-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanhan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Fun
-
Budding Writers
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Business_Markets
-
Shopping
-
Travel
-
Restaurants
-
Hotels
-
Investment
-
Yearend Review
-
In depth
-
Leisure Highlights
-
Sports
-
World
-
QINGDAO TODAY
-
Entertainment
-
Business
-
Markets
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> Markets
Securities regulator backs Unicom reform plan
    2017-August-22  08:53    Shenzhen Daily

CHINA Unicom’s US$11.7 billion ownership reform plan does not violate rules, the nation’s securities regulator said, helping shares in the telecom group’s units surge as they resumed trade yesterday after speculation that the deal was under scrutiny.

The deal, in which Unicom’s Shanghai-listed unit will tap more than a dozen major investors, including Alibaba Group, Tencent Holdings and Baidu, for funds, had sown much confusion after it was first announced last Wednesday.

China Unicom took down a statement from the Shanghai Stock Exchange last week, citing technical issues, and shares in Unicom’s Hong Kong and Shanghai-listed units remained suspended last week.

But late Sunday, the telecom group reiterated it was planning to raise 77.9 billion yuan (US$11.7 billion) through an ownership reform plan that has been billed as a model case for revitalizing Chinese State firms with private capital.

“After going through the relevant legal procedures with the National Development and Reform Commission (NDRC) and other departments, the China Securities and Reform Commission (CSRC) will treat the private placement in China Unicom’s ownership reform as an exceptional case,” the CSRC said in a statement late Sunday.

Chinese media had speculated the deal violated rules on private placements in terms of deal size and pricing mechanism after the CSRC revised its rules in February.

China Unicom Hong Kong said in a statement yesterday that all the terms of the ownership reform plan were consistent with those announced previously.

A source familiar with the deal said not everyone was on the same page when the announcement came out Wednesday but all parties were now fully committed. The source, who was not authorized to speak to the media, declined to be identified.

(SD-Agencies)

 

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn