BEIJING - Volatility on the stock market has prompted China's information industry authority to publicly dismiss online suggestions of an imminent merger between Chinese telecom operators.
Shanghai-listed China Unicom, one of the country's three telecom service providers, surged by 8.37 percent on Thursday. The rise was partly attributed to online reports that the company will merge with its rival, China Telecom. Another rumor suggested China Mobile, the largest in terms of user numbers, was to absorb Shaanxi Broadcast and TV Network Intermediary Co. All named companies gained by a considerable margin.
The Ministry of Industry and Information Technology denied any knowledge of the merger, as did all companies involved.
A China Mobile spokesperson said the company has had no information to disclose, while China Telecom refused to comment.
Industrial insiders pointed out that mergers of this kind must first be discussed by the authority and then filed with the State Council for approval.
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