Market CompetitionPrice war in the mobile market could lead to irrational competition for market share and affect ARPU.
Operational ChallengesChina's telecom sector is exposed to policy risks, management reshuffles, and tariff cuts, which could be unfavourable to business performance.
Regulatory RisksChina's telecom sector is exposed to policy risks, management reshuffles, and tariff cuts, which could be unfavorable to business performance.