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在线翻译:
szdaily -> Markets -> 
Unicom expects new shareholders to aid profit
    2018-03-19  08:53    Shenzhen Daily

TELECOM group China Unicom plans to lean on some of China’s biggest technology and financial firms that have recently become its shareholders to drive compounded annual pre-tax profit growth of 68.7 percent through 2020 at its Shanghai-listed unit.

State-controlled China Unicom, formally known as China United Network Communications Group Co., is the nation’s second-biggest telecom carrier by subscriber numbers but has lagged its rivals China Mobile and China Telecom in delivering steady profit growth.

As part of the government’s push for State-owned enterprises to be revitalized with private capital, the Shanghai-listed unit, China United Network Communications, made a US$12 billion private placement to firms including Alibaba, Tencent and China Life, which have become its new shareholders and board members.

It is through collaborations with its new partners that China Unicom hopes to achieve its profit goals. Chairman Wang Xiaochu said China Unicom will cooperate with its new shareholders in cloud services, e-commerce, video content, as well as developing new businesses such as connected vehicles.

The Shanghai-listed unit aims to grow its pre-tax profit to 25.35 billion yuan (US$4.01 billion) in 2020 as part of an employee share incentive program, he said. It is targeting growing its service revenue at a compounded annual rate of 6.5 percent to 301.1 billion yuan in 2020.

Since August, around 15 percent of mid-level management positions at the group have been eliminated, he said. “We will continue to streamline our operations every year,” he said.

(SD-Agencies)

 

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