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Report on M&A Decision of Chinese Communication Equipment

Description:    1. Status quo of communication equipment industry
                Since 1980s, with the push of information technology revolution and economic globalization, the
                world telecommunication industry has changed a lot. It has developed and reformed all over the
                world and has become the fastest growing industry which has the largest potential market. The
                Chinese communication equipment industry is an emerging industry goes along with Chinese
                reform and opening. It is one of the earliest market-oriented industries after reform and opening.
                For more than 10 years, this industry has constructed a modern communication network which
                connects to all parts of the world, using advanced technology and comprehensive business. As the
                publisher said, the Chinese communication manufacturers are continually learning advanced
                technologies and management experience from foreign manufacturers and carrying on technology
                communication and production cooperation with foreign manufacturers. They have firstly achieved
                group breakthrough in SPC exchange field. And then they have formed their own technical
                advantages in access network, optical transmission, mobile communication, data communication
                and other major fields. Since 2001, the world telecommunication industry has started to enter the
                downturn period, but the Chinese communication industry has maintained a quick growth due to
                the joint efforts of the government and themselves. In recent years, the Chinese communication
                equipment manufacturers have began to pay attention to the wider international market. It has
                become the strong power for the Chinese exported commodities and pushed the development of
                national economy.

                However, there are many shortages in Chinese communication manufacturing market. The Chinese
                manufacturers should complete and develop further in order to carry out wider competition with
                foreign manufacturers. At first, the scale of Chinese communication industry is small. Although it
                has some remarkable achievements in recent years, the scale, technology and brand of the Chinese
                communication industry are still lagging behind the transnational enterprises. At present, the
                annual sale of Huawei or ZTE which are two large domestic enterprises is only about 4-5 billion USD
                while the figure of the international transnational enterprise is more than 10 billion USD, even
                someone’s figure can reach over 20 or 30 billion USD. Therefore, the basic issue for the domestic
                communication equipment industry is to further expand market and enlarge sales scale. Secondly,
                the total technical level of Chinese communication industry is low. The publisher considers that the
                middle and low end technologies and products of domestic enterprises have more powerful
                international competitiveness. But they are at a disadvantage in the fields of high end products,
                core technologies and key equipments. The resource transformation capability, technology input
                and innovation vigor are the internal factors restraining quick development of Chinese
                communication equipment industry. In 2002, there were 1880 patent applications in Chinese
                communication equipment manufacturing, which accounted for 48.6% of the patent applications in
                Chinese electronic and communication equipment industry. And there were 766 patent licenses,
                which accounted for 69.3% of patent licenses in Chinese electronic and communication equipment
                industry. In 2003, IBM has got 3415 American patent licenses, which exceeded the total amount of
                patent licenses in Chinese communication equipment industry in 2002. In addition, the low
                development of LC, software and other related industries has become the bottleneck restricting the
                development of Chinese communication equipment manufacturing. Standing on providing better
                service for Chinese consumers, the manufacturers can announce that they have achieved the
                extension of world market progressively by means of international standard technologies and
                products. They will construct research and development system, manufacturing system, market
                system and management system in order to ensure their leading position for a long time. Thirdly,
                some of the large domestic enterprises are integrating right now and some have the irrational
                resource allocation and low resource utilization. During the process of enterprise’s conversion, the
                resistance of government or enterprises will lead to the slow reorganization progress. Fourthly, the
                foreign enterprises play the important role in China. Due to the future prospect of 3G in China, the
                foreign enterprises turn their global strategic emphasis to China by means of establishment of
                product bases and research and development centers. They are the powerful competitors for
                domestic manufacturers.

                2. M&A opportunities and trends of communication equipment manufacturing
                M&A targets of the communication equipment manufacturing are to concentrate superior resources,
to enlarge enterprise strength, to enhance core competitiveness, to meet the competition among
the manufacturers, and to occupy the wider domestic market, even the international market.
Meanwhile the manufacturers can implement the diversified business and make use of the
marketing channel of the target enterprises in order to achieve scale management, increase
payback and reduce risks.

With the advent of 3G standard, China has owned independent intellectual property standards and
products in this field. The Chinese mobile communication equipment kicks off with 3G market. And
the communication industry will enter a quick development period. Supporting multi-service
solution will be the leverage for operators to achieve business expansion. Network optimization and
service will be the new growth points. Precession of brand building is the major way for the 3G
development in the future. In the industry chain, the cooperation between operators and
manufacturers becomes deeper day by day. The development direction for the manufacturers will
be to supply port-to-port solution in the future.

In addition, the overseas market has attractive potential, but in the long run, the Chinese
communication equipment industry will face the powerful competition from the international
communication enterprises. This is because the domestic enterprises have limited competitiveness.
And it is also because they are lack of brand competitiveness and their marketing modes are lack of
innovation. Although the Chinese communication enterprises is developing fast, it is weak
compared with international communication enterprises. Thereby, in order to enter international
market, the Chinese telecommunication enterprises should understand the quintessence of
international market and capital operation, and adopt international standard technologies and
products to provide better services for Chinese consumers. In this way, they can aim at
international market and achieve their expansion of global market.

Based on the above two points, there are lot of events about integration and merger in the Chinese
communication industry and optimization and reorganization among the enterprises. First of all,
Potevio has carried out the internal reform and reorganization. During this process, it has
determined five major businesses and established three undertaking departments. And then China
Great Wall Computer Group Co., Ltd. has incorporated in CEC and Huawei has failed to merger
Marconi. Huawei’s failure explains that the Chinese leading enterprises are also lack of strength to
win the overseas merger because they are lack of overall strength to defeat the overseas
competitors with strong strength. In order to gain the Marconi’s technology, the Huawei’s quotation
is 0.6 billion GBP. But the more generous Swede defeat Huawei with the quotation of 1.2 billion
GBP.

More Chinese operators participate in international market. This action should be encouraged. But
their enterprise management, internationalization experience and market judgment can not
compare with large-scale foreign enterprises. Both CNOOC and Haier have failed in overseas
mergers. Because of that, the Chinese government has made a decision to strengthen reform,
adjust industrial structure and distribute industrial resources reasonably. The government has
guided the M&A among some large state-owned enterprises. During the integration process, the
enterprises should integrate the industry chain, stress major business and become stronger and
bigger in order to achieve strong union and complementary advantages. Thereby the enterprises
can develop steadily in domestic market while try their best to occupy international market. Due to
the government policy, the expansion of overseas market becomes the major issue for the Chinese
telecommunication enterprises. The implementation of overseas strategy is good for the enterprises
to hold the initiative. It also trains their adaptive capacity to compete, further improves their
overall competitive advantages and pushes the Chinese economic growth.

At present, the Chinese enterprises are in the M&A wave. The M&A peak has emerged and is
expected to maintain for several decades. The publisher considers the communication industry is
the M&A leader. In order to solve surplus production, the developed countries look for foreign
investment locations. And then they can transfer the manufacturing and service industry to
developing countries in order to reduce cost. Meanwhile, the developed countries are developing
high value-added knowledge industry and technology industry. All of the factors contribute to the
form of new transformation wave. In China, M&A only accounts for 5%-10% of the foreign
investment, while in the world, M&A accounts for 70% of the foreign investment. To accelerate the
state-own economy distribution and structure adjustment will supply huge market potential for
M&A.

The M&A among enterprises can prevent repeated construction and excessive competition. It can
            also optimize the excellent resources. So many enterprises initiatively or passively participate in
            M&A. The publisher considers few large state-owned enterprises would like to participate in the
            reorganization initiatively in communication industry. The government guides these enterprises to
            operate market-oriented management and operation. Of course, the reorganization is a kind of high
            cost and high risk thing. Before reorganization, the enterprises must carry out further research and
            comprehensive evaluation. If reorganization is the best solution, the enterprises should implement
            it as soon as possible. It contributes to the enterprise development and the whole industry
            development.

