China Unicom eyes subsidiary and secondary markets
Telecom giant to seek financing as it works with strategic investors in several key areas, including digital content, home Internet, cloud computing, big data and Internet of Things
China Unicom, one of three big telecommunication operators in China, plans to set up a capital operation subsidiary within the company to increase capital via secondary markets, said Wang Xiaochu, the chairman of the company, Caixin reported.
The subsidiary is expected to jointly invest with others, or come up for financing, Wang added.
China Unicom, a previously state-owned enterprise, has conducted a trial ownership reform, the report said.
According to Wang, the stake held by the largest shareholder dropped to 36.7% from 62%, no longer holding more than 51% of the stake. The company also introduced strategic investors, including Internet giants and industry funds, accounting for 35.2% of shareholdings
Wang revealed that the company has been working closely with strategic investors in the areas of retail systems, digital content, home Internet, financial payment, cloud computing, big data, Internet of things, industrial Internet and communication services.