China Telecom, China Unicom deny reported merger
2018-09-06 1084
China's telecommunication giants China Telecom and China Unicom have both denied reports that they will merge, reports Beijing Morning Post.
A Bloomberg report on Tuesday cited unnamed insiders claiming that China is considering merging two of its top wireless carriers in order to speed up the country's 5G development, although a final decision hadn't been made.
However, both companies released statements on their official Weibo accounts later in the day, saying they are not aware of any such plans.
The share prices of the two companies in the Hong Kong market surged following the news, with China Unicom rising by about 5.9 percent and China Telecom gaining 4 percent.
There has long been speculation of a possible merger between China Telecom and China Unicom, but the reports have always been denied by the two companies.
Source: China Plus
