China Telecom (Hong Kong) Ltd.
Wang Xiaochu, Chairman, Chief Executive Officer and President:
"In recent years, Goldman Sachs has provided important support to China Telecom
(Hong Kong) Ltd. as we pursued our growth strategies. One of our objectives is to further
strengthen our financial position by diversifying our source of financing through both
equity and debt capital markets. In 1999, we followed through with an integral part of our
growth strategy by acquiring three more provincial mobile assets. Goldman Sachs acted as
our financial advisor. It was important to us that the necessary restructuring work prior
to tapping the global capital markets be done in the most thorough and professional
manner, with a clear and sound knowledge not only of our business but also of the Chinese
regulatory environment. I feel that the team at Goldman Sachs did an excellent job. We
also have a high regard for the strength and expertise of their capital markets and
research professionals. There is no doubt that Goldman Sachs has an outstanding track
record, especially in the telecommunications area, and its advisory capabilities, backed
up by the firms attention to clients needs, made our selection of Goldman
Sachs an easy one. We were very pleased with the firm's work and its continued long-term
commitment to us."
- Goldman Sachs was advisor, joint global coordinator and joint lead manager for China
Telecom (Hong Kong) Ltd. on its $4.2 billion IPO in 1997. At that time it was the largest
public offering by a Chinese entity and the largest-ever public offering in the global
cellular telephone industry.
- The firm was financial advisor to China Telecom (Hong Kong) Ltd. in its $2.9 billion
acquisition of Jiangsu Mobile Communications Co. Ltd. in 1998.
- In 1999, Goldman Sachs was financial advisor to China Telecom (Hong Kong) Ltd. in its
$6.4 billion acquisition of the cellular assets of Fujian Mobile Limited, Henan Mobile
Limited and Hainan Mobile Limited.
- The firm was the financial advisor, joint global coordinator, lead manager and
bookrunner for a $2 billion equity offering in 1999.