Forbes  Mar 4  Comment 
Mobile broadband service revenue from high-speed subscribers (3G and 4G) grew by 18% y-o-y to about RMB 106 billion ($16.9 billion) driven by a net addition of 26.5 million high speed subscribers in 2014. This increase in 3G-4G subscribers was...
Forbes  Mar 4  Comment 
We expect its wireless business to continue to show strong growth on account of an expanding subscriber base and an improving 3G-4G mix. However, it is likely to be impacted by the company’s comparatively lackluster performance in adding new...
Benzinga  Mar 3  Comment 
China Unicom (Hong Kong) Ltd. (NYSE: CHU) reported a 16% gain in its 2014 net profit. China Unicom's 2014 net profit surged to 12.06 billion yuan ($1.92 billion), versus a year-ago profit of 10.41 billion yuan. Its revenue declined 3.5% to...
SeekingAlpha  Feb 26  Comment 
Forbes  Feb 24  Comment 
n another listless performance in the Chinese wireless market and a rather unpleasant start to the new year, China Unicom reported a gain of just 883,000 high speed (3G and 4G) subscribers in January 2015, marking its weakest monthly performance...
Forbes  Dec 24  Comment 
Increased competition in the 3G/4G market, aggressive 4G network expansion by China Mobile and a dual 4G strategy seem to be weighing on China Unicom’s performance. China Unicom recently announced plans to sell about 100 million 4G devices next...
Benzinga  Dec 23  Comment 
Below are the wireless communications stocks on the NYSE and the NASDAQ in terms of revenue. The trailing-twelve-month revenue at China Mobile Limited (NYSE: CHL) is $105.36 billion. China Mobile's operating margin for the same period is...
Forbes  Dec 8  Comment 
More iPhone 6 models are Not In Stock on China Unicom's website vs. In Stock.
Forbes  Nov 26  Comment 
ncreased competition in the 3G/4G market, aggressive 4G network expansion by China Mobile and a dual 4G strategy seem to be weighing on China Unicom?s performance. China Unicom recently announced plans to sell about 100 million 4G devices next...


Beijing-based China Unicom Limited (China Unicom) provides a wide range of telecommunication services throughout China. With approximately 30% of the total mobile phone users in China, China Unicom is the second largest mobile operators in China behind China Mobile. The company's primary source of revenue is its wireless services, which are based on both the global system for mobile communications (GSM) and code division multiple access (CDMA) technologies. Other telecom services provided by China Unicom include domestic and international long distance and Internet services. As of 2006, revenues from GSM business and CDMA business each accounted for 63% and 29% of total revenue, respectively. Data and internet business, long distance business and sales of telecommunications products totally accounted for 8% of the total revenues. China Unicom is currently the sole provider of CDMA services in China. As of December 31, 2007, the company had 119 million GSM subscribers and 41 million CDMA subscribers.

China Unicom's net income for the third quarter of 2007 increased 114% over the same period of 2006 because of its rapid growth of GSM revenue and cost control. However, the net income still didn't meet the market consensus. The company still faces fierce competition from aggressive GSM pricing offered by China Mobile. It maintains separate GSM and CDMA networks, which dilutes management focus and operating efficiency. CDMA is expected to be Unicom's future growth driver, but high infrastructure and handset costs place it at a disadvantage to China Mobile's GSM service. Unicom's growth potential through CDMA is offset by competitive threats and high costs relative to GSM. However, the company was able to increase its profit margins because of cost controls. Moreover, although its stock price increased significantly due to market speculation, the stock appears fairly valued, considering the possible restructuring in telecom industry in China and its 3G opportunities in China. Thus, we maintain our Hold recommendation.


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