This is not a good time for doing (an) IPO. The market condition is very bad.

The only negative is the guidance for capital spending this year, which is much higher than expected.

This is a real landmark in the history of China's telecom industry,

The government was not happy with the level of competition existing in the fixed line market and some rationalization had to be done.

There is small growth opportunity in those provinces,

I'm cautiously optimistic that it will work out well for the industry.