A person in the know revealed that a JV formed between China Telecom Corporation Ltd. (NYSE: CHA and SEHK: 0728) and NetEase Inc. (Nasdaq: NTES) will take charge of affiliated IM service of the telecom carrier similar to WeChat, facing overbearing challenge from Tencent Holdings Limited (SEHK: 0700) to short message and voice call service. No one has expected the establishment of a JV between China Telecom and NetEase last month, whose general manager came from NetEase and board chairman from China Telecom.
Source:
http://www.sinocast.com/readbeatarticle.do?id=97934
