SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

China Unicom Limited

(Exact Name of Registrant as Specified in Its Charter)

75/F, The Center,
99 Queen’s Road Central, Hong Kong
(Address of principal executive offices)

          (Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

          Form 20-F   X                      Form 40-F      

          (Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(1):      .)

          (Indicate by check mark if the registrant is submitting the Form 6-K on paper as permitted by Regulation S-T Rule 101(b)(7):      .)

          (Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

          Yes                          No   X  

          (If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):82-               .)

 

 

EXHIBITS

Exhibit Number
1		Announcement in relation to the unaudited interim results of China Unicom Limited for the six months ended June 30, 2008.

FORWARD-LOOKING STATEMENTS

The announcement, constituting Exhibit 1 to this Form 6-K, contains forward-looking statements that are, by their nature, subject to significant risks and uncertainties. Such forward-looking statements may include, without limitation, the Company’s operating strategy and future plan; its restructuring plan; its capital expenditure plan; its future business condition and financial results; its abilities to upgrade and expand networks and increase network efficiency; its ability to improve existing services and offer new services; its ability to develop new technology applications; its ability to leverage its position as an integrated telecommunications operator and expand into new businesses and new markets; future growth of market demand for the Company’s services; and future regulatory and other developments in the PRC telecommunications industry.

Such forward-looking statements reflect the current views of the Company with respect to future events. Actual results may differ materially from information contained in the forward-looking statements as a result of a number of factors that may be beyond the Company’s control, including, without limitation, any changes in the regulatory regime and significant policies for the PRC telecommunications industry, including changes in the structure or functions of the primary industry regulator, the Ministry of Industry and Information Technology, or the MII (which has assumed the regulatory functions of the former Ministry of Information Industry), or any changes in the regulatory policies of the MII, the State-owned Assets Supervision and Administration Commission and other relevant government authorities of the PRC; any decisions by the PRC government in relation to the technology standards and licenses of third generation mobile telecommunication; the results of the ongoing restructuring of the PRC telecommunications industry; any changes in the effects of competition on the demand and price of the Company’s telecommunications services; the effect of the Company’s restructuring and the integration of the Company and China Netcom Group Corporation (Hong Kong) Limited following the completion of the proposed merger; any changes in telecommunications and related technologies and applications based on such technologies; and any changes in political, economic, legal and social conditions in the PRC, including the PRC government’s policies with respect to economic growth, consolidations or restructuring of and other structural changes in the PRC telecommunications industry, foreign exchange, foreign investment and entry by foreign companies into the PRC telecommunications market.

SIGNATURES

               Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Exhibit 1

CHINA UNICOM LIMITED

(Incorporated in Hong Kong with limited liability)

(Stock Code: 0762)

2008 INTERIM RESULTS ANNOUNCEMENT

CHAIRMAN’S STATEMENT

In the first half of this year, the Company proactively addressed various challenges including market competition and adjustments to domestic roaming tariffs. While maintaining effective business developments, the Company continued to explore new markets. The Company entered into two major transactions (the proposed disposal of its CDMA business and a proposed merger with China Netcom) as it moved towards implementing a strategic restructuring of its business. The Company has also been proactively involved in the support of the recent natural disasters in China, in order to fulfill its corporate social responsibilities. The work mentioned above have all been progressing well, and its business has been developing steadily.

Highlights of the first half year results

Continuing operations:

During the first half of this year, the Company recorded revenues of RMB35.14 billion, representing an increase of 4.0% over the same period of last year. Service revenues amounted to RMB35.12 billion, including RMB32.50 billion from the GSM business and RMB2.62 billion from the long distance, data and internet business.

Profit before tax and profit for the period amounted to RMB5.13 billion and RMB3.77 billion respectively, representing an increase of 49.5% and 107.1% respectively over the same period of last year, and an increase of 1.2% and 8.9%, respectively, if eliminating the effect of the unrealized loss on changes in fair value of the derivative component of convertible bonds in the same period of last year. EBITDA amounted to RMB15.88 billion. Free cash flow was RMB6.92 billion.

Discontinued operations:

As a result of the proposed disposal of the CDMA business, the Company has classified this business as discontinued operations. Profit for the discontinued operations for the period was RMB0.65 billion.

Profit for the period:

The Company recorded a total profit of RMB4.42 billion (including profit from continuing operations of RMB3.77 billion and profit from discontinued operations of RMB0.65 billion). Basic earnings per share was RMB0.324, of which basic earnings per share from continuing operations was RMB0.276.

Steady development of operations

In the first half of this year, the Company’s mobile business developed steadily. The Company persisted in brand marketing for its GSM business, enhanced its sales and marketing system, and executed target marketing activities, all of which helped to achieve steady growth in users, revenue and profits. The Company maintained its marketing strategies for the CDMA business, and endeavored to minimize the impact brought by the proposed disposal of such operations, to ensure the steady operation of its overall business. As at 30 June 2008, the Company had 127.60 million GSM subscribers and 43.17 million CDMA subscribers.

The Company’s mobile value-added business grew rapidly during the period. While the Company continued to increase the penetration rate and diversity of revenue from its mature businesses such as SMS and “Cool Ringtone” service, it also focused on the promotion of its GPRS business, achieving a penetration rate of 17.3%. In the first half of this year, revenue derived from GSM mobile value-added service increased by 21.6% over the same period of last year, and represented 24.1% of service revenue from GSM mobile business.

The Company adjusted its business model for the long distance, data and internet businesses, and focused on the promotion of its multimedia video, internet and corporate information businesses, all of which realized steady growth in profits.

Enhancement of service and management quality

The Company adopted 2008 “the Olympic Year of Unicom’s Services” as its theme, and launched a series of new measures to ensure its provision of its services during the Olympic and to strengthen its control over the service quality. These measures enabled the Company to further enhance the quality and standard of its services.

The Company further strengthened its infrastructure management, IT control, and information system support capabilities. Smooth network operations were ensured through the enhancement of operational maintenance and network safety management, and the strengthening of various basic works, such as budget control, performance appraisals, separation of management of inflow and outflow fund, and internal control appraisals.

Strategic restructuring progressing well

On 2 June 2008, the Company entered into a framework agreement with China Telecom in respect of the disposal of its CDMA business and related assets. The consideration for the transaction is RMB43.8 billion, to be paid in cash. On the same day, it announced its intention to merge with China Netcom by way of a scheme arrangement of China Netcom, whereby the Company would offer 1.508 China Unicom shares for every China Netcom share, and 3.016 China Unicom ADSs for every China Netcom ADS.

