# China Unicom Hong Kong (0762.HK)

Canonical: https://gigainvestors.com/s/0762.HK

Analysis as of: 2026-10-16T07:34:39.737Z. Financial observations: FY1999–FY2025.

Listing currency: HKD. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: HKD 5.64 per share; close as of 2026-10-15.

Estimated value: low HKD 17.11 per share, central HKD 19.14 per share, high HKD 21.83 per share. Buy at or below the central value HKD 19.14 per share. Valuation as of 2026-10-16T07:34:39.737Z; scenarios are not confidence intervals.

Expected annual return: 42.5% at the stated quote. About 42.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.98×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.04×

- FY2018: 0.05×

- FY2019: 0.06×

- FY2020: 0.52×

- FY2021: 0.50×

- FY2022: 0.51×

- FY2023: 0.51×

- FY2024: 0.06×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 33.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 5.0%

- ROIC, second-lowest year: 2.4%

- Typical minus recent gross margin: 33.3 pp

- Typical gross margin (annual median): 65.3%

- Recent gross margin (lower of latest and 3-year median): 32.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 19.9%

- ROIC including acquisitions, ten-year median: 7.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.6%

- FY2017: 2.4%

- FY2018: 3.3%

- FY2019: 4.6%

- FY2020: 41.8%

- FY2021: 45.2%

- FY2022: 47.9%

- FY2023: 51.0%

- FY2024: 5.5%

- FY2025: 4.5%

### economics: pass

- Owner earnings / net income, 5-yr: 1.09×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 99B

- Net income, five-year total: CNY 91B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -3.6 pp

- Working capital / revenue, change between three-year averages: -25.2 pp

- Working capital / revenue, final three-year average: -13.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.63×

- FY2022: 1.27×

- FY2023: 0.83×

- FY2024: 0.63×

- FY2025: 1.27×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 2.4% vs 5.5%

- Per-share earnings: 0.06 to 0.66 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.5%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: CNY 19B

- Cumulative retained earnings: CNY 53B

- Diluted shares, 10-year annual growth: 2.5%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 35.1%

- Per-share value change: CNY 0.60

- Per-share value, starting three-year median: CNY 0.06

- Per-share value, ending three-year median: CNY 0.66

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 13B

- Cumulative net income, 10 years: CNY 127B

- ROIC, first three-year median: 2.4%

- ROIC, last three-year median: 5.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.03

- FY2017: CNY 0.06

- FY2018: CNY 0.33

- FY2019: CNY 0.37

- FY2020: CNY 0.41

- FY2021: CNY 0.47

- FY2022: CNY 0.55

- FY2023: CNY 0.61

- FY2024: CNY 0.67

- FY2025: CNY 0.66

### accounting: pass

- Sloan accruals: -10.4%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.45×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -12.0%

- FY2017: -14.6%

- FY2018: -15.2%

- FY2019: -14.6%

- FY2020: -16.0%

- FY2021: -16.3%

- FY2022: -13.0%

- FY2023: -12.7%

- FY2024: -10.2%

- FY2025: -10.4%

## Holders

## Price story

Down 43% since Aug 2025 · sales -1.9%

Story as of 2026-10-16T10:00:01.767Z; price observation 2026-10-15.

Price needs cash profits to shrink 20.8% a year for ten years

### Sales · FY2024–2025

sales -1.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 274B 

- FY2017: CNY 275B 

- FY2018: CNY 291B 

- FY2019: CNY 291B 

- FY2020: CNY 304B 

- FY2021: CNY 328B 

- FY2022: CNY 355B 

- FY2023: CNY 373B 

- FY2024: CNY 390B 

- FY2025: CNY 382B 

### Gross margin · FY2025

gross margin 32%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 60.2% 

- FY2017: 64.6% 

- FY2018: 66.1% 

- FY2019: 71.1% 

- FY2020: 55.9% 

- FY2021: 70.3% 

- FY2022: 70.6% 

- FY2023: 56.7% 

- FY2024: 69.0% 

- FY2025: 32.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in telecom services; annual sales are CNY 382.1 billion.

