<PAGE>

                                                                     Exhibit 4.8

                              [English Translation]

                            ASSET INJECTION AGREEMENT

         This Asset Injection Agreement (the "Agreement") is executed by the
following three parties on May 15, 2002 in Sichuan, the People's Republic of
China (the "PRC"):

(1)      China Mobile Communications Corporation, a wholly state-owned
         enterprise duly established and in good standing under the laws of the
         PRC, with its legal address at 53 A, Xibianmen Nei Da Jie, Xuanwu
         District, Beijing, the PRC ("CMCC");

(2)      SICHUAN COMMUNICATION SERVICE COMPANY, a wholly state-owned enterprise
         duly established and in good standing under the laws of the PRC, with
         its legal address at Qing Yang Zheng Jie, Chengdu, Sichuan Province,
         the PRC (the "Service Company"); and

(3)      SICHUAN MOBILE COMMUNICATION COMPANY LIMITED, a limited liability
         company duly established and in good standing under the laws of the
         PRC, with its legal address at 19 Qing Yang Zheng Jie, Chengdu, Sichuan
         Province, the PRC ("Sichuan Mobile").

WHEREAS:

1.       Both Sichuan Mobile and the Service Company are enterprise legal
         persons wholly owned by CMCC;

2.       Pursuant to the relevant laws and regulations, the "Articles of
         Association of CMCC" agreed in principle by the State Council and
         published by the Ministry of Information Industry and the State Economy
         & Trade Commission, and approvals from relevant government authorities,
         CMCC has decided to, in the name of CMCC, inject and contribute the
         mobile communication businesses and related assets operated and managed
         by the Service Company in Sichuan Province into Sichuan Mobile, which
         will be operated and managed by Sichuan Mobile.

NOW, THEREFORE, the three parties, namely CMCC, the Service Company and Sichuan
Mobile, have reached the following agreement:

ARTICLE ONE                DEFINITIONS

1.1      Unless the context indicates otherwise, the following terms shall have
         the meanings as defined below:

         "ASSET APPRAISAL REPORT" shall mean the asset appraisal report, with
         the Base Date being December 31, 2001, prepared by Zhong Qi Hua Asset
         Appraisal Company Limited and approved by the Ministry of Finance with
         regard to the assets and liabilities of the mobile communication
         businesses in Sichuan Province (see Appendix A of the Agreement).

                                       1

<PAGE>

         "RELATED ASSETS" shall mean all assets, the contracts, agreements,
         certificates, business and operational data, documents and files in
         relation to the said assets and all rights and interests under the
         above said documentation, as well as any profits and benefits from such
         rights, interest and assets accrued thereon after December 31, 2001.

         "RELATED LIABILITIES" shall mean all liabilities set out in the
         Liability List in Appendix A of the Agreement and the contracts,
         agreements, certificates, business and operational data, documents and
         files in connection with such liabilities.

         "RELATED PERSONNEL" shall mean 3,290 employees engaged in mobile
         communication services and employed by the Sichuan Mobile Communication
         Company (the predecessor of the Service Company).

         "RELATED SERVICES" shall mean the mobile communication businesses (and
         other telecommunication businesses) operated by Sichuan Mobile
         Communication Company (the predecessor of the Service Company) in
         Sichuan and all the telecommunication business licenses, spectrum use
         permits, telecommunication networks number resources use approvals,
         mobile telecommunication base station licenses and all other related
         authorizations held by it.

         "EFFECTIVE DATE" shall mean the date when the Agreement is executed.

1.2      Unless the Agreement specifies otherwise, the articles and appendixes
         mentioned herein shall mean the articles and appendixes of the
         Agreement. All appendixes constitute an integral part of the Agreement.

ARTICLE TWO                INJECTION OF ASSETS AND SERVICES

2.1      CMCC shall, on the Effective Date, inject all the Related Assets, the
         Related Liabilities and the Related Services into Sichuan Mobile.

2.2      Upon the Effective Date, Sichuan Mobile shall own the Related Assets
         and the Related Services, clear and free of any encumbrance, pledge or
         any other third-party interests, and shall assume the Related
         Liabilities.

2.3      Pursuant to the Asset Appraisal Report, the total value of such Related
         Asset, Related Liabilities and Related Services is RMB7,473,625,572.

