China Unicom said it will invest US$15 billion in third-generation wireless services over the next two years, a figure higher than previously expected, the Wall Street Journal reported. Shares of Unicom fell 4.2% to HK$14.80 (US$1.90) on the Hong Kong stock market following the announcement, as investors believed a big capital expenditure on 3G will hurt the company’s profitability. Unicom also said it expects to get a 3G license after it completes its merger with China Netcom as part of the government’s restructuring of the telecom industry, announced in May.
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