Chinese telecom stocks rise after reports say China may issue 4G licenses this year
HONG KONG, March 6 |
HONG KONG, March 6 (Reuters) - Chinese telecom stocks such as ZTE Corp and China Unicom jumped on Wednesday after official media reported that Beijing planned to issue 4G network licenses by the end of the year.
ZTE jumped by the maximum 10 percent in Shenzhen and rose as much as 8.6 percent in Hong Kong, set for its biggest gain since June 2009. China Unicom rose 3.1 percent, while China Telecom Corp Ltd rose 1.5 percent at 0323 GMT. The benchmark Hang Seng Index rose 0.8 percent.
The official China Securities Journal reported on Wednesday that Beijing could issue 4G network licenses this year, citing Miao Wei, minister of Industry and Information Technology.
The same report also quoted Miao as telling reporters on the sidelines of the ongoing National People's Congress in Beijing that China has accomplished major breakthroughs in the development of 4G technology.
ZTE was further lifted by news reports of a strategic collaboration with Intel Corp focused on Intel's Atom Processor Z2580 platform that could enhance the performance of ZTE's next generation of smartphones.
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