On 28 July 2008, the Company announced that it had entered into a detailed agreement with China Telecom in respect of the disposal of its CDMA business and related assets, and a circular was sent to shareholders on 1 August 2008 in relation to that transaction. The Company believes that disposal of the CDMA business will be beneficial to the Company as it focuses its financial and operational resources on the development of its GSM business and the future development of 3G services, which are expected to enhance investment returns.

On 15 August 2008, the Company issued a circular to shareholders in respect of the proposed merger with China Netcom. The Company believes that the proposed merger is in line with the overall development and trend of global integration of fixed-line and mobile businesses, and is beneficial to the enhancement of its overall competitiveness.

Actively fighting against disasters to protect communications

During the snowstorms in southern China early this year and the Wenchuan earthquake in May, the communication networks in the stricken areas were severely damaged. The Company immediately launched a series of emergency measures and dispatched employees

to repair networks and timely re-established the connection between the severely affected areas with the outside world, thus safeguarding the communication channels for the rescue works and ensuring the communication of messages of care to the stricken areas, and actively performed its corporate social responsibilities.

OUTLOOK

The telecommunication industry in China still has tremendous potential, and the industry restructuring may bring new changes and opportunities to the Company. In the second half of this year, the Company will increase investments in its GSM network and enhance its overall network coverage and communication quality. The Company will focus on further developing its mobile business, in particular the GPRS value-added services, to boost overall revenue. The Company will continue to execute its strategic restructuring, and ensure a smooth transition and transfer of its CDMA business. The Company also plans to complete the proposed merger with China Netcom smoothly and proactively integrate its existing resources, enhance operational efficiency and service capabilities, in order to achieve synergies.

The Company will convene Extraordinary General Meetings on 16 September 2008 at which the proposal in respect of the disposal of its CDMA business and the merger with China Netcom will be presented to our shareholders for approval.

Following the completion of the merger, the Company will change its name to “China Unicom (Hong Kong) Limited (or “China Unicom” as its short name). The new company will focus on establishing a market leading position in the domestic 3G market, integrating its mobile and fixed-line businesses, launching innovative products and developing new markets with the aim of becoming a world-class broadband communications and information services provider.

We believe that the new company will have stronger integrated capabilities, clearer business strategies and broader scope for business development.

Finally, I would take this opportunity to express on behalf of the Board our heartfelt thanks to Mr. Shang Bing, Mr. Yang Xiaowei, Mr. Li Zhengmao and Mr. Miao Jianhua for their contributions to the Company during their terms of office as Directors. I would also like to express my gratitude to our shareholders and the communities for their support to the Company, and also thanks to the management and all the staff for their efforts in facing the challenges of the first half of this year.

25 August 2008

FINANCIAL AND BUSINESS OVERVIEW

I.		Financial Overview
		For the first half of 2008, the Company continued to follow its existing business objectives and being committed to the market-oriented business strategies, enhanced the quality of business development and achieved steady and sustainable growth in all businesses.
		Continuing Operations (Note 1)

	1.		Revenue
			For the first half of 2008, our revenue from continuing operations continued to grow steadily and reached RMB35.14 billion, up by 4.0% from the same period of last year (Note 2). Of the total revenue, service revenue was RMB35.12 billion, up by 4.0% from the same period of last year. Among the service revenue, service revenue from our GSM cellular business reached RMB32.50 billion while service revenue from our long distance, data and internet business reached RMB2.62 billion.
	2.		Costs and Expenses
			For the first half of 2008, total costs and expenses from continuing operations, including financial gains, interest income and other gains, were RMB30.00 billion, down by 1.1% from the same period of last year. Excluding the effect of the unrealised loss on changes in fair value of derivative component of convertible bonds (Note 3) for the same period of last year, total costs and expenses would be up by 4.5% from the same period of last year. Selling and marketing expenses were RMB5.36 billion, up by 3.4% from the same period of last year and depreciation and amortisation expenses were RMB10.97 billion, down by 0.6% from the same period of last year.
	3.		Earnings
			For the first half of 2008, our profit before income tax from continuing operations was RMB5.13 billion, up by 49.5% from the same period of last year. Profit before income tax for the GSM cellular business was RMB5.16 billion while profit before income tax for long distance, data and Internet business was RMB0.35 billion.
			For the first half of 2008, profit before income tax was up by 49.5% from the same period of last year. Excluding the effect of the unrealised loss on changes in fair value of derivative component of convertible bonds for the same period of last year, profit before income tax for the first half of 2008 would be up by 1.2% compared to the same period of last year.

EBITDA (Note 4) from continuing operations was RMB15.88 billion and EBITDA margin (representing EBITDA as a percentage of the total revenue) was 45.2%. EBITDA margin for the GSM cellular business was 43.6%.

		Discontinued Operations (Note 1)
		For the first half of 2008, profit for the period from discontinued operations, i.e. CDMA cellular business which is also classified as held for sale, was RMB0.65 billion.
		Consolidated Earnings
		For the first half of 2008, profit for the period (Note 5) was RMB4.42 billion (including profit from continuing operations of RMB3.77 billion and profit from discontinued operations of RMB0.65 billion). Basic earnings per share was RMB0.324 and basic earnings per share for continuing operations was RMB0.276.
		Capital Expenditures on and Free Cash Flow from Continuing Operations
		For the first half of 2008, our capital expenditures on continuing operations totaled RMB7.31 billion. Free cash flow from continuing operations (representing net cash generated from operating activities minus capital expenditures) was RMB6.92 billion.
		Balance Sheet
		As at 30 June 2008, our capital structure was further improved. The liabilities-to-assets ratio (Note 6) decreased from 34.9% as at 31 December 2007 to 32.3% as at 30 June 2008. The debt-to-capitalisation ratio (Note 7) decreased from 3.8% as at 31 December 2007 to 3.5% as at 30 June 2008.

