China Unicom Parent and Tencent Partnership Gets Approval

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China Unicom Parent and Tencent Partnership Gets Approval

Max77777
2022-11-07

CHINA UNICOM(00762.HK)

3.500

+0.29%

China United Network Communications(600050.SH)

3.580

-1.92%

Tencent ADR(TCEHY.US)

30.890

+7.52%

By Yifan Wang and Bingyan Wang

Shares of China United Network Communications Ltd. soared as its regulatory go-ahead for a joint venture with Tencent Holdings Ltd. buoyed investor sentiment.

The company, one of China's largest telecom carrier and parent of Hong Kong-listed China Unicom (Hong Kong) Ltd., rose by the daily limit of 10% to end at 3.75 yua

The gains took place mostly in the final hour of trading, after state media Securities Times drew investors' attention to the latest approval of a joint-venture deal between units of China United Network and internet giant Tencent.

The two companies received regulatory approval for a joint business in computation and server operations, according to an earlier statement by China's State Administration for Market Regulation, the country's top market watchdog.

The joint venture will be controlled by China United's and Tencent's subsidiaries, which will hold a 48% and 42% stake in the new company, respectively.

@tigerstars

# Have Chinese Stocks Bottomed?

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TigerEye
·2022-11-08
cool
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SuccesInvst
·2022-11-07
👍
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2
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Pretty Val
·2022-11-07
thanks
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2
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SG 88
·2022-11-07
cool thanks
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壮志高飞
·2022-11-07
ok
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2
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YoshiR
·2022-11-07
K
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2
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Niknaks
·2022-11-07
no..
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1
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Money168
·2022-11-07
ok
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2
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MGOH
·2022-11-07
Ok
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1
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Triana
·2022-11-07
Nice
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1
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Petergui
·2022-11-07
thanks
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1
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MAH18
·2022-11-07
[Cool]
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ZU888
·2022-11-07
thanks sharing
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Soonest
·2022-11-07
Good
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neosg
·2022-11-07
ok
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roarrich
·2022-11-07
good
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tina go
·2022-11-07
k
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jakejak3jake
·2022-11-07
Like
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jakejak3jake
·2022-11-07
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AFR
·2022-11-07
ok
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