China regulator says no 'special treatment' at Unicom and thereafter

Updated 2017-08-26 10:31:00 CGTN

China's securities regulator said on Friday that state-owned enterprises' (SOEs) mixed-ownership reform plans must strictly abide by new rules, and explained China Unicom's plan was not subject to the rules because it had been set before they were introduced.

The China Securities Regulatory Commission (CSRC) warned major shareholders that "any item related to the capital markets must strictly stick to existing rules published by the securities regulator" in a regular press conference.

The CSRC in February revised its rules on private placement where deal size shall not exceed 20 percent of the original equity. However, the percentage in Unicom's deal, which was announced in August, surpassed 40 percent.

The plan, in which Unicom is to raise 77.9 billion yuan (11.7 billion US dollars) from private companies including Tencent, Alibaba and Baidu, immediately raised eyebrows in Chinese media and investors who claimed it may have violated the new rules.

In a quick response, the CSRC said Unicom's plan had been formed under the guidance of the National Development and Reform Commission before its new rules came out, and it was subject to the previous rules.

The CSRC reiterated on Friday that the plan was being treated as an exceptional case. Some observers consider Unicom's reform as a pilot run to revitalize Chinese SOEs, partly because the plan involves the country's monopoly area.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58September 25 2017 17:50:34

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16September 25 2017 17:50:34

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18September 25 2017 17:50:34

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords