QUOTE AND NEWS
Channel News Asia  Aug 21  Comment 
China United Network Communications Ltd , the Shanghai-listed unit of telecoms group China Unicom, said it plans to raise 61.73 billion yuan (US$9.25 billion) in a private placement, more than US$2 billion less than previously announced.
Cellular News  Aug 18  Comment 
SANTA MONICA, Calif. , Aug.andnbsp;TiTANplatform, a global smart content and device company, today announced a strategic partnership with China Unicom to provide smart content and device localization solutions. China Unicom, one of the three...
Reuters  Aug 18  Comment 
Telecoms group China Unicom's $11.7 billion ownership-reforms plan, billed as a model case for revitalising Chinese state firms with private capital, remained under a cloud on Friday, with confusion about fundraising details persisting.
Reuters  Aug 17  Comment 
China Unicom's two main units said on Thursday their shares would remain suspended until further notice, amid uncertainty over details of a $11.7 billion fundraising that is expected to be a model case for revamping state firms with private capital.
TechCrunch  Aug 17  Comment 
 China is about to take net neutrality to the next level after a group of influential tech companies that includes Baidu, Alibaba, Tencent, Didi Chuxing and JD.com agreed to invest nearly $12 billion into state-run mobile operator China...
New York Times  Aug 16  Comment 
Tencent and Alibaba are among private companies that will take stakes in China Unicom, as part of an effort to overhaul bloated state-run companies.




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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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