            Editor in charge - Roy Huang



Contents:   Chapter 1 Research overview
            Section 1 Research background
            Section 2 Research contents
            Section 3 Research methods
            Section 4 Research group
            Section 5 Research conclusion

            Chapter 2 Development status quo of global communication equipment industry
            Section 1 Development features of global communication equipment industry
            1. Recovery of international market in 2004
            2. Quick development of global broadband market
            3. Large increase of mobile users
            4. WiFi enters wireless field
            5. Privatization of telecommunication enterprises
            6. Intensive competition among enterprises
            Section 2 Supply-demand pattern of global communication equipment industry
            1. Production pattern
            2. Development of market scale
            3. Trends of market demand
            Section 3 Competition pattern of global communication equipment industry
            1. Competition concentration
            2. Regional competition pattern
            3. Scale competition pattern

            Chapter 3 Status quo analysis of Chinese communication equipment industry
            Section 1 Investment status quo of Chinese communication equipment industry in 2007
            1. Fixed assets investment and income of communication equipment industry
            1.1 Total investment in fixed assets
            1.2 Investment structure of fixed assets
            1.3 Industry income
            2. Scale of Chinese communication equipment industry
            Section 2 Supply-demand relation of Chinese communication equipment market
            1. Supply-demand relation of Chinese communication equipments
            1.1 Total supply
            1.2 Demand scale
            1.3 Supply-demand structure of major communication products
            2. Import and export of Chinese communication equipments
            2.1 Import
            2.2 Export

            Chapter 4 Major markets analysis of Chinese communication equipment products
            Section 1 Mobile communication equipment market
            Section 2 Data communication equipment market
            Section 3 Optical communication equipment market
            Section 4 Other communication equipment market
            1. Fixed telephone market
            2. Video market
            3. Communication power market
            4. Intelligent network equipment market

            Chapter 5 Investment policy environment analysis of Chinese communication equipment industry
Section 1 Industrial policy
1. Conditions for entering market
2. Special funds of government
3. Technical and industrial guidance
Section 2 Policy performance
1. Fast development of industrial scale and continual increase of market share of domestic
equipment
2. Progressive understanding of core technologies of domestic communication equipment
enterprises
3. Technology comparison of top 3G standards all over the world
3.1 Stability
3.2 System performance
3.3 Professional ability
3.4 Maturity equipment
3.5 Roaming ability
3.6 Influence of intellectual property
Section 3 Policy trends
1. Increase of industrial guidance
2. Key industrial fields still support state-owned enterprises
3. Telecom regulation is good for market development
4. Enterprises are pushed to market
5. Benefits of state-owned enterprises from asymmetric regulation

Chapter 6 Main factors influencing development of communication equipment industry
Section 1 Competition risks of development of communication equipment industry
1. Enter and exit barrier to communication equipment industry
2. SWOT analysis of business of domestic communication manufacturers
2.1 Development opportunities
2.2 Own advantages
2.3 Adventitious challenges
2.4 Shortages and problems
Section 2 Development problems of Chinese communication equipment industry

Chapter 7 M&A status quo analysis of Chinese communication equipment enterprises
Section 1 M&A background of Chinese communication industry
Section 2 M&A features and overall trends of communication enterprises
Section 3 M&A obstacles of Chinese communication equipment enterprises
1. Policy obstacle
2. Obstacle of organization structure
3. Fund obstacle
4. Technology obstacle

Chapter 8 M&A cases analysis of foreign communication equipment enterprises
Section 1 Sprint acquired Nexte
1. M&A background and core value
2. M&A process
3. M&A program and success-failure experience
4. Development strategy after M&A
Section 2 Cingular acquired Wireless from AT&T
1. M&A background and core value
2. M&A process
3. M&A program and success-failure experience
4. Development strategy after M&A
Section 3 Cable & Wireless Plc acquired Energis
1. M&A background and core value
2. M&A process
3. M&A program and success-failure experience
4. Development strategy after M&A
Section 4 NTL took over Virgin Mobile
1. M&A background and core value
2. M&A process
3. M&A program and success-failure experience
4. Development strategy after M&A
Section 5 Deutsche Telekom took over VoiceStream with 22.5 billion USD
1. M&A background and core value
2. M&A process
3. M&A program and success-failure experience
4. Development strategy after M&A

