HONG KONG, March 6 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.