The most recent financial results published by operators in Greater China provide some interesting insights into the mixed results that early 5G services are delivering for mobile operators in all advanced regions. In Taiwan, two of the three main operators, Chunghwa Telecom and Taiwan Mobile, had contrasting fortunes in the first quarter of 2021. Market leader Chunghwa reported strong growth in revenue and profit, largely driven by 5G, but Taiwan Mobile blamed the burden of 5G capex for a fall in profits. The differing picture shows the importance of the timing of capex cycles, relative to the launch of new revenue-generating services, and that often favors larger operators that have the greatest scale, and often strong ability to tap into…