(Yicai Global) Oct. 12 -- China Broadcasting Network, set up to integrate cable TV networks nationwide and provide telecommunications services, officially formed in Beijing today, thus becoming China's fourth-biggest telecom.

Among CBN's 47 shareholders, whose aggregate investment was CNY100 billion (USD150.5 million), are China Radio and Television Network, State Grid Information & Telecommunication and Hangzhou Alibaba Venture Capital Investment Management. CRTN ponied up the lion’s share at CNY51.6 billion. The Alibaba affiliate and the State Grid unit each invested CNY10 billion to secure 9.88 percent shares.

CBN, which has CNY101.2 billion (USD15.1 billion) in registered capital, will issue phone numbers that begin with 192 and is expected to introduce fourth generation wireless network businesses in addition to those for the fifth-generation wireless network, Beijing Daily reported.

"The news will surely be a boost for the country's telecom as well as capital market," said industry analyst Liu Dingding, the Global Times reported in August.

CBN and China Mobile Communications Group penned a deal on May 20, under which the pair were to co-build and share a 5G network and cooperate in content and platform to accelerate the network’s construction. This means CBN's mobile plan subscribers can use both the company’s 5G base stations and those of China Mobile.

The Ministry of Finance and the then-State Administration of Press, Publication, Radio, Film and Television instructed China Radio and Television Network in November 2016 to drive the setup of a national cable television network company, in which it was to hold at least 51 percent of shares, using the equity of its provincial network companies, the assets of its national radio and television optical cable trunk network and cash to initiate the setup of a national cable network company.

CRTN was also to promote the company’s initial public offering, and consolidate it with listed cable TV network companies by share swaps and mergers and acquisitions.

The Ministry of Industry and Information Technology issued four 5G network licenses on June 6 last year. CBN also secured its approval then, along with China Mobile, China United Network Communication Group and China Telecommunications Corporation.

Editor: Ben Armour