China Mobile (CHL.NYSE; 00941.HK), the world's largest telecom operator by customer number, announced the establishment of its new Internet subsidiary on Monday.
The new company was registered in Guangzhou on Oct. 30 with a capital of 3 billion yuan. China Mobile said the Internet subsidiary will support its business transformation.
The new Internet subsidiary was founded on the basis of China Mobile's existing Internet bases, which provide Internet services, including MM, Fetion, 139 e-mail and mCloud, for 450 million customers and reap several billion yuan of revenue every year.
By now, the company has built a complete convergence system that involves more than 100,000 individual and institutional developers and about 300 distribution channels.
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