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在线翻译:
szdaily -> Markets
Unicom reform plan mired in confusion
    2017-August-21  08:53    Shenzhen Daily

CHINA Unicom’s US$11.7 billion ownership reform plan, billed as a model case for revitalizing Chinese State firms with private capital, remained under a cloud Friday, with confusion about fundraising details persisting.

The State-owned group announced Wednesday it was raising the funds via its Shanghai-listed unit from more than a dozen investors, including tech giants Alibaba Group, Tencent Holdings and Baidu.

But since then, China Unicom has taken down the announcement of the fundraising from the Shanghai Stock Exchange, shares of its two listed units remain suspended, and one investor named by Unicom in the fundraising denied involvement in the deal.

“It’s very, very odd,” said Hong Hao, head of research at brokerage BOCOM International, referring to the deal announcement and its subsequent withdrawal.

The China Unicom fundraising is part of the government’s push for State-owned enterprises to be revitalized with private capital. China Unicom is among the first batch of State-owned enterprises slated for mixed-ownership” reforms.

The deal represents the largest capital raising in the Asia-Pacific region since insurer AIA’s 2010 market debut.

But the deal has become mired in confusion. Rail equipment maker CRRC Corp., one of the 14 investors named by China Unicom, denied making an investment.

A China Unicom spokesman in Hong Kong then said a wholly-owned unit of CRRC was the investor in the telecom group and not the listed company itself, which was corroborated later by a senior CRRC executive.

Shares in China Unicom’s Hong Kong and Shanghai listed units remained suspended from trading even Friday, contrary to expectations they would resume trading after the fundraising announcement.

Moreover, the deal announcement was taken down from the Shanghai bourse website late Wednesday, a few hours after its posting, although it has remained on the Hong Kong bourse’s website as well as the website of the Hong Kong unit.

An official at China Unicom Hong Kong Ltd. said the announcement was taken down from the Shanghai exchange due to “technical issues.”

China United Network Communications, the Shanghai-listed unit, said Wednesday it would issue documents on the share placement within three trading days and would resume trade. (SD-Agencies)

 

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