China Netcom, Telefónica Cosy Up

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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