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