Shanghai Telecom (STC), AT&T and Shanghai Information Investment Inc (SII), have signed definitive agreements to form a joint venture company that will provide broadband IP value-added services to business customers beginning in the Pudong New Area, Shanghai.
Shanghai Symphony Telecommunications is the first joint venture in China’s fast-growing telecom service industry. The establishment of the joint venture is supported by the State Council, Ministry of Information Industry, Shanghai municipal government and China Telecom Group.
STC will own 60 per cent of the JV, while AT&T will own 25 per cent and SII 15 per cent. The three partners will constitute the Board of Directors and each will also contribute key executives to manage the new company.
Shanghai Symphony Telecom will lease dark fibre from STC, implement fibre-optic rings with routers and switches and provide access fibre directly to customer buildings. The venture is expected to launch services in mid-2001.