II.		Business Overview
		In the first half of 2008, the Company continued to enhance its branding, strengthen its product and business management, improve service support and steadily develop its business, despite the impact from adjustments to mobile roaming tariffs and the major restructuring in the China telecom sector.
1.		Mobile Business
		The GSM business continued to focus on brand marketing, enhancing its sales and marketing and improving its value proposition in different customer segments. As a result, it achieved steady growth by improving perceptions and countering the impact of “calling-party-pay” policies and domestic roaming tariff adjustments. As of 30 June 2008, total number of GSM subscribers reached 127.599 million, a net addition of 7.035 million in the first half of 2008. The average minutes of usage (MOU) per subscriber per

		month for GSM reached 249.6 minutes, slightly ahead of 248.4 minutes in the first half of last year. Average revenue per user (ARPU) was RMB43.6, representing a decline of RMB3.7 from RMB47.3 in the first half of last year. The GSM monthly average churn rate was 2.80% in the first half of this year.
		Despite the roaming tariff adjustment and the telecom restructuring, the Company’s CDMA business maintained stable revenues by actively promoting various theme-based marketing programs and offering differentiated and customized mobile terminals. As of 30 June 2008, the total number of CDMA subscribers reached 43.169 million, a net addition of 1.242 million in the first half of 2008. The average MOU per subscriber per month for CDMA was 243.0 minutes, representing a decrease of 23.4 minutes from 266.4 minutes in the first half of last year. The APRU was RMB51.1, representing a decline of RMB6.0 from RMB57.1 in the first half of last year. The CDMA monthly average churn rate was 2.75% in the first half of this year.

2.		Mobile Value-added Business
		In the first half of 2008, while continuing to increase the penetration of SMS and “Cool Ringtone” services, the Company targeted GPRS services as a new growth area. By increasing GPRS service coverage and launching new wireless applications such as “Stock in Palm”, wireless data revenues continued to grow.
		SMS services continued to grow strongly. In the first half of 2008, GSM SMS volume reached 38.06 billion, representing an increase of 6.9% over the same period of last year, and CDMA SMS volume reached 9.95 billion messages, representing an increase of 7.2% over the same period of last year.
		The penetration of Cool Ringtone service further increased. As of 30 June 2008, GSM Cool Ringtone subscribers reached 42.285 million with a net addition of 4.334 million, and a penetration rate of 33.1%. CDMA Cool Ringtone subscribers reached 12.222 million with a net addition of 39,000, and a penetration rate of 28.3%.
		The GPRS business grew rapidly. As of 30 June 2008, the GPRS network had achieved nationwide coverage in all 31 provinces, established roaming partnership with 20 GPRS operators in 12 overseas countries. For the first half of 2008, total GPRS subscribers reached 22.046 million, with a net addition of 13.153 million and penetration rate of 17.3%. GPRS revenues reached RMB 0.45 billion.
		For CDMA 1X wireless data services, the number of U-Net subscribers continued to grow. As of 30 June 2008, U-Net subscribers totaled 2.338 million, U-Net revenues increased 29.3% compared with the same period of last year, and CDMA 1X wireless data revenues, as percentage of CDMA service revenue, reached 12.3%, significantly higher than that of the first half of last year.

3.		Long Distance, Data and Internet Businesses
		In the first half of 2008, the long distance, data and Internet businesses underwent business transformations, focusing on improving profitability and they achieved steady growth by further developing data business, Internet applications and enterprise information services.
		Traditional data and domestic long distance voice business declined. In the first half of 2008, outgoing domestic and international long distance calls totaled 9.39 billion minutes, representing a decrease of 20.5% compared with the same period of last year. Incoming calls from international destinations, together with Hong Kong, Macau and Taiwan, amounted to 2.24 billion minutes, representing an increase of 20.1% compared with the same period of last year.
		The Company’s long distance data leased-line business grew steadily. As of 30 June 2008, the total circuit leased line bandwidth was 64,000 x 2Mbps, and the total leased bandwidth based on Asynchronous Transfer Mode (ATM) and Frame Relay (FR) services was 8,635 x 2Mbps. The total subscribers of “Uni-Video” broadband video telephony service reached 441,000.
		New Internet applications and enterprise information services continued to be rolled out during the first half of 2008. As of 30 June 2008, the number of Internet broadband subscribers reached 813,000. The number of Internet “Ruyi” Mailbox subscribers totaled 12.917 million. The number of “Ruyi” virus-killing subscribers reached 520,000.
4.		Distribution Channel and Customer Services
		In the first half of 2008, the Company has improved its distribution channel infrastructure on many levels, aiming to improve channel capabilities. The Company’s brand image and customer perceptions have been improved by placing product promotional self-service systems in the sales outlets. Channel capability for marketing products and services to end users has also been strengthened. The Company has fully expanded its electronic online sales channels, and has opened industry-leading unified online sales outlets. The online outlet provides inquiry services to customers electronically, and will roll out transactional services such as online payment, charging, and card purchase.
		The Company has followed a business philosophy of “Customer Focus, Service-driven Development”. By initiating “the Olympic Year of Unicom’s Services” marketing program, the Company strived to fulfill its service commitment, and achieve continued service innovation. By deploying large scale bonus-point redemption program and providing customized membership services, the Company has improved customer loyalty and customer retention. The Company has also initiated a remote recharge service based on “recharge nationwide no matter where you buy the card” capability by providing secure and convenient top-up payment services for prepaid customers. As a result, customer satisfaction has been further improved.

*

To enable an investor to better understand the Group’s operating results of continuing operations and enhance the comparability between accounting periods, the unrealised loss on changes in fair value of derivative component of convertible bonds of approximately RMB1.64 billion for the six months ended 30 June 2007, that is not considered to be an indicator of the Group’s operating performance of continuing operations, is excluded.

