Unicom to raise $11.63b from strategic investors

The telecoms giant has tapped Tencent, Baidu, Jd.com, Alibaba, part of China’s multi-year plan to reform the its state-owned enterprises.

Unicom plans to raise about Rmb77.91 billion $11.63 billion from Tencent, Baidu, Jd.com, Alibaba and others, via the sale of a majority stake in its Shanghai-listed unit.

The bumper sale by China’s second-largest mobile carrier will take place via a private placement of 9.037 billion new shares and 1.9 billion shares existing shares in China United Network Communications, according to a filing in Hong Kong on Wednesday.

Unicom Group’s shareholding in it’s A-share-listed company will drop to 36.67%, while China Life Insurance will own 10.22% Tencent will take a 5.18% stake Baidu 3.3% JD.com 2.36% and Alibaba about 2%. In total the new...

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