20081009-Everbright Research-HK China Telecom

The recently announced asymmetric measures on the telecom sector,
including network sharing and MNP trial, are within market expectation and
manageable by China Mobile. We think no more asymmetric measure are
likely at the moment since the government officials need time to evaluate how
the new policies impact the telecom industry. We argue the market shall
gradually shift focus from regulatory issue to competitive landscape of the
telecos.