	Note 1:		On 2 June 2008, the Company, the Company’s wholly-owned subsidiary, China Unicom Corporation Limited (“CUCL”) and China Telecom Corporation Limited (“China Telecom”) entered into the CDMA business framework agreement whereby CUCL will sell, and China Telecom will purchase, the CDMA Business. (Please refer to the Announcement on (1) Proposed Disposal of the CDMA Business by Unicom to Telecom (2) Proposed Major Transaction (3) Possible Connected Transaction and (4) Resumption of Trading issued on 2 June 2008). According to the above framework agreement and the progress of negotiations made between China Telecom and the Company, in accordance with the Hong Kong Financial Reporting Standards (“HKFRS”) 5, “Non-Current Assets Held for Sale and Discontinued Operations” issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”), the management of the Company presented the proposed disposal of assets and liabilities on the unaudited condensed consolidated interim balance sheet as at 30 June 2008 as assets and liabilities classified as held for sale. In addition, the management of the Company recognised the CDMA business segment as discontinued operations, accordingly, profit from discontinued operations are presented separately in the unaudited condensed consolidated interim income statement for the six months ended 30 June 2008. The 2007 comparative figures of the unaudited condensed consolidated interim income statement and cash flow statement were also restated accordingly. For details, please refer to Note 10 of the Group results.
	Note 2:		Upon the adoption of HKFRS in 2005, merger accounting is used by the Group to account for the combination of entities and businesses under common control in accordance with HKFRS 3 “Business Combinations” and Accounting Guideline 5 “Merger accounting for common control combinations” issued by the HKICPA. Accordingly, the results of operations and financial position of Guizhou Business are included in the consolidated financial statements of the Group as if they were always part of the Group from the beginning of the earliest period presented. As a result, comparative figures have been restated. For details, please refer to Note 2 of the Group results.
	Note 3:		The unrealised loss on changes in fair value of derivative component of convertible bonds of the same period last year was approximately RMB1.64 billion. Since SK Telecom Co. Ltd. had fully converted the convertible bonds into the Company’s shares in August 2007, as a result, the Company no longer needs to recognise the changes in fair value of derivative component of convertible bonds from that date onwards.
	Note 4:		EBITDA represents profit for the period before interest income, financial gain/costs, other gains-net, income tax and depreciation and amortisation. As the telecommunications business is a capital intensive industry, capital expenditures and financial gain/costs may have a significant impact on the net profit of the companies with similar operating results. Therefore, we believe EBITDA may be helpful in analyzing the operating results of a telecommunications service operator like our Company.

			Although EBITDA has been widely applied in the global telecommunications industry as indicator to reflect the operating performance, financial capability and liquidity, it should be considered in addition to, and is not a substitute for or superior to, the measure of financial performance prepared under generally accepted accounting principles (“GAAP”) as it does not have any standardised meaning under GAAP and is not regarded as measures of operating performance and liquidity under GAAP. In addition, it may not be comparable to similar indicators provided by other companies.
	Note 5:		The new enterprise income tax law is effective from 1 January 2008 and the enterprise income tax rate is changed from 33% to 25%. The effective tax rate of continuing operations for the first half of 2008 was 26.6% while the effective tax rate for the same period of last year was 47.0%.
	Note 6:		Liabilities-to-assets ratio represents total liabilities over total assets.
	Note 7:		Debt-to-capitalisation ratio represents interest bearing debts plus minority interest over interest bearing debts plus total equity.

GROUP RESULTS

China Unicom Limited (the “Company”) is pleased to announce the unaudited condensed consolidated interim results of the Company and its subsidiaries (the “Group”) for the six months ended 30 June 2008 extracted from the unaudited condensed consolidated interim financial information of the Group as set out in 2008 interim report. The interim results have been reviewed by the Audit Committee.

UNAUDITED CONDENSED CONSOLIDATED INTERIM BALANCE SHEET
AS AT 30 JUNE 2008
(All amounts in Renminbi (“RMB”) thousands)

						Unaudited				Audited
						30 June				31 December
		Note				2008				2007
ASSETS
Non-current assets
Property, plant and equipment							109,737,056				116,162,165
Goodwill							2,770,983				3,143,983
Other assets							9,970,088				12,855,199
Deferred income tax assets							410,696				426,902
							122,888,823				132,588,249
Current assets
Inventories							813,438				2,528,364
Accounts receivable, net			6				2,307,728				3,211,154
Prepayments and other current assets							1,842,109				3,516,279
Amounts due from related parties							87,234				109,096
Amounts due from Domestic Carriers							172,937				149,736
Short-term bank deposits							140,795				644,016
Cash and cash equivalents							6,734,234				6,675,476
							12,098,475				16,834,121
Assets classified as held for sale			10				11,512,479				—
Total assets							146,499,777				149,422,370
EQUITY
Capital and reserves attributable to the Company’s equity holders
Share capital							1,439,451				1,436,908
Share premium							64,553,493				64,320,066
Reserves							3,965,458				3,968,515
Retained profits
- Proposed 2007 final dividend			9				—				2,726,858
- Others							29,175,469				24,760,833
							99,133,871				97,213,180
Minority interest in equity							4,824				3,914
Total equity							99,138,695				97,217,094

						Unaudited				Audited
						30 June				31 December
		Note				2008				2007
LIABILITIES
Non-current liabilities
Long-term bank loans							1,571,816				1,660,921
Obligations under finance leases							2,618				3,882
Deferred income tax liabilities							5,317				5,864
Deferred revenue							619,170				1,303,015
							2,198,921				2,973,682
Current liabilities
Payables and accrued liabilities			7				26,476,256				32,031,307
Taxes payable							1,090,805				1,239,512
Amounts due to China United Telecommunications Corporation							18,996				820,699
Amounts due to related parties							816,079				769,558
Amounts due to Domestic Carriers							669,394				600,283
Current portion of long-term bank loans							2,057,724				2,191,382
Current portion of obligations under finance leases							266				1,448
Advances from customers							6,538,550				11,577,405
Dividends payable			9				149,000				—
							37,817,070				49,231,594
Liabilities classified as held for sale			10				7,345,091				—
Total liabilities							47,361,082				52,205,276
Total equity and liabilities							146,499,777				149,422,370
Net current liabilities							(21,551,207	)			(32,397,473	)
Total assets less current liabilities							101,337,616				100,190,776

UNAUDITED CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2008
(All amounts in RMB thousands, except per share data)

						Unaudited
						Six months ended 30 June
										2007
										(As restated)
		Note				2008				(Note 2)
Continuing operations
Revenue (Turnover)
GSM business			3, 4, 11				32,499,400				31,289,317
Data and Internet business			3, 4, 11				1,592,356				1,550,334
Long Distance business			3, 4, 11				1,028,070				930,012
Total service revenue							35,119,826				33,769,663
Sales of telecommunications products			3, 4				15,396				4,136
Total revenue			3, 4				35,135,222				33,773,799
Leased lines and network capacities			11				(356,923	)			(310,429	)
Interconnection charges			11				(4,494,345	)			(4,092,501	)
Depreciation and amortisation							(10,972,659	)			(11,043,693	)
Employee benefit expenses							(2,792,343	)			(2,600,405	)
Selling and marketing			11				(5,356,823	)			(5,179,412	)
General, administrative and other expenses			11				(5,949,614	)			(5,512,887	)
Cost of telecommunications products sold							(304,387	)			(109,186	)
Financial gain							109,183				29,804
Interest income							71,309				98,441
Unrealised loss on changes in fair value of derivative component of convertible bonds							—				(1,638,735	)
Other gains - net							42,498				16,639
Profit before income tax							5,131,118				3,431,435
Income tax expenses			5				(1,365,657	)			(1,613,056	)
Profit from continuing operations							3,765,461				1,818,379
Discontinued operations
Profit from discontinued operations			3, 10				654,767				359,600
Profit for the period							4,420,228				2,177,979
Attributable to:
Equity holders of the Company							4,419,318				2,177,291
Minority interest							910				688
							4,420,228				2,177,979

