PCCW IMS China has closed an acquisition of a 50 percent stake in China Netcom Corporation (CNC) subsidiary CBC Broadband, according to an announcement by PCCW on March 2. PCCW IMS is an indirectly wholly-owned subsidiary of PCCW. The acquisition cost PCCW IMS China 318 million Yuan.
In other related news, China's State Council has announced a new policy exempting certain high-tech enterprises in China from income taxes for two years, reports Beijing Times. According to the policy, foreign and domestic hi-tech enterprises located in national-level high-tech industrial development zones will be exempt from income taxes for two years and will pay income taxes of 15 percent after the two years.
In other related news, China's State Council has announced a new policy exempting certain high-tech enterprises in China from income taxes for two years, reports Beijing Times. According to the policy, foreign and domestic hi-tech enterprises located in national-level high-tech industrial development zones will be exempt from income taxes for two years and will pay income taxes of 15 percent after the two years.