Recently, "The third, fourth and fifth period of China Unicom CDMA Network Rental Earnings Plan", which is under the guarantee and custody of ICBC, got approved by China Securities Regulatory Commission. It will be issued in the block trade market at Shanghai Stock Exchange.

"Unicom Earnings Plan" is an innovative direct financing product of Unicom Group. The debt financing is based upon specified quarterly future rental income from CDMA network of Unicom New Space Corporation. ICBC directly participated in the product design. China International Capital Corporation Limited is the manager of the product. ICBC provides credit-level upgrade and custody service while Unicom offers reversal guarantee service to ICBC.

The successful participation of ICBC in Unicom Group direct financing this time is a winning attempt against the "inevitable" tide on replacement of bank financing by customer direct financing. It not only closes the relationship with customer, but also strengthened the cooperation between bank and enterprise. It is a new thought of double-win situation for both parties.