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Report of the Directors
/ Annual Report 2011 /
1
Material Interests and Short Positions in Shares and Underlying Shares of the
Company
As at 31 December 2011, the interests or short positions of persons who at any of the Company’s general meetings
(excluding the directors and supervisors of the Company) are entitled to exercise or control the exercise of 5% or
more of the voting power in the shares and underlying shares of equity derivatives of the Company as recorded in
the register required to be maintained under Section 336 of the Securities and Futures Ordinance (Cap 571 of the
Laws of Hong Kong) (the “SFO”) were as follows:
Name of shareholder
Type of
shares
Capacity
Number of shares
held
Percentage of
the respective
type of share
(%)
Percentage
of the total
number of
shares in
issue
(%)
China Telecommunications
Corporation
Domestic
shares
Beneficial owner 2,926,752,080 (L)
77.45
50.71
China Mobile
Communications Corporation
Domestic
shares
Beneficial owner 506,880,000 (L)
13.30
8.78
China United Network
Communications Group
Company Limited
Domestic
shares
Beneficial owner 236,300,000 (L)
6.25
4.09
Commonwealth Bank
of Australia
H shares
Interest of
corporation
controlled by
the substantial
shareholder
381,945,795 (L)
19.17
6.62
* Note: (L) – Long Position
Reference is made to the H share rights issue prospectus of the Company dated 13 January 2012. As at 31
December 2011, CITIC Securities Corporate Finance (HK) Limited, the underwriter of H share rights issue,
held a long position of 398,570,040 H shares and a short position of 188,087,774 H shares pursuant to the
underwriting agreement with the Company, under which CITIC Securities Corporate Finance (HK) Limited agreed
to fully underwrite up to 398,570,040 H rights shares. CITIC Securities Company Limited, the sole shareholder
of CITIC Securities International Company Limited, which wholly owns the equity interest of CITIC Securities
Corporate Finance (HK) Limited, also held the above interests. China Telecommunications Corporation also held
a long position of 188,087,774 H shares through its wholly-owned subsidiary Guang Hua Properties Limited,
which entered into a sub-underwriting agreement with CITIC Securities Corporate Finance (HK) Limited to sub-
underwrite up to 188,087,774 H rights shares. As a result of the over-subscription of the H rights Shares, CITIC
Securities Corporate Finance (HK) Limited and Guang Hua Properties Limited held no shares of the Company
upon completion of the H share rights issue in February 2012.
Save as stated above, as at 31 December 2011, in the register required to be maintained under Section 336 of the
SFO, no other persons were recorded as holding any interests or short positions in the shares or underlying shares
of the equity derivatives of the Company.