Shanghai Securities News, 1/03/08
According to an informed source, as of December 31 only Ping An Insurance subsidiary Ping An Trust and Investment had laid out earnest money for the stake in Datang Mobile offered for sale on the Shanghai United Assets and Equity Exchange.
However, negotiations with the China Academy of Telecommunication Technology (CATT) have reached a deadlock. Ping An hopes to work with Datang Mobile through increased capitalization and share issue, or the formation of a joint venture, rather than a simple share purchase. If that is not possible, Ping An prefers to withdraw its application to purchase the 13% stake.
Ping An Group spokesperson Sheng Ruisheng indicated he had no information on the situation.