						Unaudited
						Six months ended 30 June
										2007
										(As restated)
		Note				2008				(Note 2)
Earnings per share for profit attributable to the equity holders of the Company
- basic (RMB)			8				0.324				0.172
- diluted (RMB)			8				0.321				0.170
Earnings per share for profit from continuing operations attributable to the equity holders of the Company
- basic (RMB)			8				0.276				0.143
- diluted (RMB)			8				0.273				0.142
Earnings per share for profit from discontinued operations attributable to the equity holders of the Company
- basic (RMB)			8				0.048				0.029
- diluted (RMB)			8				0.048				0.028

UNAUDITED CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2008
(All amounts in RMB thousands)

						Unaudited
						Six months ended 30 June
										2007
										(As restated)
		Note				2008				(Note 2)
Continuing operations
Net cash inflow from operating activities							14,222,761				16,621,448
Net cash outflow from investing activities							(10,338,534	)			(10,535,669	)
Net cash outflow from financing activities							(2,383,945	)			(10,247,316	)
Net cash inflow/(outflow) from continuing operations							1,500,282				(4,161,537	)
Net cash inflow from discontinued operations			10				1,125,964				980,461
Increase/(decrease) in cash and cash equivalents							2,626,246				(3,181,076	)
Cash and cash equivalents at beginning of period							6,675,476				12,243,191
Less: Cash and cash equivalents included in the disposal group			10				(2,567,488	)			—
Cash and cash equivalents at end of period							6,734,234				9,062,115
Analysis of the balances of cash and cash equivalents:
Cash balances							2,936				3,229
Bank balances							6,731,298				9,058,886
							6,734,234				9,062,115

NOTES (All amounts in RMB thousands unless otherwise stated)

1.		GENERAL INFORMATION
		China Unicom Limited (the “Company”) was incorporated as a limited liability company in the Hong Kong Special Administrative Region (“Hong Kong”), the People’s Republic of China (the “PRC”) on 8 February 2000. The principal activities of the Company are investment holding and the Company’s subsidiaries are principally engaged in the provision of GSM and CDMA cellular, long distance, data and Internet services in the PRC. The GSM and CDMA businesses are hereinafter collectively referred to as the “Cellular Business”. The Company and its subsidiaries are hereinafter referred to as the “Group”. The address of its registered office is 75th Floor, The Center, 99 Queen’s Road Central, Hong Kong.
		The shares of the Company were listed on the Stock Exchange of Hong Kong Limited on 22 June 2000 and the American Depositary Shares (“ADS”) of the Company were listed on the New York Stock Exchange on 21 June 2000.
		The immediate holding company of the Company is China Unicom (BVI) Limited (“Unicom BVI”). The majority of the equity interests in Unicom BVI is owned by China United Telecommunications Corporation Limited (“A Share Company”, a joint stock company incorporated in the PRC on 31 December 2001, with its A shares listed on the Shanghai Stock Exchange on 9 October 2002). The majority of the equity interests in A Share Company is owned by China United Telecommunications Corporation (a state-owned enterprise established in the PRC, hereinafter referred to as “Unicom Group”). The directors of the Company consider Unicom Group to be the ultimate holding company.
		Purchase of assets and business of Guizhou branch of Unicom Group (hereinafter referred to as “Business Combination”)
		Pursuant to an asset transfer agreement entered between China Unicom Corporation Limited (“CUCL”, a subsidiary of the Company) and Unicom Group on 16 November 2007, CUCL agreed to purchase the GSM cellular telecommunication assets and business, and the CDMA cellular telecommunication business (operated through a leasing of CDMA network capacity from Unicom New Horizon Mobile Telecommunications Company Limited (“Unicom New Horizon”, a wholly-owned subsidiary of Unicom Group)) of Guizhou branch of Unicom Group (“Guizhou Business”) at a cash consideration of RMB880 million. The consideration for the Business Combination was determined with reference to the results of a business valuation using methods commonly used in capital market transactions in the telecommunications industry and the negotiations between the parties. In addition, pursuant to the asset transfer agreement, the profit or loss of the Guizhou Business for the period from 31 December 2006 to the effective date of the Business Combination was transferred to Unicom Group.
		The aforementioned Business Combination became effective on 31 December 2007, when all the conditions to the Business Combination were satisfied and cash consideration was settled by CUCL. Upon the completion of the Business Combination, the cellular telecommunications business operations of CUCL have been expanded to all provinces, cities and autonomous regions in the PRC. The Company has adopted merger accounting to account for this business combination of entities and businesses under the common control of Unicom Group. Please refer to Note 2 for details.
		Proposed disposal of the Group’s CDMA business to China Telecom Corporation Limited (“China Telecom”)
		On 2 June 2008, the Company, CUCL and China Telecom entered into the CDMA business framework agreement (the “Framework Agreement”), which sets out the terms and conditions on which the Company, CUCL and China Telecom will proceed with the CDMA business disposal whereby CUCL will sell, and China Telecom will purchase, the CDMA business operated by the Group. The CDMA business was defined in the Framework Agreement to include the CDMA mobile telecommunication operations, and its related assets (including certain jointly used CDMA base stations to be agreed between CUCL and China Telecom)

and liabilities owned and operated by CUCL. Pursuant to the Framework Agreement, the consideration for the proposed CDMA business disposal is RMB43.8 billion and will be payable by China Telecom to the Group in cash in three installments and the consideration is subject to a price adjustment mechanism, which is based on the CDMA service revenue generated by the Group for the six months ended 30 June 2007 and 30 June 2008. Based on the CDMA service revenue generated by the Group for the six months ended 30 June 2007 and 30 June 2008, and as agreed by the Company and China Telecom, there will be no adjustment to the consideration as a result of the price adjustment mechanism. The completion of the proposed CDMA business disposal is subject to various conditions as set forth in the Framework Agreement.

