- After closing lower in Hong Kong, China's big three wireless carriers are down in U.S. trading, giving back Friday gains after saying they'd cut data prices and boost speeds in an effort that could push migration to 4G.
- In the U.S., China Mobile (NYSE:CHL) is down 4.1%; China Telecom (NYSE:CHA) is down 4.1% and China Unicom (NYSE:CHU) down 3.2%.
- The state-owned firms have gotten a push from Premier Li Keqiang to expand Internet access. Leader China Mobile will cut mobile data prices by at least 35% this year; China Unicom plans cuts of 20% or more per megabyte, and China Telecom is looking at average cuts of 30%/megabyte.
- The move means a change in short-term revenue but could raise profits depending on the migration rate to more lucrative 4G accounts and usage.
- Previously: China mobile infrastructure spending jumped 51% in 2014 (Apr. 21 2015)