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SCMP Reporter

China Telecom (Hong Kong) (CTHK) has increased its customer base by 950,000 in the five months to May and has forecast more rapid subscriber growth during the remainder of the year.

 Chairman and chief executive Shi Cuiming said its newly acquired operation in Jiangsu province had added 240,000 subscribers, while existing businesses in Guangdong and Zhejiang brought in a combined 710,000 customers.

  'The figures for the rest of the year should be even better,' Mr Shi said.

 Senior regional analyst at Nikko Research Centre (Hong Kong), Sean Wang, said the number of cellular-phone subscribers had been rising dramatically, particularly in Jiangsu.

 'It is very competitive in the mainland's mobile telephone market,' Mr Wang said.

 'With the competition of China Unicom and increased consumer awareness, overall consumption is rising very quickly.'  Mr Wang said mobile-telephone costs and fees were on a downward trend, under increasing competitive pressures, and some provinces such as Shandong even exempted connection fees.

 At the end of last year, Jiangsu had about 880,000 subscribers, while CTHK's operations in Guangdong and Zhejiang had 3.75 million.

 The company announced earlier it would invest US$1.98 billion this year to upgrade facilities in Guangdong, Zhejiang, Jiangsu and its head office in Hong Kong.

 Shareholders yesterday approved the purchase of Jiangsu mobile telephone network from parent China Telecom for HK$22.47 billion.

 Last month, interbank rates were pushed higher amid rumours CTHK was buying large sums of US dollar to pay for the acquisition.

 President Chen Zhaobin admitted the company had purchased about US$600 million so far.

 Mr Shi said the purchases were 'absolutely normal', and that the payment for the Jiangsu assets, which is due today, would be in Hong Kong and US currencies.

 While declining to disclose the US dollar amount in the payment, Mr Shi ruled out any further 'big purchases', saying the amount would depend on the parent's need for US dollars.

 'When the Hong Kong dollar was under so much pressure last year, we didn't buy US dollars, so why should we buy US dollars blindly now?' Mr Shi said.

  'We're very confident about the Hong Kong dollar.'  Mr Wang said parent China Telecom's business was very diverse and was mostly of international nature.

 'It would be better for them to hold US dollars,' Mr Wang said.

 CTHK's shares closed yesterday at HK$13.60, up 30 cents.



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