SeekingAlpha  Mar 15  Comment 
Euromoney  Oct 10  Comment 
Its mixed ownership reform cannot be applied to other SOEs.
Forbes  Sep 21  Comment 
August turned out to be a solid month for Chinese wireless carriers, with the three major players posting a cumulative 8.9 million new subscriber adds and about 23 million 4G additions/migrations.
Reuters  Aug 25  Comment 
China's securities regulator said that company ownership reform plans must strictly abide by existing regulations, hinting there will be no repeat of the special treatment given to China Unicom in its $11.7 billion restructuring.
Cellular News  Aug 24  Comment 
BOSTON , Aug. China Unicom's new 2I2C strategy combines close commercial partnerships with minority investments by internet companies and by industry vertical specialists.andnbsp; Strategy Analytics' new Insight - 'China Unicom: A New Internet...
The Economic Times  Aug 24  Comment 
The stock spiked by its daily limit of 10 per cent on Monday and Tuesday, before slipping 0.9 per cent on Wednesday.


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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