Zhi Tong Cai Jing·2026-01-21 13:39Core Viewpoint - The company is considering a potential spin-off of its global telecommunications business, which includes operations in Europe, Hong Kong, and Southeast Asia, with plans for listings in Hong Kong and London [1] Group 1: Spin-off Considerations - The company has engaged Goldman Sachs, Citigroup, and Deutsche Bank to assist with the potential spin-off [1] - The company has stated that no decisions have been made regarding the independent listing of its telecommunications or retail assets [1] - Recent media reports suggest that the company is exploring opportunities to enhance long-term shareholder value, including the possibility of independent listings for certain assets [1] Group 2: Valuation and Market Impact - The global telecommunications business is estimated to be valued at approximately $20 billion, with London being considered as the primary listing location and Hong Kong as a secondary option [1] - Following the spin-off, the global telecommunications business could be quickly included in the FTSE 100 index [1] Group 3: Internal Evaluations and Future Directions - There are differing opinions within the company regarding the future direction of the global telecommunications business [1] - The company is also evaluating a potential merger between its Italian telecommunications unit Wind Tre and Iliad's operations in Italy, which may delay the spin-off plans [1] - A decision regarding the future of the global telecommunications business is expected within the coming weeks [1]