		In addition, the Group has been notified by Unicom Group that, on 2 June 2008, Unicom Group, Unicom New Horizon and China Telecommunications Corporation (“China Telecom Group”) entered into a framework agreement which sets out the key terms and conditions on which Unicom Group and Unicom New Horizon will sell their CDMA cellular telecommunications network to China Telecom Group for a consideration of RMB66.2 billion. It is expected that this proposed CDMA network disposal will be completed concurrent with the proposed CDMA business disposal.
		On 27 July 2008, the Company, CUCL and China Telecom entered into the CDMA business disposal agreement (the “Disposal Agreement”). Pursuant to the Disposal Agreement , the Company and CUCL have agreed to sell and China Telecom agreed to purchase: (i) the entire CDMA business, which is owned and operated by CUCL, together with the assets of CUCL which are relevant to the CDMA operations and the rights and liabilities of CUCL relating to its CDMA subscribers, immediately prior to the completion date; (ii) the entire equity interest in China Unicom (Macau) Company Limited (“Unicom Macau”, a subsidiary of the Company); and (iii) 99.5% of the equity interest in Unicom Huasheng Telecommunications Technology Company Limited (“Unicom Huasheng”, a subsidiary of CUCL) representing the entire equity interest in Unicom Huasheng held by CUCL (collectively referred to as the “CDMA Business”). The scope of the CDMA Business is set out in the Disposal Agreement and the detailed items will be confirmed by the Company, CUCL and China Telecom in a final list of the detailed items of the CDMA Business which will be established on or before the delivery date of the CDMA Business.
		In addition, the Group has been notified by Unicom Group that on 27 July 2008, Unicom Group, Unicom New Horizon and China Telecom Group entered into the CDMA network disposal agreement, which sets out the terms and conditions on which Unicom Group and Unicom New Horizon will sell, and China Telecom Group will purchase, the CDMA network at a consideration of RMB66.2 billion. Completion of the CDMA network disposal is also expected to occur on the same date as the completion of the CDMA Business disposal.
		The aforementioned proposed disposal of CDMA Business is subject to various conditions, including, among other things: (i) approval by the shareholders of the A Share Company for the proposed disposal of the CDMA Business, and approval by the non-affiliated shareholders of the A Share Company for the waiver of CDMA network purchase option and the termination of 2006 CDMA Lease Agreement (please refer to Note 4.2(c) of the Company’s 2007 Annual Report for details); (ii) approval by the shareholders of the Company for the proposed disposal of the CDMA Business, and approval by the independent shareholders of the Company for the transfer agreement entered between the A Share Company and CUCL pursuant to which A Share Company has agreed to transfer all of its rights and obligations under the waiver of CDMA network purchase option and the termination of 2006 CDMA Lease Agreement to CUCL (the “Transfer Agreement”); (iii) the necessary procedures required by applicable law and/or required by the relevant binding agreements or documents of CUCL having been performed in accordance with the requirements of the completion plan as set out in the CDMA Business Disposal Agreement; (iv) receipt of any other regulatory or corporate approvals that are necessary for the completion of the proposed disposal of the CDMA Business; and (v) the business and assets identification and specific revenue due diligence having been completed and the results of such identification and due diligence having been jointly confirmed. The extraordinary general meeting of the shareholders of the Company for approving the above Disposal Agreement and the Transfer Agreement will be held on 16 September 2008.

		Proposed merger between the Company and China Netcom Group Corporation (Hong Kong) Limited (“China Netcom”) by way of a scheme of arrangement of China Netcom
		On 2 June 2008, the Company and China Netcom jointly announced that the Company had formally presented the share proposal, the ADS proposal, and the option proposal to the board of directors of China Netcom, and requested the China Netcom’s board of directors to put forward the proposals to the shareholders of China Netcom to consider a merger of the Company and China Netcom (“Proposed Merger”) by way of a scheme of arrangement of China Netcom (the “Scheme”) under Section 166 of the Hong Kong Companies Ordinance.
		Pursuant to the aforementioned share proposal and ADS proposal, each holder of China Netcom share and China Netcom ADS will be entitled to receive 1.508 new ordinary shares and 3.016 new ADSs of the Company respectively for every China Netcom share and China Netcom ADS. For the option proposal, the Company will establish a new option plan, and each holder of China Netcom option will be entitled to receive new options of the Company to acquire the Company’s shares in exchange for their outstanding China Netcom options (whether vested or not). The grant of these options will be based on a formula that values the new options of the Company to be received by a holder of China Netcom options being equivalent to the “see-through” price of that holder’s outstanding China Netcom options. The effectiveness of the above proposals and the Scheme is subject to the various conditions, including, among other things: (i) the approval of the Company’s shareholders for (a) the proposals, (b) the allotment and issue by the Company’s shares pursuant to the share proposal and the ADS proposal and (c) the adoption of a new option scheme for issuance of options under the option proposal; (ii) the approval of the Scheme by the requisite majority of shareholders of China Netcom at a meeting of the shareholders of China Netcom to be convened at the direction of the High Court of Hong Kong for the approval of the Scheme.
		On 13 August 2008, the Company made a further announcement, please refer to Note 12.2 for details. The extraordinary general meeting of the shareholders of the Company for the resolutions described in (i) above will be held on 16 September 2008.
2.		BASIS OF PREPARATION
		This unaudited condensed consolidated interim financial information for the six months ended 30 June 2008 has been prepared in accordance with Hong Kong Accounting Standards (“HKAS”) 34 “Interim Financial Reporting” issued by the Hong Kong Institute of Public Accountants (“HKICPA”). The unaudited condensed consolidated interim financial information for the six months ended 30 June 2008 and 2007 have not been audited by the auditors, and the financial information for the year ended 31 December 2007 are extracted from the audited financial statements as set out in the Company’s 2007 Annual Report. The accounting policies and estimates adopted in the preparation of the unaudited condensed consolidated interim financial information are consistent with those used in preparing the annual financial statements for the year ended 31 December 2007 except that the Group applied HK(IFRIC)-Int 11 “Group and treasury share transactions” on 1 January 2008 retrospectively, subject to the transitional provisions of Hong Kong Financial Reporting Standard (“HKFRS”) 2 “Share-based Payment”. The adoption of HK(IFRIC)-Int 11 does not have any impact on the Group’s unaudited condensed consolidated interim results. In addition, the Group changed the accounting estimate on provision for subscriber points expenses for certain provincial branches, where there were stabilised and reliable historical redemption statistics available. This change of estimate led to the reversal of provision for subscriber points expenses for those provincial branches, based on the historical redemption rates, amounting to approximately RMB92 million for continuing operations and approximately RMB57 million for discontinued operations for the six months ended 30 June 2008.

