Geely, Tencent jointly win bidding for equity of China Railway Wi-Fi provider
Shanghai (Gasgoo)- Zhejiang Geely Holding Group (Geely Holding) and Chinese Internet giant Tencent won the joint bidding to obtain 49% equity in Bullet Train Network Technology Co.,Ltd (Bullet Train Network), which offers Wi-Fi service to high-speed rail passengers across China, Geely announced on June 7.
In addition to provide railway travellers with Wi-Fi access, Geely and Tencent will join force with China Railway Corporation (China Railway) and its affiliated companies to build a one-stop platform offering various value-added services throughout China's high-speed rail network, such as ticket, shopping, tourism and catering, etc., according to Geely's announcement.
Founded on December 30, 2017, Bullet Train Network is a subsidiary of the state-owned China Railway. The equity transfer was a part of the policy to reform state-owned enterprises by building mixed ownership systems integrating state-owned and private capitals. Besides, it is also a move to comply with the upper guiding strategy that encourages an operational mode integrating Internet technologies into national railway businesses.
Geely has currently obtained some achievements in such areas as mobility, intelligent ecosystem and users' experience through a constant pursuit of cutting-edge technologies. Joining the railway program is an important step for Geely to make layout in future mobility sphere and carry out transmission, according to Li Shufu, Geely Holding's chairman.
In 2017, China's high-speed railway served over 1.7 billion passengers. With the development of high-speed railway infrastructure, passengers have increasingly demands for better services, including stable, effective and comprehensive mobile network.
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