Hutchison enlists up 5.9 million 3G users

Hutchison& Whampoa Ltd., which is controlled by Asia's richest businessman Li Ka-shing, said Wednesday it had signed up 5.9 million third-generation (3G) mobile subscribers, up 81 percent from mid-August.

The Hong Kong-based conglomerate has become one of the world's most aggressive investors in 3G mobile telecommunications, spending more than US$22 billion in the sector and attracting customers with low tariffs.

Its 3G customer growth rose to a rate of 31,600 per day in November, dwarfing July's rate of 22,500 per day.

By mid-August, Hutchison had enlisted about 3.25 million users in the global market, but most of them were in the United Kingdom and Italy. It also has 3G operations in Australia, Austria, Denmark, Sweden and its local market, Hong Kong.

Last month, Goldman Sachs said in a note it had raised its 12-month price target on Hutchison to HK$80 (US$10.12) from HK$75 and lifted its 2005 earnings per share forecast by 8 per cent to HK$1.41.

The investment bank made the remark after a visit to Europe and a meeting with the management of Hutchison's 3G unit.

Source: Shenzhen Daily-Agencies