May 19, 2023

China Telecom shares are still showing some weakness despite some recent developments.

CHA – Weekly Chart

CHA – Weekly Chart

The price of CHA has seen further selling through the 6.0 level, and investors will look to the 5.0 level for support. 

China Telecom launched a jointly developed Blockchain SIM (BSIM) card with Conflux Network, the first regulatory-compliant blockchain. 

The BSIM card will be the first mobile user id card based on blockchain technology. The BSIM is almost identical to traditional SIM cards and fully compatible with Android and iOS systems. It also boasts storage space that is 10-20 times larger than conventional SIM cards. 

The BSIM will be trialled in Hong Kong before being rolled out elsewhere. “The BSIM card is just a first step as we collaborate in exploring a diverse range of application scenarios and supplementary products, made possible through the innovative integration of blockchain technology with modern communication advancements,” said Li Anmin of the Research Institute at China Telecom Group. 

Another new development in South America saw China Telecom do Brasil launching its eSurfing Cloud services. Cloud services in Brazil are expected to grow by nearly 19% by 2033. 

Meanwhile, China’s big four telecom operators said they would launch the world’s first 5G cross-network roaming service in the Xinjiang Uygur region. The service will enable smartphone users to access the networks of other telecom operators’ 5G networks if their operator has no coverage in the area.

Read More

US30 Looks To Resistance Ahead Of June’s FED Meeting
Tesla Has Breakout Potential After Government Subsidy Update
Gold Price at Risk of Further Losses with Support Test
NIO Stock in Focus with Latest Earnings Release
CADJPY in Focus with BOC Rate Decision and Japanese GDP
Coinbase Shares Drop After SEC Announces Lawsuit