China Unicom to Spin Off, List Vehicle Networking Unit Zhiwang Technology in Shenzhen

MT Newswires Live10-23

China United Network Communications (SHA:600050) is looking to spin off vehicle networking subsidiary China Unicom Zhiwang Technology and list it on the Shenzhen Stock Exchange, according to a Thursday filing with the Shanghai bourse.

China Unicom will still maintain control over Zhiwang following the spinoff.

China Unicom holds 68.88% of Zhiwang through China United Network Communications (Hong Kong) (HKG:0762) subsidiary China United Network Communications Co., Ltd.

The proposed spinoff will help Zhiwang with its innovations and improvements, increase research and development investment, and boost competitiveness, among others, Unicom said.

Zhiwang will then be able to integrate its connected vehicle business, the filing said.

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