China’s second biggest mobile phone -firm known as Unicom (Hong Kong) Ltd., declined the most in more than two months seen in Hong Kong trading after stating that it’s profit last year plummeted more than fifty percent.

China Unicom declined by 1.9 percent to reach HK twelve dollars and seventy six cents as seen at 10:35 a. m. after going down earlier as much as 3.9 percent, its biggest intraday decline since Nov. 12.

Fast paced growth in sales seen in the last year was compensated by the high pressure on the company’s earnings because of subsidies provided to third-generation handsets for attracting users, and maintenance costs of network, stated the carrier in a statement after markets closed Friday. The statement given for preliminary earnings didn’t divulge details of the results, and that will not be released until the month of March.

The company will supposedly report its 2010 net income amounting to four billion and six hundred and forty thousand yuan which is roughly seven hundred and four million dollars as per the average made by twenty analyst estimates compiled by Bloomberg. That would represent a all of fifty one percent from China Unicom’s profit of nine billion five hundred and sixty thousand yuan seen in 2009.

Chinese stocks went up on Friday as investors looked for low-priced shares after recent falls and prior to the long Chinese New Year holiday. Chinese investors’ upbeat outlook on Friday was in stark contrast with overseas concerns about fallout from the political chaos in Egypt. Today will be last day of trading on the mainland until its bourses reopen on Feb. 9.

The year is ending with a spell of IPOs and stock sales in China, which was the leader of the world in IPOs last year. Aluminum Corp. of China which is the aluminum industry leader known as Chalco plans to sell up to one billion domestic shares to ten potential investors, the company stated today. Shares shredded as much as 1.6% in New York-trading.