In the News: 5G Network Launches; UBS Star Board IPO; and Shanghai's P2P Crackdown

November 03, 2019 | BY

Vincent Chow

China launches nationwide 5G services network; UBS becomes first foreign underwriter of Star Market IPO; and Shanghai orders shutting down of P2P lenders in latest industry crackdown

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China launches 5G network

China's three biggest mobile operators – China Mobile, China Telecom and China Unicom – launched 5G services in the country on Nov. 1. The three state telecoms giants were granted commercial 5G licenses in June. The 5G services are now available in 50 cities nationwide according to state news outlet Xinhua. The three state telecoms giants said that their 5G plans will allow Chinese consumers to enjoy ultra-fast mobile internet service starting from as low as RMB128 ($18.20) a month.

5G denotes the fifth-generation of mobile internet connectivity, giving users up to 100 times faster data download and upload speeds than current 4G networks. It is