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Strategies & Market Trends : Greater China Stocks
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To: Julius Wong who started this subject10/29/2003 11:06:49 PM
From: Julius Wong  Read Replies (1) of 8334
 
China Unicom (CHU) Shares Drop on User Spending, Handset Costs

Oct. 30 (Bloomberg) -- Shares of China Unicom Ltd., the nation's second-largest mobile-phone company, dropped as much as 6.3 percent after customers spent less and costs of handset subsidies increased in the third quarter.

Unicom booked 1.7 billion yuan ($205 million) of phone subsidies used to boost subscriptions to its code division multiple access service, 8 percent more than the average for each of the first two quarters. Monthly spending by users of its main service fell 18 percent in the first nine months from last year.

Price cuts and handset giveaways enabled Unicom to add 7.1 million CDMA customers in the first nine months, as it seeks to reach an 11.4 million target for 2003. Average spending per user fell after the company signed up less wealthy customers.

quote.bloomberg.com
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