China Telecom
On June 2, 2008, China Unicom announced its intention to sell its CDMA business and assets to China Telecommunications Corporation (China Telecom Group) for a combined total of 110 billion RMB and to merge the remainder of the company, in a share swap valued at US$56.3 billion (based on Unicom's stock last traded price) on June 2, 2008, with China Netcom. The CDMA business was officially moved to China Telecom in early November.