Nov 03, 2022 05:38 AM

BUSINESS

Tencent and China Unicom Tie Up in New Joint Venture

By Qin Min and Han Wei

The partnership is another tie-up between Tencent and China Unicom after a 2017 investment in which the social media giant acquired a 5.18% stake in the telecom company.

The partnership is another tie-up between Tencent and China Unicom after a 2017 investment in which the social media giant acquired a 5.18% stake in the telecom company.

Chinese social media giant Tencent Holdings Ltd. and state telecom operator China Unicom were cleared by the country’s antitrust regulator to set up a joint venture to develop data and cloud-related businesses.

The State Administration for Market Regulation granted “unconditional approval” Tuesday for the deal. A Tencent unit will hold 42% of the new venture with a China Unicom subsidiary holding 48%. Employees will own the remaining 10%.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Share this article

Open WeChat and scan the QR code

GALLERY

: Gallery: Innovation Takes Off at Flying Vehicle Expo

NEWSLETTERS

Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription

PODCAST

Caixin Deep Dive: How China’s Crypto Ban Makes Disposing of Seized Assets a Lot Harder

00:00

00:00/00:00

MOST POPULAR

1: Cover Story: China’s Factory Exodus Is Turning Vietnam Into the World’s Assembler

2: Meituan Enters Open-Source AI Race With LongCat Model

3: Ex-UBS Banker in Hong Kong Jailed 10 Years for Laundering $17.2 Million

4: Saudi Power Giant ACWA Bets Big on China’s Renewable Energy Market

5: End of U.S. Tax Exemption Hits Chinese Air Cargo Carriers Differently

SPONSORED

OR