China Mobile Announces Plans to Buy Assets from Parent's Firm

(Beijing) – The country's largest wireless carrier says it plans to buy assets from a telecom company under its parent to improve its telephone and fixed-line broadband services.

China Mobile Ltd., which is listed in Hong Kong and New York, told investors about the plan to buy China Tietong Telecommunications Corp., when it released its financial report on August 20. The firm reported net profit of 57.3 billion yuan in the first half of the year, down 0.8 percent from the same period of 2014.