Chapter 9 M&A trends analysis of foreign communication equipment enterprises in China
Section 1 Development of foreign communication equipment enterprises
1. Investment region
2. Investment product structure
3. Investment features
4. Market performance
Section 2 Investment and M&A situation of Nokia in China
1. Investment situation in China
2. Core competitiveness
2.1 PEST analysis
2.2 Porter's Five Forces analysis
2.3 SWOT analysis
3. Strategic positioning
4. Key success factors
5. Investment and M&A trends
Section 3 Investment and M&A situation of Siemens in China
1. Investment situation in China
2. Core competitiveness
2.1 PEST analysis
2.2 Porter's Five Forces analysis
2.3 SWOT analysis
3. Strategic positioning
4. Key success factors
5. Investment and M&A trends
Section 4 Investment and M&A situation of Nortel in China
1. Investment situation in China
2. Core competitiveness
2.1 PEST analysis
2.2 Porter's Five Forces analysis
2.3 SWOT analysis
3. Strategic positioning
4. Key success factors
5. Investment and M&A trends
Section 5 Investment and M&A situation of Alcatel-Lucent in China
1. Investment situation in China
2. Core competitiveness
2.1 PEST analysis
2.2 Porter's Five Forces analysis
2.3 SWOT analysis
3. Strategic positioning
4. Key success factors
5. Investment and M&A trends

Chapter 10 M&A cases analysis of Chinese communication equipment enterprises
Section 1 CEC acquired Hainan broadcast and TV network
1. M&A background and core value
2. M&A process
3. M&A program and success-failure experience
4. Core value and integration strategy of M&A
Section 2 CEC acquired Hubei broadcast and TV network
1. M&A background and core value
2. M&A process
3. M&A program and success-failure experience
4. Core value and integration strategy of M&A

Chapter 11 M&A competitiveness analysis of major Chinese communication equipment enterprises
Section 1 CEC
1. Financial operation
2. Production capacity, marketing capacity and marketing network
3. Market competitiveness
4. Major customers
5. Development strategy
Section 2 Potevio
1. Production capacity, marketing capacity and marketing network
2. Financial operation
3. Market competitiveness
4. Major customers
5. Development strategy
Section 3 Huawei
1. Production capacity, marketing capacity and marketing network
2. Financial operation
3. Market competitiveness
4. Major customers
5. Development strategy
6. M&A trends and feasibility
Section 4 ZTE
1. Production capacity, marketing capacity and marketing network
2. Financial operation
3. Market competitiveness
4. Major customers
5. Development strategy
Section 5 FiberHome
1. Production capacity, marketing capacity and marketing network
2. Financial operation
3. Market competitiveness
4. Major customers
5. Development strategy
Section 6 DTT
1. Production capacity, marketing capacity and marketing network
2. Financial operation
3. Market competitiveness
4. Major customers
5. Development strategy
Section 7 ZTT
1. Production capacity, marketing capacity and marketing network
2. Financial operation
3. Market competitiveness
4. Major customers
5. Development strategy
Section 8 YCIG
1. Production capacity, marketing capacity and marketing network
2. Financial operation
3. Market competitiveness
4. Major customers
5. Development strategy
6. M&A trends and feasibility
Section 9 Eastcom
1. Production capacity, marketing capacity and marketing network
2. Financial operation
3. Market competitiveness
4. Major customers
5. Development strategy
6. M&A trends and feasibility
Section 10 JinPeng
1. Financial operation
2. Production capacity, marketing capacity and marketing network
3. Major customers
4. Development strategy
5. M&A trends and feasibility
Section 11 Sichuan Huiyuan Optical Communication Co., Ltd
1.   Production capacity, marketing capacity and marketing network
2.   Financial operation
3.   Market competitiveness
4.   Major customers
5.   Development strategy
6.   M&A trends and feasibility

