China Unicom counts Alibaba, Tencent among investors in drive to raise $10b

China Unicom counts Alibaba, Tencent among investors in drive to raise $10b

Company logos of China Unicom are displayed at a news conference during the company's announcement of its annual results in Hong Kong, China March 16, 2016. REUTERS/Bobby Yip/File Photo

Chinese tech giants Alibaba Group Holdings and Tencent Holdings will be among new investors pouring a total of around $10 billion into mobile carrier China Unicom, sources said, part of efforts by Beijing to rejuvenate state behemoths with private cash.

Four sources with knowledge of the matter told Reuters that Alibaba and Tencent would invest in the Shanghai-listed unit of the telecoms group – China United Network Communications Ltd – as part of the capital-raising effort.

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