		Business Combination
		Since the Group and Guizhou Business were both under the common control of Unicom Group prior to the Business Combination, the purchase of Guizhou Business in 2007 is considered as a business combination of entities and businesses under common control, which has been accounted for using merger accounting in accordance with the Accounting Guideline 5 “Merger accounting for common control combinations” (“AG 5”) issued by the HKICPA in November 2005. The acquired assets and liabilities of Guizhou Business are stated at historical costs, and are included in the unaudited condensed consolidated interim financial information from the beginning of the earliest period presented as if the Guizhou Business had always been part of the Group. As a result, the 2007 comparative figures in the unaudited condensed consolidated interim financial information have been restated accordingly.
		Discontinued Operations
		Based on the Framework Agreement dated 2 June 2008, in accordance with HKFRS 5 “Non-current Assets Held for Sale and Discontinued Operations” issued by the HKICPA (“HKFRS 5”), the assets and liabilities of CDMA Business disposal group, which include the assets and liabilities of the CDMA business segment of the Group, as well as certain other telecommunications network assets and other assets in certain regions (including certain jointly used CDMA base stations/auxiliary facilities and sales offices which will also be sold to China Telecom), have been classified as held for sale and are carried at the lower of their carrying amount and fair value less costs to sell since their carrying amount will be recovered principally through a sales transaction rather than through a continuing use since 2 June 2008. The scope and net carrying value of such network assets and other assets are estimated based on the initial agreement between the Group and China Telecom, which may be different from the value of the detailed items of the CDMA Business to be delivered to China Telecom and which will be agreed and finalised on or before the delivery date, in accordance with the completion plan set out in the Disposal Agreement.
		In addition, in accordance with HKFRS 5, the results and cash flows of the operations of the CDMA business segment of the Group have been presented as discontinued operations in the unaudited condensed consolidated interim financial information of the Group for the six months ended 30 June 2008, and the 2007 comparative figures for the unaudited condensed consolidated interim income statement and cash flow statement were also re-presented as discontinued operations accordingly. For details, please refer to Note 10.
		The impact of the restatements of comparative 2007 financial information in connection with the Business Combination and the proposed disposal of the CDMA Business are summarised below:

						Guizhou				CDMA
		The Group				Business				business								The Group
		(as previously				(Business				(discontinued								(continuing
		reported)				Combination)				operations)				Elimination				operations)
For the six months ended 30 June 2007
Results of operations:
Revenue (Turnover)			49,174,762				683,571				(15,893,221	)			(191,313	)			33,773,799
Profit for the period			2,130,956				47,023				(359,600	)			—				1,818,379
Basic earnings per share (RMB)			0.168				—				—				—				0.143

The unaudited condensed consolidated interim financial information should be read in conjunction with the Group’s annual financial statements for the year ended 31 December 2007. The Group’s policies on financial risk management, including the management of credit risk, liquidity risk, cash flow and fair value interest rate risk and foreign exchange risk, as well as capital risk management, are set out in the Company’s 2007 Annual Report.

		As at 30 June 2008, the current liabilities of the Group exceeded the current assets by approximately RMB21.6 billion (31 December 2007: RMB32.4 billion). Taking into account of available sources of financing and continuous net cash inflows from operating activities, the Group has sufficient funds to meet its working capital requirements and debt obligations. As a result, the unaudited condensed consolidated interim financial information of the Group for the six months ended 30 June 2008 have been prepared under the going concern basis.
		The interim financial information is unaudited, but has been reviewed by the Company’s Audit Committee. The Company’s auditors, PricewaterhouseCoopers, has also reviewed the condensed consolidated interim financial information in accordance with Hong Kong Standard on Review Engagements 2410 “Review of interim financial information performed by the independent auditor of the entity’’ issued by the HKICPA. PricewaterhouseCoopers’s independent review report to the Board of Directors is included in the interim report to be sent to shareholders.
3.		SEGMENT INFORMATION
		The Group comprises four business segments based on the various types of telecommunications services mainly provided to customers in Mainland China. The major business segments operated by the Group are classified as below:
		Continuing operations:

	•		GSM business — the provision of GSM telephone and other related services;
	•		Data and Internet business — the provision of domestic and international data, Internet and other related services; and
	•		Long Distance business — the provision of domestic and international long distance and other related services.

Discontinued operations:

•

CDMA business — the provision of CDMA telephone and related services, through a leasing arrangement for CDMA network capacity from Unicom New Horizon (Note 10 and 11);

The Group’s primary measure of segment results for continuing operations is based on segment profit or loss before income tax. Unallocated costs primarily represent corporate expenses, unrealised loss on changes in fair value of derivative component of convertible bonds and income tax expense whilst unallocated income mainly represents interest income, which cannot be identified to different operating segments. Segment assets consist primarily of property, plant and equipment, other assets, prepayments, inventories, receivables and operating cash. Segment liabilities primarily comprise operating liabilities. Capital expenditure mainly comprises additions to property, plant and equipment.