2.4      The Base Date of the Asset Appraisal Report is December 31, 2001.
         During the period from the Base Date to the Effective Date, Sichuan
         Mobile shall enjoy and assume any and all assets, interests, rights and
         liabilities arising from the Related Assets, the Related Liabilities
         and Related Services.

2.5      The Service Company should notify the other party to any relevant
         contract regarding the transfer of the Related Asset, the Related
         Liabilities and the Related Services, and obtain such party's consent
         to such transfer.

                                       2

<PAGE>

ARTICLE THREE              EQUITY INTERESTS AFTER CAPITAL CONTRIBUTION

3.1      After the capital contribution, CMCC will still hold 100% of the equity
         interests in Sichuan Mobile.

ARTICLE FOUR               RELATED PERSONNEL

4.1      From the Effective Date, the Related Personnel shall be employed by
         Sichuan Mobile.

ARTICLE FIVE               REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS

5.1      Each party hereto represents, warrants and undertakes to the other
         parties that:

     (1)       it is an independent legal person duly established and in good
               standing under the laws of China;

     (2)       it has all requisite right, authority and power to execute the
               Agreement and perform the responsibilities and obligations under
               the Agreement;

     (3)       Any and all terms and conditions under the Agreement comply with
               its incorporation and charter documents, laws and regulations of
               China, and any agreement entered into with any third party;

     (4)       The representative to sign the Agreement has been duly
               authorized. The Agreement, upon execution, will constitute legal,
               valid, binding and enforceable obligations of each of CMCC, the
               Service Company and Sichuan Mobile.

5.2      Each of CMCC and the Service Company hereby represents and warrants to
         Sichuan Mobile that, as of the Effective Date, Sichuan Mobile will own
         the Related Assets and the Related Services, clear and free of any
         encumbrance, pledge or any other third-party interests.

5.3      Sichuan Mobile hereby represents and warrants to CMCC and the Service
         Company that, as of the Effective Date, Sichuan Mobile will undertake
         the Related Liabilities, including payment of construction in progress
         due after the Effective Date.

ARTICLE SIX                LIABILITIES ARISING FROM BREACH OF CONTRACT

6.1      In case of any breach of the provisions or representations, warranties
         and undertakings under the Agreement, the party that breaches the
         Agreement shall compensate the other parties to the Agreement or
         undertake any and all losses, expenses and liabilities arising from the
         breach of contract of the other parties, including, but not limited to,
         the relevant litigation or arbitration costs and attorney fees.

                                       3

<PAGE>

ARTICLE SEVEN              CONFIDENTIALITY

7.1      Unless stipulated or required by the law or relevant regulatory body,
         any party to the Agreement shall not provide or disclose any
         information in relation to the business and finance of the other
         parties to any institute or individual without the prior written
         consent of the other parties.

ARTICLE EIGHT              FORCE MAJEURE

8.1      In any event of force majeure which is unforeseeable, unavoidable and
         insurmountable to its happening and consequences, resulting in any
         inability on any party to perform the related obligations hereunder,
         the affected party shall immediately notify the other parties of such
         event, and provide the other parties within fifteen (15) days valid
         documents of proof evidencing the detailed occurrence of such event,
         and reasons for its inability or delay to perform all or part of such
         obligations under the Agreement. Upon the extent to which an event of
         force majeure affects the performance of such obligations, the parties
         hereto shall consult each other so as to work out fair and reasonable
         remedies and endeavour to solve the matter.

ARTICLE NINE               SETTLEMENT OF DISPUTES

9.1      Any dispute arising from or in connection with the interpretation or
         performance of this Agreement shall be settled by the parties through
         friendly negotiations conducted among representatives appointed by the
         parties for this purpose. In the case that no resolution is reached
         through consultations within 60 days after the occurrence of such
         dispute, any party may bring an action to a competent people's court
         for its judgment.

ARTICLE TEN                GOVERNING LAW

10.1     The Agreement shall be governed by and interpreted in accordance with
         the laws of the PRC.

ARTICLE ELEVEN             NO WAIVER

11.1     Unless the law states otherwise, any failure to exercise or delay in
         exercising its rights or powers by one party hereunder shall not be
         construed as a waiver of such rights or powers. Any one time or partial
         exercise of such rights or powers by one party shall not affect any
         further or complete exercise of such rights or powers.

