BEIJING—China International Trust and Investment Corporation (CITIC) and China Satellite Communications Corporation (ChinaSat) reached an agreement to reorganize their assets to make use of each other’s advantages. Lacking a terrestrial network, ChinaSat will be able to use the broadband networks of Great Wall Broadband and Guangdong Yingtong, in which CITIC has a stake, as well as CITIC’s cable television network and fiber network.
CITIC could also help ChinaSat to list overseas.
Through the link-up, financial powerhouse CITIC can use ChinaSat’s operating license to enter the telecommunications business.
