China’s big three state-owned wireless carriers have agreed to jointly form a telecommunications tower company with a registered capital RMB10 billion (US$1.6 billion), Reuters reported, citing company filings on Friday. China Mobile (CHL.NYSE, 0941.HKG), China Unicom (CHU.NYSE, 0762.HKG) and China Telecom (CHA.NYSE, 0728.HKG) will have respective stakes of 40%, 30.1% and 29.9% in the tower company. China Communications Facilities Services Corp. will primarily engage in the construction, maintenance and operation of telecommunications towers. The joint tower firm could reduce individual spending by the firms and allow them to share the infrastructure, as well as increasing each carrier’s network coverage and quality.