Tencent, China Unicom gain nod to set up 'mixed ownership' company

Tencent, China Unicom gain nod to set up 'mixed ownership' company

Tencent Holding Ltd

Chinese tech giant Tencent Holdings and state-owned telecommunications firm China Unicom have received regulatory approval to set up a so-called “mixed ownership” company, a public document showed on Wednesday.

China has been accelerating its push for mixed-ownership reforms in an effort to boost the competitiveness of state firms.

It was not immediately clear what the planned company would do.

Shares in China Unicom surged 10% in Shanghai, forcing a temporary suspension of trade. Trade in its Hong Kong-listed shares had ended before the news emerged as the stock market there was closed early due to a typhoon.

The State Administration for Market Regulation approved the application, according to a list it published.

Reuters

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter

You have 3 free stories remaining for the month. Register to continue reading our content