China reaffrmed its position as the world’s largest mobile market nwith 940mn mobile subscribers at the end of September 2011, rep-nresenting an increase of 15.3% year-on-year. More encouragingly, n3G subscriptions replaced 2G as the main growth driver in Q211, nand 3G growth momentum has continued to accelerate. However, noperators have yet to reap the rewards as network expansion and nmarketing costs weigh heavily on their proftability. Nevertheless, nwe believe that the aggressive tactics are necessary to secure share nin the fedgling market before shifting their attention to improving ntheir proft margins.
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