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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting

QCOM 176.31

+1.9%

Jan 5 3:59 PM EST

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To: Ramsey Su who started this subject	6/21/2002 2:21:24 AM
From: waitwatchwander	of 197085

Unicom Denies Network Sale Talks as System Sputters bloomberg.com (Update1) By Kenneth Wong 06/21 00:32 Hong Kong, June 21 (Bloomberg) -- China Unicom Ltd. said its parent doesn't plan to sell a code division multiple access mobile network, after investors said that China's No. 2 mobile operator may sell the six-month-old system that has attracted few users. Lehman Brothers Holdings Inc. said in an e-mail to clients yesterday that there's speculation that China United Telecommunications Corp. may sell the network to one of two companies created in the split of former fixed-line monopoly China Telecommunications Corp. ``This is totally untrue,'' Unicom spokeswoman Sophia Tso said in Hong Kong. ``There's no plan to sell the CDMA network.'' Unicom leases the CDMA system from its parent in 12 provinces. China said it will eventually let fixed-line operators China Network Communication Group Corp. and China Telecommunications Corp. sell mobile service, in a market that's adding 5 million users a month. Selling China United's CDMA network would introduce competition with less disruption, analysts said. Goldman Sachs Group Inc. downgraded Unicom stock to ``market underperform'' from ``market outperform'' yesterday after the company posted May subscriber numbers. The shares dropped as much as 6.9 percent to HK$6.10 today, their lowest price since the company went public in June 2000. Unicom shares dropped about half in the past month on concern the company won't meet CDMA subscriber targets. Unicom added 38 percent fewer users in May than in April. With 785,000 CDMA users, it's set to miss its year-end goal of 4.7 million. China United, bigger rival China Mobile Communications Corp. and the two companies' Hong Kong-listed units split users in the world's biggest wireless market. The Ministry of Information Industry said today China added 4.8 million mobile-phone users in May, bringing the total to 171 million. Almost all cell-phone customers in China use networks based on the global system for mobile communications (GSM) standard, which competes with CDMA standard.

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