中國聯通和中國電信結成計謀同盟
Shares in China’s second and third-largest state-owned telecom companies jumped yesterday onnews of an alliance between them to take on market leader China Mobile.
中國第二和第三大國有電信運營商的股價昨日大漲，緣故原由是它們宣告將結成同盟與市場領先者中國挪動(ChinaMobile)睜開競爭。
China Unicom and China Telecom outlined a wide-ranging agreement to fight their dominantcompetitor with areas of strategic co-operation including sharing capital expenditure andpromoting smartphone standardisation, in addition to joint negotiation of internationalroaming rates and working together to promote their products.
為了挑釁今朝占霸主位置的競爭敵手，中國聯通(China Unicom)和中國電信(China Telecom)頒布了一份普遍的協定，擬在多個範疇展開計謀互助，包含同享本錢付出、推進智妙手機尺度化、結合會談國際周遊資費，和互助推行它們的產物。
Third-ranked China Telecom and number two China Unicom each rallied more than 7 per cent inHong Kong before ending the day up 4.8 per cent and 3.8 per cent, respectively.
排名第三的中國電信和排名第二的中國聯通在香港上市的股票一度均上漲7%以上，末了分離收漲4.8%和3.8%。
Chris Lane, telecoms analyst at Sanford Bernstein, said that the key components for bothcompanies were an agreement to share a new rural 4G network and a proposal for a nationalsmartphone standard.
盛博(Sanford Bernstein)電信剖析師克裏斯萊恩(Chris Lane)表現，對兩家公司來講，癥結內容是贊成同享一個新的屯子4G收集，和一項國度智妙手機尺度的發起。
“They’ve in essence decided to build a third network, a 4G network that will serve both theUnicom and the Telecom subscribers in the rural areas,” said Mr Lane, which would save themcapital expenditure of 30-40 per cent and operational spending of 50 per cent.
“他們本質上已決議扶植第三個收集，這將是一個4G收集，在屯子地域為聯通和電信兩家的用戶辦事，”萊恩表現。此舉將讓兩家公司節儉30%至40%的本錢付出，和50%的運營付出。
Mr Lane said any financial benefits from the deal were at least 18 months away. Bernsteinforecasts upside of 11-12 per cent for each company’s stock price over the long term.
萊恩表現，這筆生意業務的財政效益最少也要到18個月後能力浮現。盛博猜測，遠期而言聯通和電信兩家的股價各有11%至12%的上漲空間。
Analysts said that another aspect of the deal — promoting a new smartphone standard basedon supporting six common technologies — would probably appeal to the Chinese government,and appeared to be an effort to enlist ministry officials to pressure China Mobile into signingon too.
剖析師們表現，該協定的另外一個方面——推進六模“全網通”成為智妙手機的國度尺度——極可能對中國當局具備吸引力，並且仿佛意在匆匆使工信部官員對中國挪動施壓，請求該公司也支撐這類尺度。
The new standard would make things easier for handset manufacturers because they wouldonly have to make one version for all three carriers. China Telecom would stand to benefit themost as it currently uses the most limited standard.
新尺度將讓電話制作商的日子好於一些，由於它們將只須要為三家運營商臨盆一款電話。中國電信從中將受益最大，由於它今朝采取範圍性最大的技巧尺度。
China Mobile dominates the market with a 63 per cent share, far outweighing China Unicom’s 22per cent and China Telecom’s 15 per cent.
中國挪動今朝主導著市場，占領63%的份額，遠遠超越中國聯通的22%和中國電信的15%。
The alliance follows a shuffle in August when Chang Xiaobing, former chairman of China Unicom,took the same role at China Telecom while Wang Xiaochu, departing chairman of China Telecom,took the same post at China Unicom. According to one former telecom official, the alliance wasdirected by Mr Wang. In contrast, Mr Chang resigned from China Telecom in December as aresult of anti-corruption probe.
這一同盟出爐以前，中國電信業在客歲8月舉行了高層人事洗牌，其時中國聯通前董事長常小兵出任中國電信董事長，同時中國電信行將離職的董事長王曉初擔負中國聯通董事長。據一位前任電信官員泄漏，這個同盟是王曉初推進的。比擬之下，常小兵在客歲12月因成為反腐爛查詢拜訪工具而從中國電信告退。
While executives at both telecom groups insisted that the alliance was not a precursor to a fullmerger, analysts said it could be the first step in a broad restructuring of the industry and thata merger should not be ruled out.
只管兩家電信團體的高管都堅稱這個同盟不是周全歸並的前奏曲，但剖析師們表現，此舉多是電信業普遍重組的第一步，歸並的大概性不該該被消除。
Restructuring the industry appeared to have begun in October with the merging of cell towerassets into a single company, designed to reduce duplication and foster efficient capitalspending.
中國電信業的重組仿佛已在客歲10月起步，起首是把電話旌旗燈號塔資產歸並成一家公司，以求削減反復和增進高效力本錢付出。
The moves to pool tower assets, swap chairmen, and now to join up in a strategic allianceunderlines just how clubby the world of the Chinese telecommunications industry can be, withthe state encouraging just enough competition between companies to keep them frombecoming complacent. The government believes too much competition could create waste andduplication.
同享旌旗燈號塔資產、董事長對換，如今又加之計謀同盟——這些舉動突顯中國電信業何等像一個小圈子，當局勉勵各公司之間存在適可而止的競爭，以防它們變得驕傲。當局信任，過於劇烈的競爭大概造成糟蹋和反復。
市場價：HK$ 92