Chapter 12 Regional M&A opportunities analysis of Chinese communication equipment industry
Section 1 Pan-Bohai Sea Economic Zone
1. Regional development features and competitiveness
2. Regional M&A feasibility and trends
Section 2 Yangtze River Delta Economic Zone
1. Regional development features and competitiveness
2. Regional M&A feasibility and trends
Section 2 Pearl River Delta Economic Zone
1. Regional development features and competitiveness
2. Regional M&A feasibility and trends

Chapter 13 Professional M&A opportunities analysis of Chinese communication industry
Section 1 M&A opportunities of communication equipment enterprises and upstream enterprises
1. Plastic industry
1.1 Operation situation
1.2 M&A situation
1.3 M&A of communication equipment enterprises and plastic enterprises
2. Electronic components industry
2.1 Operation situation
2.2 M&A situation
2.3 M&A of communication equipment enterprises and electronic components enterprises
Section 2 M&A opportunities of communication equipment enterprises and downstream enterprises
(terminal market)
1. Influence of downstream enterprises’ M&A for communication equipment industry
1.1 Activation of capital expenditure of domestic telecommunication
I? Activation of operator’s capital expenditure
II?Increase of domestic enterprise’s market share
1.2 Positive influence of operator’s return for communication equipment industry
1.3 Increase of global market share of Chinese enterprises
1.4 Different sequence of communication equipment enterprises benefiting from 3G
2. M&A opportunities of communication equipment enterprises and downstream enterprises

Chapter 14 Scale M&A opportunities analysis of Chinese communication equipment industry
Section 1 M&A opportunities of large-scale enterprises
1. ZTE
1.1 Product structure
1.2 Core competitiveness
1.3 M&A feasibility
1.4 M&A value
2. Potevio
2.1 Product structure
2.2 Core competitiveness
2.3 M&A feasibility
2.4 M&A value
3. DTT
3.1 Product structure
3.2 Core competitiveness
3.3 M&A feasibility
3.4 M&A value
Section 2 M&A opportunities of medium-scale enterprises
1. FiberHome
1.1 Product structure
1.2 Core competitiveness
1.3 M&A feasibility
1.4 M&A value
2. Alcatel-Lucent
2.1 Sales situation
2.2 Product structure
2.3 Market channel
2.4 Core competitiveness
2.5 Development strategy
2.6 M&A feasibility
2.7 M&A value
3. Harbour Network Co. Ltd.
3.1 Sales situation
3.2 Product structure
3.3 Market channel
3.4 Core competitiveness
3.5 Development strategy
3.6 M&A feasibility
3.7 M&A value

Chapter 15 M&A risks analysis of Chinese communication equipment industry
Section 1 Assets reorganization
Section 2 Personnel change
Section 3 Enterprise management
Section 4 Enterprise culture
Section 5 Enterprise strategy

