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Unicom, China Telecom surge on merger talk
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SHARES of China Unicom and China Telecom surged amid rumors that they would merge, but the speculation was later denied by the industry regulator and the two carriers.
China Unicom, the country’s No. 2 mobile carrier, surged by the daily 10 percent limit in the afternoon session yesterday on rumors that it would be merged with China Telecom, the country’s No. 3 telco and biggest fixed-line operator.
China Unicom still closed 8.37 percent higher at 4.92 yuan (79 US cents) in Shanghai even after the Ministry of Industry and Information Technology and its parent company denied the speculation.
Hong Kong-listed China Telecom rose 2.9 percent to HK$4.97 (64 US cents).
If China’s No. 2 and No. 3 telecommunications carriers merged, they would challenge market leader China Mobile in mobile communications, and dominate the market for fixed-line and broadband business.
Analysts said that even without a merger, China’s upcoming issuance of 4G FDD-LTE licenses nationwide will help China Unicom and China Telecom expand business in the country.
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