3.1 Business Segments

		Unaudited
		Six months ended 30 June 2008
																										Discontinued
		Continuing operations																								operations
						Data and				Long												Total
		GSM				Internet				Distance				Unallocated								continuing				CDMA
		business				business				business				amounts				Elimination				operations				business				Total
Revenue (Turnover):
Usage fee			17,633,360				1,035,110				353,120				—								19,021,590				6,103,566				25,125,156
Monthly fee			3,218,929				—				—				—								3,218,929				2,037,238				5,256,167
Interconnection revenue			3,439,935				10,899				254,672				—								3,705,506				1,052,461				4,757,967
Leased lines rental			—				303,210				414,801				—								718,011				—				718,011
Value-added services revenue			7,844,996				236,300				—				—								8,081,296				3,585,757				11,667,053
Other revenue			362,180				6,837				5,477				—								374,494				330,420				704,914
Total services revenue			32,499,400				1,592,356				1,028,070				—								35,119,826				13,109,442				48,229,268
Sales of telecommunications products			15,322				74				—				—								15,396				2,422,960				2,438,356
Total revenue from external customers			32,514,722				1,592,430				1,028,070				—								35,135,222				15,532,402				50,667,624
Intersegment revenue			—				664,765				620,776				—				(1,285,541	)			—				—				—
Total revenue			32,514,722				2,257,195				1,648,846				—				(1,285,541	)			35,135,222				15,532,402				50,667,624
Leased lines and network capacities			(109,582	)			(221,323	)			(26,018	)			—								(356,923	)			(4,144,017	)			(4,500,940	)
Interconnection charges			(5,365,403	)			(82,970	)			(331,513	)			—				1,285,541				(4,494,345	)			(1,314,981	)			(5,809,326	)
Depreciation and amortisation			(9,475,659	)			(1,134,394	)			(362,532	)			(74	)							(10,972,659	)			(289,460	)			(11,262,119	)
Employee benefit expenses			(2,369,058	)			(263,907	)			(142,044	)			(17,334	)							(2,792,343	)			(1,039,014	)			(3,831,357	)
Selling and marketing			(4,922,879	)			(312,746	)			(121,186	)			(12	)							(5,356,823	)			(4,138,930	)			(9,495,753	)
General, administrative and other expenses			(5,264,775	)			(395,535	)			(219,933	)			(69,371	)							(5,949,614	)			(1,746,807	)			(7,696,421	)
Cost of telecommunications products sold			(301,887	)			(2,487	)			(13	)			—								(304,387	)			(1,990,467	)			(2,294,854	)
Financial gain/(costs)			372,077				23,148				28,910				(599,332	)			284,380				109,183				(2,523	)			106,660
Interest income			44,385				5,191				1,815				304,298				(284,380	)			71,309				6,946				78,255
Other gains - net			38,149				791				3,111				447								42,498				8,950				51,448
Segment profit (loss) before income tax			5,160,090				(127,037	)			479,443				(381,378	)							5,131,118				882,099				6,013,217
Income tax expenses																							(1,365,657	)			(227,332	)			(1,592,989	)
Profit for the period																							3,765,461				654,767				4,420,228
Attributable to:
Equity holders of the Company																							3,765,461				653,857				4,419,318
Minority interest																							—				910				910
																							3,765,461				654,767				4,420,228
Other information:
Provision for doubtful debts			685,791				31,349				12,671				—								729,811				214,308				944,119
Capital expenditures for segment assets (a)			4,477,187				701,014				946,915				1,180,162								7,305,278				—				7,305,278

		Unaudited
		As at 30 June 2008
										Data and				Long
		GSM				CDMA				Internet				Distance				Unallocated
		business				business				business				business				amounts				Elimination				Total
Total segment assets			109,392,564				9,157,757				7,908,047				17,687,296				52,644,644				(50,290,531	)			146,499,777
Total segment liabilities			30,219,849				7,345,091				2,576,636				3,465,833				3,753,673								47,361,082

		Unaudited
		Six months ended 30 June 2007
		(As restated)
																										Discontinued
		Continuing operations																								operations
						Data and				Long												Total
		GSM				Internet				Distance				Unallocated								continuing				CDMA
		business				business				business				amounts				Elimination				operations				business				Total
Revenue (Turnover):
Usage fee			17,762,799				1,152,390				406,631				—								19,321,820				6,497,777				25,819,597
Monthly fee			3,642,487				—				—				—								3,642,487				2,360,536				6,003,023
Interconnection revenue			2,883,681				19,234				202,318				—								3,105,233				997,419				4,102,652
Leased lines rental			—				250,074				317,886				—								567,960				—				567,960
Value-added services revenue			6,453,903				122,921				—				—								6,576,824				3,012,816				9,589,640
Other revenue			546,447				5,715				3,177				—								555,339				349,490				904,829
Total services revenue			31,289,317				1,550,334				930,012				—								33,769,663				13,218,038				46,987,701
Sales of telecommunications Products			4,035				101				—				—								4,136				2,675,183				2,679,319
Total revenue from external customers			31,293,352				1,550,435				930,012				—								33,773,799				15,893,221				49,667,020
Intersegment revenue			—				869,732				707,351				—				(1,577,083	)			—				—				—
Total revenue			31,293,352				2,420,167				1,637,363				—				(1,577,083	)			33,773,799				15,893,221				49,667,020
Leased lines and network capacities			(113,438	)			(181,499	)			(29,577	)			—				14,085				(310,429	)			(4,198,304	)			(4,508,733	)
Interconnection charges			(4,930,669	)			(223,997	)			(500,833	)			—				1,562,998				(4,092,501	)			(1,221,524	)			(5,314,025	)
Depreciation and amortisation			(9,530,313	)			(1,149,073	)			(364,106	)			(201	)							(11,043,693	)			(312,222	)			(11,355,915	)
Employee benefit expenses			(2,215,036	)			(237,722	)			(125,820	)			(21,827	)							(2,600,405	)			(917,473	)			(3,517,878	)
Selling and marketing			(4,755,839	)			(297,124	)			(126,439	)			(10	)							(5,179,412	)			(4,276,199	)			(9,455,611	)
General, administrative and other expenses			(4,907,902	)			(335,436	)			(255,110	)			(14,439	)							(5,512,887	)			(1,602,557	)			(7,115,444	)
Cost of telecommunications products sold			(108,771	)			(400	)			(15	)			—								(109,186	)			(2,734,486	)			(2,843,672	)
Financial (costs)/gain			(61,721	)			6,855				(2,354	)			(244,898	)			331,922				29,804				(10,547	)			19,257
Interest income			59,347				11,715				3,934				355,367				(331,922	)			98,441				5,265				103,706
Unrealised loss on changes in fair value of derivative component of convertible bonds			—				—				—				(1,638,735	)							(1,638,735	)			—				(1,638,735	)
Other gains - net			16,383				98				158				—								16,639				1,105				17,744
Segment profit (loss) before income tax			4,745,393				13,584				237,201				(1,564,743	)							3,431,435				626,279				4,057,714
Income tax expenses																							(1,613,056	)			(266,679	)			(1,879,735	)
Profit for the period																							1,818,379				359,600				2,177,979
Attributable to:
Equity holders of the Company																							1,818,379				358,912				2,177,291
Minority interest																							—				688				688
																							1,818,379				359,600				2,177,979
Other information:
Provision for doubtful debts			682,159				37,251				14,949				—								734,359				204,995				939,354
Capital expenditures for segment assets (a)			4,863,425				957,764				786,865				2,670,349								9,278,403				—				9,278,403