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China Unicom Takes Off With A-Shares Below 4,000
600050.SH, 728.HK, 762.HK, 906.HK, CHA, CHU, CN, China Netcom, China Telecom, China Unicom, Lehman Brothers, macro
Posted by: Li Jun on Mar 13, 2008 | 18:03
Editorial Summary
Shanghai shares of China Unicom (NYSE: CHU, 762.HK, 600050.SH) soared 7.43 percent to close at RMB9.69 on Thursday after market speculation related to the anticipated telecom restructure, reports Windin. Lehman Brothers estimates China Unicom will make RMB40 billion selling its CDMA network to China Telecom (NYSE: CHA, 728.HK) and will spend RMB96 billion for stake in China Netcom (NYSE: CN, 906.HK), according to the report.
The Shanghai Composite Index dropped 2.43 percent on Thursday to close at 3,971.3, while the Shenzhen Composite Index plunged 3.3 percent to close at 1,248.2. Trading volume on the Shanghai and Shenzhen Stock Exchanges was RMB96.3 billion and RMB43 billion, respectively.
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