Chapter 16 M&A proposals for Chinese communication equipment industry

Charts

Chart 1. Research contents of M&A report of communication equipment industry
Chart 2. The number of broadband users in major countries in the first quarter of 2007
Chart 3. The number of world and Chinese mobile users from 2003 to 2007
Chart 4. Market share of global communication market in 2007
Chart 5. Fixed assets investment of Chinese communication equipment industry from 2004 to 2007
Chart 6. Investment structure of Chinese communication equipment industry from 2005 to 2007
Chart 7. Amount of profit and growth rate of Chinese communication equipment industry from 2003
to 2007
Chart 8. The number of enterprises and practitioners in Chinese communication equipment industry
from 2003 to 2007
Chart 9. Total assets of Chinese communication equipment industry from 2003 to 2007
Chart 10. Sales income of Chinese communication equipment industry from 2003 to 2007
Chart 11. Gross industrial output value and growth rate of Chinese communication equipment
industry from 2003 to 2007
Chart 12. Product output of Chinese communication equipment industry from 2003 to 2007
Chart 13. Sales value of industry and growth rate of Chinese communication equipment industry
from 2003 to 2007
Chart 14. Sales volume of Chinese communication equipment industry from 2003 to 2007
Chart 15. Variation change of major product’s rate of production and marketing of Chinese
communication equipment industry from 2005 to 2007
Chart 16. Import volume of Chinese communication equipment industry from 2005 to 2007
Chart 17. Import turnover of Chinese communication equipment industry from 2005 to 2007
Chart 18. Export volume of Chinese communication equipment industry from 2005 to 2007
Chart 19. Export turnover of Chinese communication equipment industry from 2005 to 2007
Chart 20. Market scale and growth rate of Chinese communication equipment market from 2004 to
2007
Chart 21. Market scale and growth rate of Chinese data communication equipment market from
2004 to 2007
Chart 22. Market structure of data communication parallel market in 2007
Chart 23. Supply-demand of domestic optical fiber from 2003 to 2007
Chart 24. Production capacity of domestic submarine optical fiber cable from 2005 to 2007
Chart 25. Sales volume, saleroom and average price of communication power from first quarter to
fourth quarter of 2007
Chart 26. Regional structure of Chinese communication power market in 2007
Chart 27. Market scale of Chinese smart card market from 2003 to 2007
Chart 28. Maturity comparison of various standards of 3G technologies
Chart 29. Capacity and coverage performance comparison of various standards of 3G systems
Chart 30. Chinese GDP and growth rate from 2003 to 2007
Chart 31. Fixed investment of Chinese communication from 2003 to 2007
Chart 32. Background and core value of Cingular’s acquisition of AT&T
Chart 33. Background and core value of C&W’s acquisition of Energis
Chart 34. Background and core value of NTL’s merger of Virgin Mobile
Chart 35. Foreign investment distribution of Chinese electronic and communication equipment
industry in 2006
Chart 36. China encourages foreign enterprises to invest in communication equipment and product
Chart 37. Foreign fixed investment of Chinese communication equipment industry from 2005 to
2003
Chart 38. Product structure of foreign investment of Chinese communication equipment industry
from 2003 to 2007
Chart 39. Total profit of Chinese communication equipment industry from 2003 to 2007 (by
enterprise types)
Chart 40. Sales income of Chinese communication equipment industry from 2003 to 2007 (by
enterprise types)
Chart 41. Sales income of Chinese communication equipment industry from 2003 to 2007 (by
ownership)
Chart 42. SWOT analysis of Nokia
Chart 43. Development strategy of Nokia
Chart 44. Development history of Nokia and mobile communication technique
Chart 45. Holding subsidiaries of Siemens in Chinese communication business
Chart 46. “Three Steps” strategy of Nokia and Siemens
Chart 47. Major holding subsidiaries of Nortel in China
Chart 48. Revenue structure of Chinese telecommunication business in 2007
Chart 49. Growth situation of major telecom capability index in 2007
Chart 50. Main financial index of CEC from 2004 to 2006
Chart 51. Index of repayment capability of CEC
Chart 52. Holding listed companies of CEC
Chart 53. Output of major products of CEC from 2004 to 2006
Chart 54. Main financial index of Potevio from 2004 to 2006
Chart 55. Indexes of repayment capability of Potevio
Chart 56. Indexes of operation capability of Potevio
Chart 57. Indexes of profitability capability of Potevio
Chart 58. Sales situation of Huawei from 2002 to 2007
Chart 59. Operating income of ZTE in 2007 (by products)
Chart 60. Operating income of ZTE in 2007 (by regions)
