China Telecom had previously stated that it hopes to increase the estimated debt issuance quota from 60 billion yuan to 80 billion yuan, and hopes to obtain shareholders' approval. In this regard, Wang explained that increasing the scale of debt issuance from 60 billion to 80 billion is mainly to increase the company's financing space and flexibility, but how much is issued depends on the company's specific needs. "Even if the final payment of 80 billion, our capital-liability ratio is only 40%, still within the safety limit," Wang Xiaochu said, "but I personally think that we will not send 80 billion, because we do not need so much at present Capital, and our cash flow is still very strong every year. "
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