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Increased competition and aggressive price cuts are expected to erode earnings at China Unicom and China Mobile Investors sour on mobile stocks.
(From South China Morning Post)
Byline: Hui Yuk-min and Ben Kwok
Hong Kong-listed mobile-phone companies came under heavy selling pressure yesterday as brokerages downgraded earnings expectations to account for increased competition in the sector.
Analysts and investors are worried aggressive price-cutting initiatives will further erode earnings, with China Unicom and China Mobile losing more than HK$14 billion in value yesterday.
The sell-off came after China Unicom implemented what looks like a full-blooded one-way billing system, in which just the calling party pays (CPP) for a mobile call.
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