Private Firms Get 3 Board Seats of China Unicom

Updated:2017/8/17 18:01

China Unicom announced the 2017 interim performance report and the mixed ownership reform scheme recently.

The telco will raised capital of CNY78 billion by selling shares of the Shanghai-listed unit to 14 companies and employees.

China's four large Internet corporations, Baidu, Alibaba, Tencent and Jingdong will hold the stake of China Unicom as strategic investors respectively with investment of CNY7 billion, CNY4.33 billion, CNY11 billion and CNY5 billion.

The funds gained in the mixed ownership reform will be in place as soon as the end of this year, and meanwhile, changes will happen to the board construction that private enterprise strategic investors will take three board seats, government representatives three, China Unicom Group two and state company one, Wang Xiaochu, chairman of China Unicom said at the results briefing.

However, Mr. Wang noted that there will be a trading ban of three years.

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