China Telecom About to Strike Competitors with Apple iPhone

A Chinese regulator has okayed a version of the Apple (NASDAQ:AAPL) iPhone made for China Telecom’s (NYSE:CHA) networks, putting the much-loved smartphone closer to being available to the mobile operator’s customers.

It is not yet known if the device is the iPhone 4S, the most recent version of the iPhone. The China Radio Management office said on its website that it had approved an Apple smartphone made for China Telecom’s CDMA2000 network.

Originally, Apple’s iPhone was built only for networks that used the WCDMA (Wideband Code Division Multiple Access) standard. When Apple launched an iPhone 4 compatible with CDMA-based networks last year, there was speculation that the device would someday be offered by China Telecom.

China Telecom’s rival China Unicom (NYSE:CHU) is currently the only carrier to officially sell the iPhone in the country. China Unicom will begin selling the iPhone 4S on January 13.

Here’s how these stocks are reacting to the news:

Apple Inc. (NASDAQ:AAPL): AAPL shares recently traded at $423.91, up $1.51, or 0.36%. They have traded in a 52-week range of $310.50 to $426.70. Volume today was 9,388,782 shares versus a 3-month average volume of 14,774,700 shares. The company’s trailing P/E is 15.31, while trailing earnings are $27.68 per share.

China Telecom Corp. Ltd. (NYSE:CHA): CHA shares recently traded at $55.00, down $1.43, or 2.53%. They have traded in a 52-week range of $52.79 to $67.97. Volume today was 93,750 shares versus a 3-month average volume of 75,757 shares. The company’s trailing P/E is 17.74, while trailing earnings are $3.10 per share.

China Unicom (Hong Kong) Limited (NYSE:CHU): CHU shares recently traded at $21.53, up $0.23, or 1.08%. They have traded in a 52-week range of $13.97 to $22.50. Volume today was 203,266 shares versus a 3-month average volume of 1,134,930 shares. The company’s trailing P/E is 82.81, while trailing earnings are $0.26 per share.

To contact the reporter on this story: Gina Smith at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com