ARTICLE TWELVE             NOTICES

12.1     Any notice to be given under the Agreement shall be made in writing and
         sent by mail, telex, telegraph or facsimile to the other party's
         address set out in the front page of the Agreement or to any other
         address as such party may designate in writing from time to time.

                                       4

<PAGE>

12.2     Any notice shall be deemed as having been received at the time of
         delivery if delivered in person; if delivered by mail, on the date of
         the receipt; if delivered by telex, at the time of taking back the
         receipt; if transmitted by facsimile, upon delivery.

ARTICLE THIRTEEN           EFFECTIVENESS AND MISCELLANEOUS

13.1     The Agreement shall come into effect upon the date when it is executed
         by the legal representatives or authorized representatives of the
         parties.

13.2     Upon the unanimous agreement of the parties hereto, the Agreement may
         be amended or supplemented and any of such amendment or supplementary
         to the Agreement shall be effective only if they are in writing and
         executed by the legal representatives or authorized representatives of
         the parties.

13.3     The Agreement is severable. Should any provision hereof for any reason
         at any time be declared invalid or unenforceable by a competent court,
         the validity and enforceability of the remaining provisions herein
         shall remain intact. Under such circumstances, the parties hereto
         shall, on the principle of honesty and trust, consult each other to
         conclude a replacement provision, so as to materialize the purpose of
         the severed provision.

13.4     The Agreement is executed in Chinese in four (4) original counterparts,
         three of which shall be retained by each party hereto, one shall be
         filed with the government authority in administering industry and
         commerce. Each counterpart is equally effective.

CHINA MOBILE COMMUNICATIONS CORPORATION

By: /s/ XUE Taohai
    -------------------------------------------------
    Legal Representative or Authorized Representative

SICHUAN COMMUNICATION SERVICE COMPANY

By: /s/ FENG Siyi
    -------------------------------------------------
    Legal Representative or Authorized Representative

SICHUAN MOBILE COMMUNICATION COMPANY LIMITED

By: /s/ LI Hua
    -------------------------------------------------
    Legal Representative or Authorized Representative

                                       5

<PAGE>

APPENDIX A                                                                URGENT

                          MINISTRY OF FINANCE DOCUMENT

                              Cai Qi [2002] No. 153

          LETTER REGARDING VERIFICATION AND APPROVAL OF ASSET APPRAISAL
        OF INCREASE OF CAPITAL IN MOBILE COMMUNICATION COMPANIES LIMITED
                IN ANHUI AND OTHER SEVEN MUNICIPALITIES/PROVINCES
      AND OF CAPITAL CONTRIBUTION IN CHINA MOBILE (HONG KONG) GROUP LIMITED
                   BY CHINA MOBILE COMMUNICATIONS CORPORATION

China Mobile Communications Corporation:

         We acknowledge receipt from your company of the "Application for
Confirmation of Asset Appraisal Results of Increase of Capital in Mobile
Communication Companies Limited in Anhui and Other Seven
Provinces/Municipalities and of Capital Contribution in China Mobile (Hong Kong)
Group Limited by China Mobile Communications Corporation" (Zhong Yi Cai [2002]
No.152), the Asset Appraisal Reports of Increase of Capital in the Mobile
Communication Companies Limited in the Eight Provinces/Municipalities by China
Mobile Communications Corporation, and the Asset Appraisal Reports of China
Mobile Communications Corporation's Contribution of the entire Interests of the
Eight provincial Mobile Operations into China Mobile (Hong Kong) Group Limited
(Zhong Qi Hua Ping Bao Zi [2002] No.018-1-1 to 8 & No.018-2-1 to 8), prepared by
Zhong Qi Hua Asset Appraisal Company Limited. After examination and
verification, we hereby reply as follows:

1.       The corresponding economic actions of this project have been approved
         by the State Council.

2.       Zhong Qi Hua Asset Appraisal Company Limited, the appraisal institution
         undertaking the asset appraisal in this project, possesses the
         securities business asset appraisal qualifications duly issued by the
         relevant department(s) of the State, and that the relevant appraisal
         personnel signing all the asset appraisal reports possesses
         qualifications required for practicing as certified asset appraisers.

