China Unicom, Alibaba to cooperate on asset trading platform

Updated 2018-02-02 09:42:02 Xinhua

A customer uses her mobile phone outside an outlet of China Unicom in Yuncheng, Shanxi province.

Telecom group China Unicom and tech giant Alibaba Group have announced a joint large-scale intelligent platform for asset transactions.

This marks China Unicom's first cooperation with a private sector investor since the state-owned mobile carrier released its mixed-ownership reform plan last August.

China Unicom said its asset auction system finished seamless connection with Alibaba's online asset trading system within two months to optimize allocation of resources.

The platform is hoped to become an example of asset transaction and management for large-scale enterprises, according to Alibaba.

So far, 150 local branches of China Unicom have opened accounts on the platform, 17 of which conducted 131 auctions of non-performing assets.

Thanks to the platform, the rate of return for terminal assets rose by about 50 percent, and that for cable assets increased by 10 percent.

The two companies will develop the asset trading platform into an open, transparent and efficient platform that serves other large Chinese enterprises.

China Unicom is among the first group of state-owned enterprise to see mixed-ownership reform.

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