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Chona Netcom signs cooperation agreement with Telefónica
July 22, 2005
1 Min Read
HONG KONG -- China Netcom Group Corporation (Hong Kong) Limited ("China Netcom" or "the Company") (HKSE: 0906; NYSE: CN), a leading telecommunications operator in China and the Asia Pacific region, is pleased to announce that it formally entered into a memorandum of understanding ("Memorandum") with Telefonica, S.A. in Beijing on 21 July 2005.
With this Memorandum, the Company and Telefonica hope to establish a broad strategic alliance. The parties will explore possible areas of strategic co-operation which would be beneficial to both parties. They will also examine in good faith the form and terms of such co-operation as soon as possible.
The strategic co-operation could cover:
Fixed-line, broadband, domestic and international long distance communications
Domestic and international data services and value added services
Nationwide mobile voice and data services to individual and corporate customers, as will be allowed within the Chinese regulatory environment.
The exchange of certain managerial, technical and operational skills and resources.
A Chairmen's forum, consisting of the Chairmen of both companies, will be established and will meet on a regular basis (at least once a year) to discuss the possible areas of co-operation which would confer mutual benefits to both parties.
Telefónica SA
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