China Unicom Gets a Little Help From Its Friends; FVE Raised to HKD 10 on Share Placement
We raise our fair value estimate for China Unicom to HKD 10 (USD 13 per ADR) from HKD 9.50 (USD 12 per ADR) following its share placement to Unicom BVI of 6,651 billion shares at a price of HKD 13.24 per share, representing 28% of the total shares of the company prior to the placement. This placement price is well above our fair value estimate for the company, and so we are increasing it. Indeed, while Chinese government control of the company has its drawbacks, it has helped to raise a signific...China Unicom (Hong Kong) is an investment holding company. Through its subsidiaries, Co. is a telecommunications operator in China. Co. is engaged in providing mobile voice, fixed-line voice, fixed-line broadband, data communications and other telecommunications services to its customers.Co. is engaged in the provision of cellular and fixed-line voice and related value-added services, broadband and other Internet-related services, information communications technology services, and business and data communications services. The GSM cellular voice, WCDMA cellular voice, TD-LTE cellular voice, LTE FDD cellular voice and related value-added services are referred to as the .mobile business.
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