On June 30, China Unicom fell 3.15% in regular trading, trading at HKD 6.15/share, with turnover of HKD 102 million.

The decline was triggered by Goldman Sachs downgrading China Unicom, China Telecom, and China Tower from Neutral to Sell. The investment bank acknowledged that AI Token packages could drive incremental ARPU growth through subscription-based and token-consumption billing for both consumer and enterprise users. However, Goldman cited that Token penetration converting into meaningful revenue still requires time, while weak 5G base station deployment and the VAT rate increase from 6% to 9% will weigh on near-term growth. Goldman cut China Unicom's earnings forecasts by 17%, 23%, and 39% for fiscal years 2026-2028, reflecting sluggish mobile service revenue and higher tax burden.

The broader Integrated Telecommunication Services sector declined in tandem. Among peers, China Telecom fell 1.37%, China Tower fell 1.90%, PCCW fell 1.47%, HKT-SS fell 1.10%, and HKBN fell 0.85%, reflecting collective re-rating pressure across the industry.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)