China Unicom (Hong Kong) Ltd. logged modest growth in both revenues and net profits in the first half of 2020, as the mobile carrier accelerated the deployment of its 5G network.

In the first six months of the year, China Unicom’s total revenues grew 3.8% year-on-year to 150.4 billion yuan ($21.7 billion), with service revenue rising 4% to 138.3 billion yuan, according to the company’s 2020 interim earnings report. Net profits jumped 10.1% year-on-year to 7.6 billion yuan.

Investors welcomed the results by bidding up Unicom’s stock by 25.6% in Thursday trade in Hong Kong.

Currently, China Unicom has 310 million mobile billing subscribers partly as a result of its continued adjustments to its mobile business development strategy, which the company kicked off last year, CEO Wang Xiaochu said in a statement.

Unicom has so far put into service some 210,000 5G base stations in more than 50 major cities across the country, according to Wang. He added that the company also ramped up efforts to commercialize 5G applications in areas including industrial internet use, smart cities and healthcare.

Contact reporter Ding Yi (yiding@caixin.com)

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