Nov. 24, 2009 (Chinavestor) - UBS AG, a Switzerland-based financial services holding company, recently cut its H-share holding in China Telecom Co Ltd (HKG:0728) NYSE:CHA) to 4.95% from the previous 5.16%, according to the bourse operator Hong Kong Exchanges and Clearing (HKG:0388). Information from HKEx showed that UBS AG sold 29.353 million H shares in China Telecom Co Ltd. on November 19, 2009.
The Chinese telecom sector is about to switch from 2G to smart phones where China Mobile (NYSE:CHL) is expected to steamroll over the competition. China Telecom operates a European based 3G mobile network in 55+ cities in the eastern regions of China. The former cash cow, the fixed line segment, has been steadily eroding for both China Unicom (NYSE:CHU) and China Telecom. According to the latest monthly figures, China Unicom fixed line subscriber loss accelerated, spelling trouble for China Telecom as well.
H-shares of China Telecom were unchanged at HK$3.46 on Tuesday.
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