Listed firms halt trading on Unicom investment

Updated 2017-08-18 13:31:19 Shanghai Daily

Several listed firms stopped trading yesterday because they are involved in investing a huge volume of private capital into state-owned China Unicom.

On Wednesday, China's second-biggest telecommunication carrier said it would raise about 78 billion yuan (.7 billion) from a dozen investors, including Alibaba and Tencent. But China Unicom deleted the related statements later for "un-confirmed issues". The final details of the deal may be released on Monday.

The listed arms of the investors, including electronics retailer Suning Commerce Group Co, software giant Yonyou Network Technology and network service provider Wangsu Science & Technology Co, announced yesterday a halt to trading.

The deal represents the largest capital raising in the Asia-Pacific region since 2010. It will also be the biggest deal in recent years under China's mixed-ownership reforms, which seeks to integrate and merge state-owned assets and private capital, industry insiders said.

"The spot light of the deal is not only the capital, but new opportunities and business operation and structure of China Unicom," said Guosen Securities in a report.

Shares of telecommunications equipment makers rose yesterday as it is expected they will benefit from 5G and China Unicom's reform.

Shenzhen-listed telecom equipment giant ZTE Corp jumped 2.32 percent to close at 22.95 yuan while Tongyu Communication Inc rose 3.23 percent to 34.5 yuan, compared with a 0.5 percent rise in the Shenzhen stock index yesterday.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58February 20 2018 11:57:32

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 12:16February 20 2018 11:57:32

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18February 20 2018 11:57:32

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