China Unicom (CHU -2.6%) heads lower after reporting a 2011 profit that missed expectations, as 3G and broadband subscriber growth fails to offset declining 2G subs and growing handset subsidy costs. Unicom, which plans to spend CNY100B ($15.9B) in 2012 capex, now also has to contend with a loss of Chinese iPhone exclusivity, as rival China Telecom (CHA) begins selling the 4S. (earlier)
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