China Mobile posts 14% growth driven by increase in new 5G subscribers - PingWes...
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China Mobile posts 14% growth driven by increase in new 5G subscribers
August 12, 2021 10:25 pmChina mobile, the world’s largest wireless network operator by subscribers, booked a 6 percent rise in profit on the back of 14% revenue growth for the first half of this year, driven by increase in new 5G subscribers.
Detail:
Net profit rose to CNY59.1 billion yuan for the six months through June, compared with CNY55.8 billion in the same period last year, according to the company’s statement on Thursday. Operating revenue up 13.8% year-over-year to CNY443.6 billion.
The company had 946 million users by June, including 251 million 5G users. China Mobile, which was forced by the U.S regulator to delist from the New York Stock Exchange earlier this year, is seeking a domestic IPO which might be the biggest IPO this year.
Driven by rapid 5G uptake, China Mobile added 3.6 million users in the first half. But the growth of new subscriber still fell behind of its domestic peers, China Telecom and China Unicom added 11.5 million and 4.6 million new subscribers respectively.
China mobile saw its average revenue per user, which is a key index to measure a carrier’s income level, up 3.8% year-over-year to 52.2 yuan per month.
Context:
Shareholders of China Mobile are awaiting details on the company’s listing plans in mainland China which received board approval in May.
The listing will happen within this year if things go through, China Mobile chairman Yang Jie said during a post-earning call.
China Mobile is in the process of seeking a domestic listing after the three major Chinese carriers- China Mobile, China Telecom, China Unicom, were delisted from the New York Stock Exchange.
China Telecom has already obtained approval for its CNY54.2 billion Shanghai IPO, the online subscriptions of its share started on Monday.
Chinese telecommunication giant Huawei and online streaming site Bilibili has joined a slew of stated-owned companies and funds to subscribe shares of China Telecom
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