BEIJING, Sept. 28 /PRNewswire-Asia/ -- China Unicom (Hong Kong) Limited (HKSE: 0762; NYSE: CHU) ("China Unicom" or "the Company") announced that the Company received a conditional irrevocable offer from SK Telecom Co., Ltd. ("SKT"). (Logo: http://www.prnasia.com/sa/2009/09/04/200909041651.jpg ) According to the conditional irrevocable offer, SKT will sell all the China Unicom shares held by SKT to China Unicom, which amounts to 899,745,075 shares. The selling price is HK$ 11.105 per share, which is determined basing on recent market prices of China Unicom, and total consideration is approximately HK$10 billion. After approved by independent shareholders of China Unicom, the parties will sign a share repurchase agreement and complete the transaction thereafter. Following completion, the repurchased shares will be cancelled and the total shares of China Unicom will be reduced to approximately 22.868 billion from 23.768 billion. Mr. Chang Xiaobing, Chairman of China Unicom, said, "We are confident of China Unicom's development. The share repurchase would be beneficial for maximising the value of Shareholders investment in the Company. After the share repurchase, China Unicom will be pleased to maintain the sound cooperation partnership with SKT." About China Unicom China Unicom (Hong Kong) Limited ("the Company") was incorporated in Hong Kong in February 2000 and was listed on the New York Stock Exchange and the Stock Exchange of Hong Kong on 21 June 2000 and 22 June 2000, respectively. On 1 June 2001, the Company was included as a constituent stock of the Hang Seng Index. At present, the Company is engaged in GSM and WCDMA cellular business in 31 provinces, municipalities and autonomous regions in China, the provision of fixed-line voice, broadband and other Internet-related services, information and communications technology services, business and data communications services, and other related telecommunication value-added businesses. As of 31 August 2009, the Company had approximately 142 million mobile subscribers, 108 million local access subscribers, and 36.6 million broadband subscribers. If you would like to know more about the Company, please visit http://www.chinaunicom.com.hk/. . Disclaimer: China Unicom would like to caution readers about the forward-looking nature of some of the statements in this press release. These forward-looking statements are subject to various risks and uncertainties, including future changes in our competitive and regulatory environment, future growth rates of the Chinese economy and its telecommunications industry, changes in telecommunications-related technologies and applications and other factors that will affect the execution of our business plans and strategies. Media contact: Dr. Sophia Tso China Unicom (Hong Kong) Limited Tel: (852) 2121 3212 Email: http://www.prnasia.com/sa/2009/09/04/200909041651.jpgDATASOURCE: China Unicom (Hong Kong) Limited CONTACT: Dr. Sophia Tso of China Unicom (Hong Kong) Limited, +852-2121-3212, Web Site: http://www.chinaunicom.com.hk/

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