China Unicom tens of billions of shares lifted the ban on the basic group will not reduce

In the rumor with the iphone cooperation and speed up the pace of 3G promotion, China Unicom in the end of April, the market rose.　　May, China Unicom faced the largest share reform restrictions on the lifting pressure.　　From April 20 to 30th, the Shanghai Composite index's biggest decline was 4%, while China Unicom (600050.SH) became a star in the market with a 23% gain. Although the contrarian rally, but the advent of May, many of the shareholders holding Unicom worried.　　A netizen posted that, under the pressure of the huge lifting of shares, China Unicom will come out a round of decline in the market. According to the 2008 annual report of China Unicom, May 19 this year, it will have 10.755 billion shares of restricted shares of the stock market, the 10.442 billion shares of its already circulated shares of 102.99%, to the closing price of April 30, the lifting of the market value of about 72.596 billion yuan, accounted for the month lifted the scale of 25%,　　It was the largest company to be lifted in May. It is reported that this part of the share reform of restricted shares lifted, China Unicom will usher in full circulation.　　For China Unicom's upcoming lifting of the unit, many market participants said there is no lifting of the stock selling pressure. Tian phase investment and communications industry researcher Kangzhiyi said, China Unicom A-share lifting shares to reduce pressure, at most only psychological impact. Because according to the annual report, holding China Unicom restricted shares in the lifting of the shares of shareholders, only the major shareholder China United Network Communications Group Limited (hereinafter referred to as "Unicom Group") 1, and Unicom Group's actual control is the State Council state-owned Assets Supervision and Administration Committee.　　The government to maintain a two-level market stability, SASAC requires central enterprises not to reduce holdings, and encourage overweight related listed companies, and as Sasac's company, China Unicom Group is unlikely to reduce the impending ban on restricted shares.　　Bohai Securities and Telecommunications industry analyst Zhangxiaoliang in an interview, also said that as the central Enterprise Unicom group, basically will not reduce holdings of China Unicom shares. In addition, on September 25, 2008, China Unicom announced the "holding shareholders increase in the company's shares," said the Unicom group intends to be in the next 12 months (starting from September 24, 2008), will be in its own name or through a concerted action to continue through the Shanghai Stock Exchange trading system to increase the shares of the company, The cumulative overweight ratio does not exceed 2% of the total issued share capital of the company. China Unicom Group undertakes not to reduce its holdings of the company in the period of implementation of the plan and its legal period.　　To date, China Unicom Group has increased its stake in the company to 65.4278 million shares, accounting for 0.31% of the total equity, and the gap from the 2% commitment is far away.　　Market participants disagree on the future performance of China Unicom. Guo Hai Securities Research Institute Shangning said that in the first quarter of this year, China Unicom new mobile users gradually accelerated, broadband user growth is good, local telephone users to reverse the decline. Unicom plans May 17 to launch a superior WCDMA business, will gradually attract high-end customers, thereby promoting ARPU value (high ARPU value indicates high profits, this period of good results). If the company andApple's partnership with the iphone will further drive the scramble for market share in the company's 3G business. Domestic Mobile user penetration rate is still not high, the next 3 years there is still a larger space for development. Broadband users are also low, and the growth momentum for the next 3 years remains strong.　　The company's stock price catalyst is accumulating. Compared to Shangning optimistic attitude, Bohai Securities and Telecommunications industry analyst Zhangxiaoliang is a lot of pessimism. He believes that the 3G business in the next 1-2 years will not contribute to the company's profitability, although in March China Unicom in the new mobile user market share increased to 17.5%, but still less than unicom in the total number of mobile users market share.　　This means that Unicom's mobile revenue growth may still be lower than industry growth (assuming 3 operators mobile users Appu change close). Tian-phase investment in communications industry researcher Kangzhiyi is also not optimistic. He said that the quality of China Unicom's income growth is not high, from its income growth point of view, mainly from the increase in sales, quality is not high, and its high-end customers less, contribute little to the profit. In addition, 3G requires large user support costs, so its performance in the next 1-2 years will be relatively flat. And in order to meet the 3G, Unicom group in large-scale construction network, capital investment, Unicom group capital pressure is large.