|Bid||0.00 x 1800|
|Ask||0.00 x 900|
|Day's Range||5.46 - 6.05|
|52 Week Range||5.08 - 8.33|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||18.84|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||7.53|
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
(Bloomberg) -- The U.S. Federal Communications Commission moved toward barring China Unicom (Hong Kong) Ltd. and ComNet from the U.S., calling the Chinese telecommunications carriers a security risk controlled by Beijing.The action against two of China’s three major telecommunications operators was decided by a 4-0 vote by agency. It continues a security crackdown that earlier touched Chinese gear makers Huawei Technologies Co. and ZTE Corp. In 2019, the FCC barred China Mobile Ltd. from the U.S. market over national security concerns.ComNet, a subsidiary of Pacific Networks Corp., and the unit formally known as China Unicom (Americas) Operations Ltd. were told in April by the FCC to show they are independent from the Chinese government, or face a proceeding that could result in ejection from the U.S. market. With its vote Wednesday the FCC began those proceedings.“These companies are indirectly owned and controlled by the Chinese government,” Acting Chairwoman Jessica Rosenworcel said at the meeting. “There is strong reason to believe that they will have to comply with requests from the Chinese government and advance its goals and policies.”The move is another sign the Biden administration doesn’t plan to alter course when it comes to China, pushing ahead with measures started under Donald Trump, whose tenure was marked by a willingness to confront Beijing over longstanding grievances. The integrity of U.S. phone networks has emerged as a key point of contention as the world’s two largest economies continue to joust over a range of issues, including network security, trade and responsibility for the spread of the coronavirus.The Chinese companies may present evidence in proceedings set in motion by the vote, the FCC said in news releases. Rosenworcel said U.S. agencies had “recommended to us that there are not mitigation measures that would be able to address this problem.”China Unicom said in a statement after the FCC action that it has operated in the U.S. for nearly 20 years through a subsidiary that fully complies with the law. It said it “expects a thorough, fair and fact-based review of the company’s conduct by the FCC.”In a June filing, China Unicom said it had followed rules and there was no basis to oust it from the U.S.China’s three major state-owned carriers -- China Mobile Ltd., China Telecom Corp. and China Unicom -- have seen their shares whipsawed since the U.S. started targeting them last April. The New York Stock Exchange delisted the companies in January to comply with an executive order by Trump, triggering more declines in Hong Kong, but much of those losses have been recouped since, buoyed by growth in China, where they operate most of their business.China Unicom rose as much as 2.4% Thursday in Hong Kong. Contention PointIn a June 1 filing, Pacific Networks and ComNet told the FCC their operations aren’t subject to Chinese government control. They said their “successful business records have been matched by their record of compliance with the commission’s regulatory requirements.” Their parent company is state-owned Citic Group Corp., the companies said.Citic Group didn’t immediately respond to emails requesting comment Thursday. Comnet didn’t reply to an email. The FCC earlier commenced a proceeding asking whether to end China Telecom (Americas) Corp.’s permission to operate in the U.S.U.S. security agencies in a Nov. 16 filing at the FCC said China Unicom is controlled by Beijing “and therefore is vulnerable to exploitation, influence, and control by that government.” Its operations in the U.S. provide opportunities for economic espionage, theft of trade secrets, and the potential for disrupting U.S. communications, officials with the Justice Department and Commerce Department said in the filing.China Unicom links to U.S. networks at 11 places where it has installed routers, according to the security agencies’ filing. The company leases circuits from U.S. carriers, and has relationships with AT&T Inc., Verizon Communications Inc. and CenturyLink Inc., according to the filing.In a separate Nov. 16 filing to the FCC that addressed Pacific Networks and ComNet, the U.S. agencies cited “potential use of Chinese information technology firms as routine and systemic espionage platforms.” Ownership by government-controlled Citic raises concerns the companies “will be forced to comply with Chinese government requests, including requests for communications intercepts,” the agencies said.The Senate’s Permanent Subcommittee on Investigations in a report issued June 9 branded Chinese government-owned carriers as a threat, and urged the FCC to complete its review of the companies’ status in a “timely” manner.Separately Wednesday, the U.S. Commerce Department issued subpoenas for multiple but unnamed Chinese communications providers as part of a review into potential national-security risks. The department called the subpoenas an important step for collecting information to make a determination for possible action to protect the security of American companies and workers, and said that it hopes to work cooperatively with the companies in the review.(Updates with Commerce Department subpoenas in last paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- China Mobile Ltd. is considering an A-share listing after the country’s largest wireless carrier was removed from the New York Stock Exchange under a Donald Trump-era investment ban, according to people familiar with the matter.The state-owned firm has discussed the potential offering with advisers as it looks for new avenues to fund its 5G network development, said the people, who asked not to be identified as the discussions are private. Deliberations are at an early stage and China Mobile hasn’t decided the size and timeline of the listing, the people said.A representative for China Mobile said the company has been monitoring policies relating to A-share listings of red-chip companies, and that if there is any progress, it will make announcements when appropriate. Mainland companies listed in Hong Kong and incorporated internationally are often referred to as red-chip companies.Shares in China Mobile were up 3.3% in Hong Kong trading, after rising as much as 3.8%. They have climbed nearly 22% this year, giving the company a market value of more than $140 billion.The NYSE in January delisted the three major state-owned carriers -- China Mobile, China Telecom Corp. and China Unicom Hong Kong Ltd. -- to comply with an executive order by former president Donald Trump barring U.S. investments in Chinese firms deemed as having links with the military. The firms are appealing the NYSE’s moves.The company’s American depositary receipts accounted for less than 18 billion yuan ($2.8 billion) worth of shares, according to a statement from the China Securities Regulatory Commission in January. All three carriers’ U.S. shares were illiquid and thinly traded, and the delisting would have a limited impact, the Chinese regulator said.China Mobile raised $4.2 billion in an initial public offering in 1997 with its shares listed in both Hong Kong and New York, according to its website. The company had explored a listing on the mainland in 2007 but it didn’t come to fruition in the end.A revival of the planned domestic share sale by the country’s largest carrier would follow that of China Telecom, which announced last week that it’s planning a second listing in Shanghai. The offering will help China Telecom tap diversified financing channels in both domestic and overseas capital markets, the company has said.(Updates with company comment in third paragraph and share price in fourth paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.