- Source: https://eodhd.com/api/fundamentals/0762.HK.json#2025-12-31 (filed 2026-10-16T07:34:39.737Z); FY2025: revenue 382071834000; grossProfit 122391220000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0762.HK: China Unicom (Hong Kong) Limited, an investment holding company, provides telecommunications and related value-added services in the People's Republic of China. It also provides broadband, short message and multimedia message, mobile data, data and internet application, and information communications technology services. In addition, the company offers communications technology training, technical, and internet information and value-added telecommunications services; telecommunications network construction, maintenance, and technical services; and consultancy, survey, design, engineering procurement, and contract services relating to information and construction projects. Further, it provides customer, project consultation and monitoring, project bidding agency, property, e-payment, venture capital investment, technology development and promotion, investment, auto informatisation, financial, consultation, internet data and security, 5G communications technology, AI industry application, internet connection and related, cloud computing, data processing, and tourism and information services; advertising design, production, agency, and publication services; information and system integration services; technology development, transfer, and consulting services; and technology promotion service of intelligent transportation system's products. Additionally, the company offers technological research and development of TV and mobile video; internet of things technology services; software development services; television broadcasting and satellite transmission services; and big data, and cloud computation and infrastructure services. It also provides finance leasing; and data analysis, processing, and application services, as well as sells handsets and telecommunication equipment. The company was incorporated in 2000 and is based in Central, Hong Kong. China Unicom (Hong Kong) Limited operates as a subsidiary of China Unicom (BVI) Limited.

### Why customers stay

Margins ranged from 32% to 69% during 2023–25; it earns 5% on its capital.

- Source: https://eodhd.com/api/fundamentals/0762.HK.json#2023-12-31 (filed 2026-10-16T07:34:39.737Z); FY2023: grossProfit / revenue = 56.7%.

- Source: https://eodhd.com/api/fundamentals/0762.HK.json#2024-12-31 (filed 2026-10-16T07:34:39.737Z); FY2024: grossProfit / revenue = 69%.

- Source: https://eodhd.com/api/fundamentals/0762.HK.json#2025-12-31 (filed 2026-10-16T07:34:39.737Z); FY2025: grossProfit / revenue = 32%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.737Z); 10-year return on capital observations [[2016,0.015523494988454298],[2017,0.024280448007059842],[2018,0.03324675538690542],[2019,0.045801611049107856],[2020,0.4180362005031381],[2021,0.4515122587345303],[2022,0.4786920100238778],[2023,0.5097059569445753],[2024,0.054723052044951405],[2025,0.04487569204266383]]; median 0.05026233154702963. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/0762.HK.json#2017-12-31 (filed 2026-10-16T07:34:39.737Z); FY2017: growth capex 0; upkeep 61489000000; owner earnings 17831000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0762.HK.json#2018-12-31 (filed 2026-10-16T07:34:39.737Z); FY2018: growth capex 0; upkeep 52176000000; owner earnings 33798000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0762.HK.json#2019-12-31 (filed 2026-10-16T07:34:39.737Z); FY2019: growth capex 0; upkeep 56187000000; owner earnings 31758000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0762.HK.json#2020-12-31 (filed 2026-10-16T07:34:39.737Z); FY2020: growth capex 0; upkeep 53981000000; owner earnings 35936800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0762.HK.json#2021-12-31 (filed 2026-10-16T07:34:39.737Z); FY2021: growth capex 0; upkeep 72047000000; owner earnings 23461200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/0762.HK.json#2022-12-31 (filed 2026-10-16T07:34:39.737Z); FY2022: growth capex 0; upkeep 72470000000; cash acquisitions 1000000; owner earnings 21319200000. Growth capex plus acquisitions / owner earnings = 0.000046906075274869604.

- Source: https://eodhd.com/api/fundamentals/0762.HK.json#2023-12-31 (filed 2026-10-16T07:34:39.737Z); FY2023: growth capex 0; upkeep 79375000000; cash acquisitions 381000000; owner earnings 15546600000. Growth capex plus acquisitions / owner earnings = 0.024506966153371154.

