China Merchants Group Invests RMB 102 Mln in E-Surfing Media

Sina Tech, 6/05/12

China Merchants Group has announced that it has invested RMB 102 mln in China Telecom's (NYSE: CHA; 0728.HK) online and mobile video subsidiary E-Surfing Media, acquiring a 5.4% stake, confirming earlier rumors that China Telecom will spin off its eight vertical service bases.

Based on China Merchants Group's investment price, E-Surfing Media has a valuation of approximately RMB 1.9 bln. The announcement did not reveal any details regarding other investment participants.

Editor's Note: For more background on this topic, please see "Rumor: China Telecom to Spin Off 8 Industry Bases" MD 3/20/12 issue.

Keywords: online video E-Surfing Media wireless Internet China Telecom China Merchants Group investment telecom valuation mobile video E-Surfing 0728.HK CHA

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