China Netcom (0906.HK; CN.NYSE) was lately upgraded to "outperform" from "neutral" by Macquarie, for it is considered as the representative of China Unicom (0762.HK; CHU. NYSE).
After the assessment of enterprise value, Macquarie lowered the target price of China Netcom to 28 HK dollars from 29.4 HK dollars and cut that of China Unicom from 19.5 HK dollars to 18.6 HK dollars.

The broker has taken the two companies as one, and reckons that China Unicom/China Netcom will be the biggest beneficiary from upcoming asymmetry supervision and technology development.

China Netcom gained 1.1 HK dollars or 5.19 percent to close at 22.3 HK dollars Wednesday.

Source:Xinhua