- Source: https://eodhd.com/api/fundamentals/0762.HK.json#2024-12-31 (filed 2026-10-16T07:34:39.737Z); FY2024: growth capex 7764000000; upkeep 67976000000; cash acquisitions 156000000; owner earnings 13084800000. Growth capex plus acquisitions / owner earnings = 0.6052824651504035.

- Source: https://eodhd.com/api/fundamentals/0762.HK.json#2025-12-31 (filed 2026-10-16T07:34:39.737Z); FY2025: growth capex 0; upkeep 67641000000; cash acquisitions 0; owner earnings 25654463000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.737Z); Dividend observations: [[2016,4071000000],[2017,1591000000],[2018,1591000000],[2019,4100000000],[2020,5447000000],[2021,8690000000],[2022,7986000000],[2023,9546000000],[2024,11683000000],[2025,13472000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 79.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0762.HK SharesStats.PercentInsiders = 79.93400000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 20.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:39.737Z); Ten-year compound average after fade. Initial solved rate -0.29841862691520993. Price 5.635; FX 1.1727222788982186; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.048648935339347055 → FY2025 0.8384359435257206. Closing-price date 2026-10-15.

## Monthly share-price history (HKD per share)

- 2016-10: HKD 9.09 per share

- 2016-11: HKD 9.42 per share

- 2016-12: HKD 9.03 per share

- 2017-01: HKD 9.22 per share

- 2017-02: HKD 9.44 per share

- 2017-03: HKD 10.40 per share

- 2017-04: HKD 10.04 per share

- 2017-05: HKD 11.18 per share

- 2017-06: HKD 11.60 per share

- 2017-07: HKD 11.34 per share

- 2017-08: HKD 11.40 per share

- 2017-09: HKD 10.86 per share

- 2017-10: HKD 11.08 per share

- 2017-11: HKD 11.32 per share

- 2017-12: HKD 10.56 per share

- 2018-01: HKD 11.72 per share

- 2018-02: HKD 10.14 per share

- 2018-03: HKD 9.90 per share

- 2018-04: HKD 11.18 per share

- 2018-05: HKD 10.66 per share

- 2018-06: HKD 9.80 per share

- 2018-07: HKD 9.67 per share

- 2018-08: HKD 9.13 per share

- 2018-09: HKD 9.22 per share

- 2018-10: HKD 8.14 per share

- 2018-11: HKD 9.07 per share

- 2018-12: HKD 8.36 per share

- 2019-01: HKD 8.95 per share

- 2019-02: HKD 9.31 per share

- 2019-03: HKD 9.95 per share

- 2019-04: HKD 9.31 per share

- 2019-05: HKD 8.27 per share

- 2019-06: HKD 8.57 per share

- 2019-07: HKD 7.66 per share

- 2019-08: HKD 7.81 per share

- 2019-09: HKD 8.32 per share

- 2019-10: HKD 7.77 per share

- 2019-11: HKD 6.70 per share

- 2019-12: HKD 7.34 per share

- 2020-01: HKD 6.54 per share

- 2020-02: HKD 6.15 per share

- 2020-03: HKD 4.47 per share

- 2020-04: HKD 5.01 per share

- 2020-05: HKD 4.49 per share

- 2020-06: HKD 4.19 per share

- 2020-07: HKD 4.32 per share

- 2020-08: HKD 5.49 per share

- 2020-09: HKD 5.05 per share

- 2020-10: HKD 4.76 per share

- 2020-11: HKD 4.66 per share

- 2020-12: HKD 4.45 per share

- 2021-01: HKD 4.36 per share

- 2021-02: HKD 4.92 per share

- 2021-03: HKD 4.39 per share

- 2021-04: HKD 4.49 per share

- 2021-05: HKD 4.17 per share

