China Unicom Leads Telecom Gains in U.S. on Joint Venture
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China Unicom (Hong Kong) Ltd. surged to a nine-month high, leading Chinese telecommunications companies higher in U.S. trading on speculation a joint venture will help the three biggest carriers reduce costs.
The nation’s second-largest mobile-phone company rallied 5.1 percent to the highest since October in New York. China Mobile Ltd. gained 3 percent to trade at the widest premium over the Hong Kong-listed shares in two months. China Telecom Corp. climbed 3.7 percent. The Bloomberg China-US Equity Index rose 1.8 percent to 107.78 in a second consecutive gain.