Chart 61. Indexes of profit structure and profitability of ZTE from 2004 to 2007
Chart 62. Indexes of management capability and development capability of ZTE from 2004 to 2007
Chart 63. Indexes of assets and debts of ZTE from 2004 to 2007
Chart 64. Main business of FiberHome in the first half of 2007 (by products)
Chart 65. Operating income of FiberHome in the first half of 2007 (by regions)
Chart 66. Indexes of profit structure and profitability of FiberHome from 2004 to 2007
Chart 67. Indexes of management capability and development capability of FiberHome
Chart 68. Indexes of assets and debts of FiberHome
Chart 69. Operating income of DTT in 2007 (by product types)
Chart 70. Operating income of DTT in 2007 (by regions)
Chart 71. Indexes of profit structure and profitability of DTT from 2004 to 2007
Chart 72. Indexes of management capability and development capability of DTT
Chart 73. Indexes of assets and debts of DTT
Chart 74. Operating income of ZTT in 2007 (by businesses structure)
Chart 75. Operating income of ZTT in 2007 (by industrial structure)
Chart 76. Indexes of profit structure and profitability of ZTT
Chart 77. Indexes of repayment capability of ZTT
Chart 78. Indexes of management capability of ZTT
Chart 79. Operating income of YCIG in the first half of 2007 (by industrial structure)
Chart 80. Operating income of YCIG in the first half of 2007 (by product structure)
Chart 81. Operating income of YCIG in the first half of 2007 (by regions)
Chart 82. Indexes of profit structure and profitability of YCIG
Chart 83. Indexes of management capability and development capability of YCIG
Chart 84. Indexes of assets and debts of YCIG
Chart 85. Operating income of Eastcom in the first half of 2007 (by industry situation)
            Chart 86. Operating income of Eastcom in the first half of 2007 (by product structure)
            Chart 87. Operating income of Eastcom in the first half of 2007 (by regions)
            Chart 88. Indexes of profit structure and profitability of Eastcom
            Chart 89. Indexes of management capability and development capability of Eastcom
            Chart 90. Indexes of repayment capability of Eastcom
            Chart 91. Operating income of Huiyuan Communication in the first half of 2007 (by industry
            situation)
            Chart 92. Operating income of Huiyuan Communication in the first half of 2007 (by regions)
            Chart 93. Indexes of profitability of Huiyuan Communication
            Chart 94. Indexes of management capability and development capability of Huiyuan
            Communication
            Chart 95. Indexes of repayment capability of Huiyuan Communication
            Chart 96. Economic index of communication equipment industry in Pan-Bohai Sea Economic Zone
            Chart 97. Market share of communication equipment industry in Pan-Bohai Sea Economic Zone
            Chart 98. Assets proportion of region communication equipment industry in the first eleven month
            of 2007
            Chart 99. Cities and regions belonging to Yangtze River Delta Economic Zone
            Chart 100. Economy situation of communication equipment industry in Yangtze River Delta
            Economic Zone
            Chart 101. Market share of communication equipment industry in Yangtze River Delta Economic
            Zone
            Chart 102. Industrial output value proportion of regional communication equipment industry in the
            first eleven month of 2007
            Chart 103. Pearl River Economic Zone map
            Chart 104. Economic index of communication equipment industry in Pearl River Economic Zone
            Chart 105. Market share of communication equipment industry in Pearl River Economic Zone
            Chart 106. Profit proportion of regional communication equipment industry in the first eleven
            month of 2007
            Chart 107. The number of communication equipment manufacturers in Pearl River Economic Zone
            Chart 108. Deficit situation of communication equipment industry in Pearl River Economic Zone
            Chart 109. Deficit proportion of communication equipment industry in Pearl River Economic Zone
            Chart 110. Economy situation of Chinese plastic industry from 2003 to Nov. 2007
            Chart 111. Main business structure of ZTE listed company in 2007
            Chart 112. Product categories of Potevio
            Chart 113. Main business structure of DTT in 2007
            Chart 114. Main business structure of FiberHome in June 2007
            Chart 115. International service network of FiberHome
            Chart 116. Domestic service network of FiberHome
            Chart 117. Product categories of Harbour Network
            Chart 118. Schematic chart for enterprise integration



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