Estimate the fair value of China Netcom’s operating licenses.

“Industry Shakeup Creates 3 Telecom Giants,” China Daily, 25 May 2008 In a brave industry shake-up, Beijing has ordered its six telecom companies to merge assets and create three hi-tech conglomerates that will compete with each other to offer fixed, mobile, broadband, and future telecom services. The overhaul is expected to have a long-lasting effect on a massive and rapidly growing market. China, with 1.3 billion people, is already the world leader in mobile phone and Internet users. The central government will issue three third-generation wireless licenses to the three mega companies after the overhaul is completed, sources told chinadaily.com.cn..... (Refer to Book)