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【名称】：Industry Restructuring
【作者】：中银国际
【格式】：PDF
【页数】：45
【语言】：EN
【摘要或目录】：
Table of Contents
INDUSTRY RESTRUCTURING .................................... 3
COMPANY UPDATE
CHINA UNICOM (0762.HK/600050.SS)................................11
CHINA TELECOM (0728.HK).............................................. 22
CHINA NETCOM (0906.HK) .............................................. 29
CHINA MOBILE (0941.HK) ................................................ 36
LISTED COMPANIES IN THIS REPORT........................ 43
After almost four years of talks, the Chinese Government
appears to be leaning towards a restructuring of the
telecoms industry, probably with a split of China Unicom in
one way or another. We maintain our view that none of the
restructuring proposals will really improve the competitive
landscape. The real solution is a regulatory reform that
includes asymmetrical rules to help the newcomers.
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