SYDNEY: Telstra, Australia's biggest telecoms company, has invested A$302 million ($197m; €153m; £136m) in buying shares in two Chinese companies: cellphone content provider China M and Sharp Point, which provides technical support to China Mobile's mobile music service.
China M provides a range of content to an estimated 350,000 cellphone customers a day, and Telstra has now taken a 67% stake in the company.
Sharp Point, on the other hand, has links with China Mobile and a number of other cellphone networks, and the two companies are expected to accrue around A$100 million in sales this year.
The two purchases form part of Telstra's aim of generating A$1 billion in sales from its Chinese mobile and media operations by 2013.
Among its other Chinese properties are real estate website SouFun, automotive portal Authome.com.cn and digital device service PCPop.com.
Data sourced from Wall Street Journal; additional content by WARC staff