China Unicom (Hong Kong) Ltd. (762), the country’s second-biggest mobile carrier, rose the most in more than 10 months in Hong Kong trading after the company added more 3G service users than Deutsche Bank AG analysts estimated.
The company rose 6.6 percent to HK$10.68 as of 1:02 p.m. in Hong Kong, poised for the biggest advance since Aug. 25. The stock is the biggest gainer among 49 members on the city’s benchmark Hang Seng Index. Bigger rival China Mobile Ltd. (941) rose 0.7 percent to HK$88.20 while China Telecom Corp. (728) jumped 4.1 percent to HK$3.77.
China Unicom gained 3.03 million users for its 3G, or third-generation, service last month, the Beijing-based company said in a filing to Hong Kong’s stock exchange yesterday. That’s about 7.8 percent more than Deutsche Bank’s estimate, analysts Alan Hellawell and William Bratton wrote in a note to clients yesterday.
“CU spent more heavily on advertising and promotion in June,” the analysts wrote. Demand was helped by China Unicom’s introduction of a 20 yuan ($3) pre-paid package, and the release of several new handsets including those from Samsung Electronics Co. (005930), Motorola Mobility and HTC Corp. (2498), they wrote.
To contact the reporter on this story: Mark Lee in Hong Kong at email@example.com
To contact the editor responsible for this story: Michael Tighe at firstname.lastname@example.org