Caixin
Aug 16, 2017 06:47 PM
BUSINESS & TECH

Unicom to Sell 35% of Shanghai Unit to 14 Investors

Four investors will pay 6.83 yuan per share to purchase 10.9 billion shares of China United Network Communications Ltd., equal to about a third of the company. Photo: Visual China
Four investors will pay 6.83 yuan per share to purchase 10.9 billion shares of China United Network Communications Ltd., equal to about a third of the company. Photo: Visual China

Wireless carrier Unicom Group will sell 35% of its Shanghai-listed unit to 14 investors, including the nation’s top four internet companies, under a pilot program to make big state-owned companies more dynamic by introducing private investors, Unicom’s Hong Kong-listed unit said on Wednesday.

The announcement that the new investors will include internet giants Alibaba, Tencent, JD.com and Baidu comes about a year after Beijing first named Unicom Group as one of a handful of big state-owned enterprises that would take part in the pilot program. Other investors in Unicom’s Shanghai-listed unit will include retailing giant Suning, ride-hailing startup Didi Chuxing, and leading insurance company China Life.

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