May 5, 2017 (Shareholders Foundation) - An investigation on behalf of investors of China Unicom (Hong Kong) Limited (ADR) (NYSE:CHU) shares over potential securities laws violations by China Unicom (Hong Kong) Limited and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of China Unicom (Hong Kong) Limited (ADR) (NYSE:CHU) concerning whether a series of statements by China Unicom regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

China Unicom (Hong Kong) Limited reported that its annual Total Revenue declined from over $40.17 billion in 2015 to over $39.75 billion in 2016 and that its Net Income fell from over $1.53 billion in 2015 to $90.62 million in 2016. Shares of China Unicom (Hong Kong) Limited (ADR) (NYSE:CHU) grew from $10.04 per share in June 2016 to as high as$14.10 per share on April 7, 2017.

On April 18, 2017, media outlets reported that China Unicoms former Chairman and Chief Executive Officer Chang Xiaobing admitted at trial in China that he accepted bribes worth more than 3.76 million yuan during his 14-year tenure at China Unicom.

Shares of China Unicom (Hong Kong) Limited (ADR) (NYSE:CHU) declined on May 2, 2017, to $12.93 per share.