3.       The format and content of the asset appraisal report basically comply
         with the specified requirements. The base date of such appraisals is
         December 31, 2001. The appraisal conclusions in the appraisal reports
         are valid only in respect of the increase of capital by China Mobile
         Communications Corporation in the Mobile Communications Companies
         Limited in Anhui and other seven provinces/municipalities, and of the
         asset injection by China Mobile Communications Corporation into China
         Mobile (Hong Kong) Group Limited. Such conclusions shall become invalid
         from December 31, 2002.

4.       Users of such appraisal reports shall pay attention to the special
         items disclosed therein and the legal validity of the appraisal
         reports, etc.

                                       6

<PAGE>

5.       Legal liabilities of such appraisal reports shall be borne jointly by
         the appraisal institution engaged to undertake such appraisals and the
         certified asset appraisers signing such appraisal reports, and such
         liabilities shall not be displaced by reason of the verification and
         approval from the appraisal administrative department.

EXHIBITS:

         1.    Summary statement of the asset appraisal results issued by Zhong
               Qi Hua Asset Appraisal Company Limited regarding the increase of
               capital in the eight provincial/municipality Mobile Communication
               Companies Limited by China Mobile Communications Corporation.

         2.    Summary statement of the asset appraisal results issued by Zhong
               Qi Hua Asset Appraisal Company Limited regarding the capital
               contribution of the entire interests of the eight
               provincial/municipality Mobile Communication Companies Limited
               into China Mobile (Hong Kong) Group Limited by China Mobile
               Communications Corporation.

         3.    Summary statement of the asset appraisal results issued by Zhong
               Qi Hua Asset Appraisal Company Limited regarding the increase of
               capital in Anhui Mobile Communication Company Limited by China
               Mobile Communications Corporation.

         4.    Summary statement of the asset appraisal results issued by Zhong
               Qi Hua Asset Appraisal Company Limited regarding the capital
               contribution of the entire interests of Anhui Mobile
               Communication Company Limited into China Mobile (Hong Kong) Group
               Limited by China Mobile Communications Corporation.

         5.    Summary statement of the asset appraisal results issued by Zhong
               Qi Hua Asset Appraisal Company Limited regarding the increase of
               capital in Jiangxi Mobile Communication Company Limited by China
               Mobile Communications Corporation.

         6.    Summary statement of the asset appraisal results issued by Zhong
               Qi Hua Asset Appraisal Company Limited regarding the capital
               contribution of the entire interests of Jiangxi Mobile
               Communication Company Limited into China Mobile (Hong Kong) Group
               Limited by China Mobile Communications Corporation.

         7.    Summary statement of the asset appraisal results issued by Zhong
               Qi Hua Asset Appraisal Company Limited regarding the increase of
               capital in Hunan Mobile Communication Company Limited by China
               Mobile Communications Corporation.

         8.    Summary statement of the asset appraisal results issued by Zhong
               Qi Hua Asset Appraisal Company Limited regarding the capital
               contribution of the entire interests of Hunan Mobile
               Communication Company Limited into China Mobile (Hong Kong) Group
               Limited by China Mobile Communications Corporation.

                                       7

<PAGE>

         9.    Summary statement of the asset appraisal results issued by Zhong
               Qi Hua Asset Appraisal Company Limited regarding the increase of
               capital in Hubei Mobile Communication Company Limited by China
               Mobile Communications Corporation.

         10.   Summary statement of the asset appraisal results issued by Zhong
               Qi Hua Asset Appraisal Company Limited regarding the capital
               contribution of the entire interests of Hubei Mobile
               Communication Company Limited into China Mobile (Hong Kong) Group
               Limited by China Mobile Communications Corporation.

         11.   Summary statement of the asset appraisal results issued by Zhong
               Qi Hua Asset Appraisal Company Limited regarding the increase of
               capital in Sichuan Mobile Communication Company Limited by China
               Mobile Communications Corporation.

         12.   Summary statement of the asset appraisal results issued by Zhong
               Qi Hua Asset Appraisal Company Limited regarding the capital
               contribution of the entire interests of Sichuan Mobile
               Communication Company Limited into China Mobile (Hong Kong) Group
               Limited by China Mobile Communications Corporation.

         13.   Summary statement of the asset appraisal results issued by Zhong
               Qi Hua Asset Appraisal Company Limited regarding the increase of
               capital in Chongqing Mobile Communication Company Limited by
               China Mobile Communications Corporation.

