Unicom surges after securing b funding

Updated 2017-08-22 09:32:28 Shanghai Daily

Shanghai-listed China Unicom surged by the 10 percent daily cap yesterday after releasing an agreement to attract 78 billion yuan (.5 billion) from investors, including Internet giants, industry leaders and special funds.

The new strategic investors, including Baidu, Alibaba, Tencent and JD.com, will take a 35.2 percent stake in China Unicom while the state-owned China Unicom Group will hold 36.7 percent.

The deal sent Shanghai-listed China Unicom to close at 8.22 yuan yesterday. Meanwhile, its Hong Kong-listed shares jumped 3.52 percent yesterday.

Electronics retailing titan Suning, software giant Yonyou Network and network service provider Wangsu Science & Technology have also invested in China Unicom, the country's second-biggest mobile carrier.

The deal marks 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 seek to integrate and merge state-owned assets with private capital, industry insiders said.

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

Private investment is expected to contribute more to invigorate China's economy, the National Development and Reform Commission, the country's top economic planner, said.

The deal, which has been approved by the China Securities Regulatory Commission, comes after China Unicom said in a statement last Wednesday it would raise 78 billion yuan from investors. But it then deleted the statement for "unconfirmed issues."

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58September 27 2017 02:02:05

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 27 2017 02:02:05

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18September 27 2017 02:02:05

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