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<Research>JPM Estimates CN Telecom VAT Hike to Have Least Impact on CHINA MOBILE
The three Chinese telecom majors have announced an adjustment to the value-added tax (VAT), with which business tax rates for mobile data, SMS/MMS, and internet broadband services ...
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<Research>JPM Estimates CN Telecom VAT Hike to Have Least Impact on CHINA MOBILE
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The three Chinese telecom majors have announced an adjustment to the value-added tax (VAT), with which business tax rates for mobile data, SMS/MMS, and internet broadband services will rise from 6% to 9%, according to JPMorgan's research report.

In JPMorgan's estimate, this adjustment will impact the net profits of CHINA MOBILE (00941.HK)  +0.250 (+0.313%)    Short selling $314.81M; Ratio 104.264%   / CHINA TELECOM (00728.HK)  0.000 (0.000%)    Short selling $45.91M; Ratio 200.147%   / CHINA UNICOM (00762.HK)  -0.040 (-0.562%)    Short selling $28.82M; Ratio 173.964%   by 7.1%/ 12.6%/ 11.9% in 2026. Because of its higher gross profit margin, CHINA MOBILE is likely to suffer the least damage.

Related News UBS Lowers TP for CHINA TELECOM (00728.HK) and CHINA UNICOM (00762.HK); Limited Dividend Growth for Telecom Stocks Expected
Believing that the dividend yields of CHINA MOBILE/ CHINA TELECOM/ CHINA UNICOM will reach 7%/ 5.7%/ 6.8% in 2026 and remain attractive compared to the HSI, JPMorgan has kept an Overweight rating on the three companies.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-02 16:25.)

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