- China's getting ready to shuffle the leadership at its three telecoms amid an industry revamp -- but rumors have highly variable information about what the shakeup will look like.
- Xi Guohua, chairman of the parent of market leader China Mobile (NYSE:CHL), will retire, to be replaced by government minister Shang Bing, Bloomberg and Caijing reported -- and similar changes would come to the leadership of China Telecom (NYSE:CHA) and China Unicom (NYSE:CHU).
- But rumors persist that China Telecom Chairman Wang Xiaochu could return to lead China Mobile (where he was previously CEO), and that Shang Bing would take over at China Telecom instead.
- China Unicom posted earnings earlier, and its Chairman Chang Xiaobing skipped the company's press conference to head instead to an important meeting in Beijing. The company's president, Lu Yimin, said he hadn't heard any notice about changing management, and indeed China Unicom's leadership may stay intact.
- The result, though, may be the biggest overhaul to China's telecom industry since 2008.
- The three companies still face an October deadline for asset injection into a mobile tower holding company that will absorb all their tower assets.
- ADRs are up in U.S. trading: CHL +1.6%; CHA +5.7%; CHU +5.7%.
- Previously: China Mobile Limited reported 1H results on Aug. 20 (Aug. 21 2015)
- Previously: China Telecom reported 1H results on Aug. 20 (Aug. 21 2015)
- Previously: China Unicom reports 1H results (Aug. 21 2015)