Details of major associates are as follows:
Name of associate |
Place
of incorporation/ establishment and operation |
Proportion
of ownership interest held by the Company or its subsidiary |
Principal Activity | |||||||
Unlisted company |
||||||||||
China Tower |
PRC | 38% | Construction, maintenance and operation of telecommunications towers |
|||||||
Listed company |
||||||||||
Shanghai Pudong Development Bank Co., Ltd. (“SPD Bank”) (Note) |
PRC | 18% | Provision of banking services |
|||||||
IFLYTEK Co., Ltd. (“IFLYTEK”) |
PRC | 13% | Provision of Chinese speech and technology products and services |
|||||||
True Corporation Public Company Limited (“True Corporation”) |
Thailand | 18% | Provision of telecommunications services |
Note:
The Group’s shareholding percentage in SPD Bank has been diluted from 18.98% to 18.18% as a result from SPD Bank’s issuance of new ordinary shares to other companies in 2017. Up to the release day of these financial statements, SPD Bank has not yet announced its audited annual results for the year ended December 31, 2017, therefore, the Group has recognized its share of SPD Bank’s comprehensive income for the year 2017 based on the financial information which was already released by SPD Bank and publicly disclosed, with some information such as total liabilities and total equity not provided.