Telecommunication Services

CHINA UNICOM

China Mobile

Financial Analysis

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China Mobile (600941.SH/00941.HK) released its 2025 annual report and Q4 results (to Dec 2025) after hours in Hong Kong on Mar 26, 2026. Key takeaway (1) operating metrics: revenue saw a slight uptick, while OP continued to trend higher.$CHINA MOBILE(00941.HK) reported Q4 2025 revenue of RMB 255.5bn, up 2.5% YoY. Telecom service revenue edged higher YoY this quarter, while product sales and related businesses grew about 14% YoY for the second straight quarter...

CHINA MOBILE

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CN Mobile HK SDR 5to1

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Zhejiang Unicom to Fully Discontinue 3G Network Service on June 15, 2026

China Unicom Xiongan Seminar: Advancing 6G R&D and New Token Operation Paradigm

China Unicom Shanghai Releases Full-Stack Domestic Security Base and AI Product System, Launches Computing Power Inclusion Action

China Unicom Shanghai Branch Announces Token Services and Bundle Discounts for OPC Clients

Three Major Operator Data Centers Participate in Electricity Spot Market as Virtual Power Plants for First Time

China Unicom Strengthens AI Layout to Drive Business Transformation

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China Unicom Launches Brand System and Innovative Products

China Unicom Launches Digital Intelligence Employee Platform UniClaw

BOC International Cuts Profit Forecast for China Unicom But Maintains Buy Rating

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China Unicom Invests in Building Guangdong-Hong Kong-Macao Greater Bay Area (Pazhou) Security Industry Park Project

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China Unicom reports Q1 net profit of 2.137 billion yuan, down 18% year-over-year

China Unicom Announces First Quarter 2023 User Growth Data

China Unicom Hong Kong reports Q1 net profit of 4.89 billion yuan

China Unicom reports Q1 2026 revenue and profit decline but growth in computing and security business

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Ordinary dividend (cash)

Ex Date: 2026.06.03, Cash dividend 0.151 HKD

China Unicom 2025 Interim Performance Briefing

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Citi's report highlights a significant shift among China's major telecom operators—China Telecom, China Mobile, and China Unicom—toward AI Token plans, moving from traditional billing to a utility-like AI subscription model. This transition could lead to a valuation re-rating as telecoms leverage their networks and data centers for AI applications. However, the success of this model hinges on user adoption and the competitiveness of their proprietary AI models.

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Citigroup

Chagee

CITIGROUP INC 6.250 NON CUM SER II PFD WI

Citi: "Telecom Big Three" Shift Toward Foundational AI Infrastructure Suppliers, Ushering in Potential Valuation Re-rating

China's telecom giants, China Telecom, China Mobile, and China Unicom, are transitioning to the AI token economy by launching token-based service plans. This shift marks a departure from traditional pricing models, focusing on monetizing AI services and tokenized consumption. China Telecom has introduced various token packages, while China Mobile and China Unicom are developing regional partnerships and AI-driven offerings. The surge in token usage, from 100 billion to 140 trillion daily, highlights the industry's pivot towards token operations as a new growth strategy.

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Tencent

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Alibaba

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Tencent HK SDR 10to1

Tencent Holdings Limited

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Alibaba HK SDR 5to1

China’s three telecom giants race into the AI token economy

JPMorgan has rated the three major Chinese telecom stocks—CHINA MOBILE, CHINA TELECOM, and CHINA UNICOM—as Overweight, following a rise in H-share prices due to AI Token packages targeting SMEs and retail users. CHINA MOBILE is the top pick, while CHINA TELECOM is seen as a proxy for the AI Token theme, with expectations of significant revenue growth from its cloud business. The bank anticipates ARPU growth resuming in 2026 and earnings recovery in 2027, despite VAT adjustments impacting 2026.

JPMorgan Chase

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

JPM: CHINA TELECOM  Proxy for AI Token Theme; Three Major Telecoms Rated Overweight, CHINA MOBILE Top Pick

UBS reports that China Telecom, China Unicom, and China Mobile have launched Token packages for customers, enhancing AI adoption. China Telecom leads with nationwide rollout, while the others pilot regionally. This move is seen as a step towards standardizing AI consumption in China, potentially transforming Token usage into a subscription model. Despite muted stock performance, UBS views these packages as a new growth driver, assigning a 'Neutral' rating to the telecom stocks.

UBS Group AG

UBS: 3 Key CN Telecoms Launch Token Packages, Providing New Growth Drivers

China's telecom giants are introducing AI token plans to monetize the AI boom, moving away from traditional gigabyte billing. China Telecom launched nationwide token-based pricing packages for consumers and businesses, with prices ranging from 9.9 yuan for 10 million tokens to 299.9 yuan for 250 million tokens. Other carriers like China Unicom and China Mobile are also adopting similar strategies. The demand for AI tokens has surged, with over 140 trillion token calls recorded daily in March.

SCMP

KNOWLEDGE ATLAS

Forget cellular data: China’s telecoms giants are selling AI token plans

CHINA TELECOM has launched trial commercial Token plans starting from RMB9.9 per month for individual customers and RMB39.9 for developers. The plans offer integrated services including Token, connectivity, and security, supporting various applications like AI programming and content creation. Additionally, the company will introduce Tianyi Token Coin for customer rewards and expand Token benefits through partnerships with AI ecosystem partners.

CHINA TELECOM Unrolls Commercial Token Plans with Monthly Fee Starting from RMB9.9

China is enhancing its national computing network to support AI infrastructure as token usage surges, likening it to a public utility. Daily token calls exceeded 140 trillion in March, prompting telecoms to pivot from traditional revenue sources. The State Council plans to invest over 7 trillion yuan in this infrastructure, aiming to connect data centers and supercomputing facilities. Telecoms like Shanghai Telecom and Unicom are launching token-based AI services, offering packages that integrate AI tokens with existing services.

China ramps up building national computing power network as AI token use surges

Edison Lee from Jefferies has maintained a Buy rating on China Unicom (Hong Kong) (0762) with a price target of HK$8.49. Lee, a 5-star analyst, has an average return of 26.8% and a success rate of 58.72%. The overall analyst consensus for China Unicom is a Strong Buy, with an average price target of HK$8.95.

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China Unicom (Hong Kong) (0762) Gets a Buy from Jefferies

In 1Q26, China's telecom service revenue fell by 1.8% year-on-year to RMB439.4 billion, according to the Ministry of Industry and Information Technology (MIIT). However, the total telecom business volume rose by 8.3% year-on-year when adjusted for constant prices. By the end of March, the total number of mobile subscribers reached 1.836 billion, with 5G subscribers accounting for 1.254 billion, representing 68.3% of the total and a net increase of 49.53 million from the previous year.

MIIT: 1Q26 Telecom Service Revenue Down 1.8% YoY; Total Telecom Business Volume Up 8.3% YoY

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The Ministry of Industry and Information Technology released data showing that as of the end of March, the total number of 5G base stations reached 4.958 million, a net increase of 120,000 compared to year-end, accounting for 38.2% of the total mobile base stations, with the proportion rising by 0.6 percentage points from year-end

Wallstreetcn

Yinhua CSI 5G Communication Theme ETF

CSOP CSI 5G

MIIT: Total Number of 5G Base Stations Reached 4.958 Million by End of March, Net Increase of 120,000 from Year-End

CHINA UNICOM(00762.HK)