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China Unicom to Raise $10 bn from Mixed Ownership Reform, Alibaba & Tencent to Involved in

Updated:2017/6/23 18:06

China Unicom plans to raise $10 billion and the Chinese technology giants Alibaba and Tentent will become its new shareholder, which is one part for the company to propagate the mixed ownership reform, according to the informed sources.

Four people familiar with the matter said that Alibaba and Tencent will invest in the A-share company of China Unicom (600050).

One person noted that Baidu (US: BIDU) has quit the new shareholder competition and the reason is unknown to the outside.

China Unicom Group plans to make its A-share company raise nearly $10.25 billion. Thomson Reuters claimed it's the largest fundraising case in Asia after the initial public offerings of AIA in 2010.

The informed source said China Unicom will sell new shares to raise CNY50 billion and sell part of the A-shares it held. The informed sources asked not to be named as the negotiations are not open.

 Source:C114
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