(Yicai Global) Aug. 23 -- China Telecom, one of China's big three state-owned mobile carriers, has confirmed it will launch a standalone fifth-generation wireless network next year.

The network will support a broader range of 5G applications with lower latency and larger bandwidth than a non-standalone option, the Beijing-based firm said in its semi-annual report yesterday. Its shares [HKG:0728] were up 1.99 percent at HKD3.59 (46 US cents) as of 10.44 a.m. today.

China's Ministry of Industry and Information Technology granted the country's first commercial 5G licenses to China Telecom and other carriers in June, and the firm has penned contracts with more than 400 corporate clients in order to develop 5G networks for industry.

It is developing a strong 5G core and researching the integration of such networks with cloud computing and artificial intelligence, the company added, saying it plans to roll out 5G options for personal, family, government and corporate use.

Revenue at the firm tallied CNY190.5 billion (USD26.9 billion) in the first half, down 1.3 percent on the year as net profit climbed 2.5 percent to CNY13.9 billion. It had 323 million mobile users as of the end of June, with 266 million 4G users.

Editor: James Boynton