         14.   Summary statement of the asset appraisal results issued by Zhong
               Qi Hua Asset Appraisal Company Limited regarding the capital
               contribution of the entire interests of Chongqing Mobile
               Communication Company Limited into China Mobile (Hong Kong) Group
               Limited by China Mobile Communications Corporation.

         15.   Summary statement of the asset appraisal results issued by Zhong
               Qi Hua Asset Appraisal Company Limited regarding the increase of
               capital in Shanxi Mobile Communication Company Limited by China
               Mobile Communications Corporation.

         16.   Summary statement of the asset appraisal results issued by Zhong
               Qi Hua Asset Appraisal Company Limited regarding the capital
               contribution of the entire interests of Shanxi Mobile
               Communication Company Limited into China Mobile (Hong Kong) Group
               Limited by China Mobile Communications Corporation.

         17.   Summary statement of the asset appraisal results issued by Zhong
               Qi Hua Asset Appraisal Company Limited regarding the increase of
               capital in Shaanxi Mobile Communication Company Limited by China
               Mobile Communications Corporation.

         18.   Summary statement of the asset appraisal results issued by Zhong
               Qi Hua Asset Appraisal Company Limited regarding the capital
               contribution of the entire interests of Shaanxi Mobile
               Communication Company Limited into China Mobile (Hong Kong) Group
               Limited by China Mobile Communications Corporation.

                                       8

<PAGE>

                                  May 15, 2002

                   (official seal of the Ministry of Finance)

Key Terms: Assets, appraisal, Letter

Copy to: Anhui Mobile Communication Company, Jiangxi Mobile Communication
Company, Hunan Mobile Communication Company, Hubei Mobile Communication Company,
Sichuan Mobile Communication Company, Chongqing Mobile Communication Company,
Shanxi Mobile Communication Company, Shaanxi Mobile Communication Company

EXHIBIT 11

                SUMMARY STATEMENT OF THE ASSET APPRAISAL RESULTS
             ISSUED BY ZHONG QI HUA ASSET APPRAISAL COMPANY LIMITED
                        REGARDING THE INCREASE OF CAPITAL
         IN SICHUAN MOBILE COMMUNICATION COMPANY LIMITED BY CHINA MOBILE
                           COMMUNICATIONS CORPORATION

Appraisal base date: December 31, 2001                      in RMB Ten Thousands

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
                                                   BOOK VALUE                               INCREASE/
                                        BOOK         AFTER       APPRAISAL     INCREASE/    DECREASE
             ITEM                      VALUE       ADJUSTMENT      VALUE       DECREASE     RATIO (%)
-----------------------------------------------------------------------------------------------------
<S>                                  <C>           <C>           <C>           <C>          <C>
Current assets                        108778.27     108778.27     108700.63       -77.64      -0.07
-----------------------------------------------------------------------------------------------------
Fixed Assets                         1107374.12    1107374.12    1101285.30     -6088.82      -0.55
-----------------------------------------------------------------------------------------------------
      Including:
-----------------------------------------------------------------------------------------------------
       Construction in progress       358052.74     358052.74     359058.75      1006.01       0.28
-----------------------------------------------------------------------------------------------------
       Building                        50514.96      50514.96      49746.33      -768.63      -1.52
-----------------------------------------------------------------------------------------------------
       Machinery                      694646.47     694646.47     661066.29    -33580.18      -4.83
-----------------------------------------------------------------------------------------------------
       Land                             4152.98       4152.98      31406.96     27253.98     656.25
-----------------------------------------------------------------------------------------------------
Intangible assets                        446.63        446.63        518.27        71.64      16.04
-----------------------------------------------------------------------------------------------------
      Including:
-----------------------------------------------------------------------------------------------------
      Land use rights                         -             -             -            -          -
-----------------------------------------------------------------------------------------------------
         Total assets                1216599.02    1216599.02    1210504.20     -6094.82      -0.50
-----------------------------------------------------------------------------------------------------
Current liabilities                   360060.09     360060.90     360039.96       -20.13      -0.01
-----------------------------------------------------------------------------------------------------
Long-term liabilities                 103101.68     103101.68     103101.68            -          -
-----------------------------------------------------------------------------------------------------
       Total liabilities              463161.78     463161.78     463141.65       -20.13          -
-----------------------------------------------------------------------------------------------------
          Net assets                  753437.25     753437.25     747362.56     -6074.69      -0.81
-----------------------------------------------------------------------------------------------------
</TABLE>

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