Korea-China Venture Targets Wireless Internet Services
SK Telecom and China Unicom agreed last week to a joint venture to pursue wireless Internet projects in China.SEOUL, South KoreaSK Telecom, Koreas largest wireless carrier, and China Unicom, Chinas second largest mobile phone operator and only CDMA cellular service provider, agreed last week to a joint venture to pursue wireless Internet projects in China, officials of both companies said. The joint venture is expected to start providing wireless Internet service in the third quarter of this year, after securing regulatory approvals from Chinese authorities, which are expected to come as early as July, officials said. As of the end of last year, China Unicom had signed up over 8 million CDMA cellular service subscribers. The company, launched with a $6 million initial investment, is expected to secure 20 million subscribers by the end of this year. China Unicom will own 51 percent of the joint venture, with SK Telecom holding the remaining 49 percent.
The CEO and CTO of the as-yet unnamed venture will be appointed by SK Telecom, with China Unicom appointing the CFO and COO, officials said.