- 2021-06: HKD 4.24 per share

- 2021-07: HKD 4.20 per share

- 2021-08: HKD 4.20 per share

- 2021-09: HKD 3.95 per share

- 2021-10: HKD 4.02 per share

- 2021-11: HKD 3.93 per share

- 2021-12: HKD 3.90 per share

- 2022-01: HKD 4.11 per share

- 2022-02: HKD 4.13 per share

- 2022-03: HKD 3.89 per share

- 2022-04: HKD 3.79 per share

- 2022-05: HKD 3.72 per share

- 2022-06: HKD 3.71 per share

- 2022-07: HKD 3.75 per share

- 2022-08: HKD 3.85 per share

- 2022-09: HKD 3.53 per share

- 2022-10: HKD 3.34 per share

- 2022-11: HKD 4.35 per share

- 2022-12: HKD 4.83 per share

- 2023-01: HKD 5.51 per share

- 2023-02: HKD 5.72 per share

- 2023-03: HKD 5.64 per share

- 2023-04: HKD 6.00 per share

- 2023-05: HKD 5.74 per share

- 2023-06: HKD 5.18 per share

- 2023-07: HKD 5.60 per share

- 2023-08: HKD 5.54 per share

- 2023-09: HKD 5.68 per share

- 2023-10: HKD 4.86 per share

- 2023-11: HKD 5.05 per share

- 2023-12: HKD 4.90 per share

- 2024-01: HKD 5.36 per share

- 2024-02: HKD 5.44 per share

- 2024-03: HKD 5.65 per share

- 2024-04: HKD 5.95 per share

- 2024-05: HKD 6.42 per share

- 2024-06: HKD 7.17 per share

- 2024-07: HKD 6.61 per share

- 2024-08: HKD 6.66 per share

- 2024-09: HKD 6.67 per share

- 2024-10: HKD 6.76 per share

- 2024-11: HKD 6.48 per share

- 2024-12: HKD 7.39 per share

- 2025-01: HKD 7.09 per share

- 2025-02: HKD 9.47 per share

- 2025-03: HKD 8.69 per share

- 2025-04: HKD 8.88 per share

- 2025-05: HKD 9.45 per share

- 2025-06: HKD 9.30 per share

- 2025-07: HKD 9.76 per share

- 2025-08: HKD 9.90 per share

- 2025-09: HKD 8.86 per share

- 2025-10: HKD 9.35 per share

- 2025-11: HKD 9.00 per share

- 2025-12: HKD 7.78 per share

- 2026-01: HKD 7.95 per share

- 2026-02: HKD 7.55 per share

- 2026-03: HKD 7.07 per share

- 2026-04: HKD 7.32 per share

- 2026-05: HKD 7.63 per share

- 2026-06: HKD 6.11 per share

- 2026-07: HKD 6.72 per share

- 2026-08: HKD 5.59 per share

- 2026-09: HKD 5.46 per share

- 2026-10: HKD 5.64 per share

## Annual estimated value (HKD per share)

- FY2016: low HKD 5.16 per share, central HKD 5.74 per share, high HKD 6.51 per share

- FY2017: low HKD 5.33 per share, central HKD 5.89 per share, high HKD 6.63 per share

- FY2018: low HKD 8.09 per share, central HKD 9.06 per share, high HKD 10.34 per share

- FY2019: low HKD 10.04 per share, central HKD 12.42 per share, high HKD 14.30 per share

- FY2020: low HKD 15.95 per share, central HKD 17.87 per share, high HKD 20.42 per share

- FY2021: low HKD 18.25 per share, central HKD 21.42 per share, high HKD 24.54 per share

- FY2022: low HKD 19.23 per share, central HKD 21.47 per share, high HKD 24.46 per share

- FY2023: low HKD 14.15 per share, central HKD 15.69 per share, high HKD 17.74 per share

- FY2024: low HKD 11.99 per share, central HKD 13.34 per share, high HKD 15.14 per share

- FY2025: low HKD 11.94 per share, central HKD 13.26 per share, high HKD 15.03 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:40:24.084Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.