UTSI signs contracts with China Telecom and China Netcom

Includes: CHA, CHL, CHU
by: Ezra Marbach

Telecom equipment maker, UTStarcom (NASDAQ:UTSI) announced that it had signed contracts worth $160 million to expand Internet Protocol-based networks in China. Its clients, China Telecom (NYSE:CHA) and China Netcom (NYSEARCA:CN) remain committed to the wireless system amid a push for newer 3G technology.

According to the CEO of UTSI, the IP-based networks will be a complementary service to 3G. Large scale construction of commercial 3G networks will reportedly begin in March.