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State-Owned Handset Distributor to List in Shanghai

Sina Tech, 12/27/07

According to an investment banking source, China's largest mobile phone retailer China P&T Appliances (PTAC) has employed China International Capital Corp (CICC) to prepare an A-share listing in Shanghai, due in H1 2008. The firm may first raise funds on the basis of its handset sales and logistics assets.

PTAC is a State-owned Assets Supervision and Administration Commission (SASAC)-supervised SOE involved in mobile handset sales and logistics, telecommunications engineering, international trade and exhibitions. In 2006 PTAC's total assets were worth RMB 12.06 bln, net assets RMB 2.16 bln and sales income was RMB 25.2 bln.

PTAC subsidiary PTAC Communication Services is China's largest handset retailer, selling 35.05 million phones in 2006, a 30% market share.

Another subsidiary, China International Telecommunication Construction Corporation, is China's largest telecommunications engineering firm and was the main contractor for construction of China Mobile's (NYSE: CHL; 0941.HK) TD-SCDMA trial networks this year.

Keywords: China P&T Appliances China International Capital Corp A-share Shanghai Stock Exchange IPO H1 2008 SASAC SOE mobile phone distribution retail telecom engineering PTAC Communication Services market share sales volume China Mobile CHL 0941.HK TD-SCDMA 3G wireless China International Telecommunication Construction Corporation


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