China Telecom to Offer Palm Pre in July

Sina Tech, 3/23/10

Chairman and CEO Wang Xiaochu told foreign media today that China Telecom (NYSE: CHA; 0728.HK) plans to release the Palm Pre smartphone in July. Wang said that China Telecom's mobile business will reach profitability by 2011, and China Telecom plans to spend over RMB 10 bln in handset subsidies this year as part of efforts to reach 100 mln mobile subscribers by 2011.

Wang added that China Telecom has no plans or need to invest in a Chinese bank for the purpose of developing a mobile payment business, pointing out that China Telecom already has numerous local bank partners.

Keywords: Palm Pre target Wang Xiaochu China Telecom smartphone wireless mobile payment mobile subscribers 0728.HK CHA subsidy handset

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