China Railway Group Limited (CRG, also known as CREC) is a world-leading construction conglomerate with more than 120 years history. As one of the world’s largest construction and engineering contractors, CREC takes a leading position in infrastructure construction, industrial equipment manufacturing, scientific research and consulting, real estate development, resources development, financial trust, trade and other fields. By the end of 2017, CREC has owned the total assets of RMB 844 billion and the net assets of RMB 146.68 billion. The contract value signed in 2017 amounted to RMB 1556.9 billion, and the Company’s operating income was RMB 693.37 billion. The Company ranked the 56thamong "Fortune Global 500" in 2018, the 13thconsecutive year being listed, while at home it ranked the 13thamong Top 500 Chinese Enterprises.

China Telecommunications Corporation (“China Telecom”) is one of the largest state-owned telecommunication companies in China, with a total registered capital of RMB220.4 billion. At present, the size of China Telecom’s total assets exceeds RMB 700 billion, with annual revenue of more than RMB 380 billion. Ranking 132nd in the 2016 Fortune Global 500, China Telecomwas awarded the Most Honored Company, the Best Managed Company in the Asia Telecom Sector, as well as the Best Managed Company in Asia by esteemed international institutions forconsecutive years.With the world’s largest broadband Internet network and a leading-edge mobile network, China Telecom is capable of providing cross-region, fully-integrated informationservices to global customers through its sound customer service channel system. Itscomprehensive service capability has earned China Telecom a large customer base. By the end of 2016,the number of itsbroadband Internet subscribers exceeded 144 million, mobile subscribers exceeded 215 million, and fixed-line subscribers exceeded 132 million.To drive corporatetransformation, China Telecom has rolled out Transformation 3.0 strategy with a focus of upgrading intelligent network, service ecosystem and smart operation for the digital ecosystem. ChinaTelecom willstrive to become a leading comprehensive intelligent information service provider, with the aim of becoming apowerhouse in the Internet and cyber realms in order to serve thesociety and enhance people’s wellbeing.