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China Unicom's $12 billion ownership-reforms plan mired in confusion

Tags: kong china unicom

HONG Kong (Reuters) - Telecoms group China Unicom's $11.7 billion ownership-reforms plan, billed as a model case for revitalizing Chinese state firms with private capital, remained under a cloud on Friday, with confusion about fundraising details persisting.

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

The deal represents the largest capital raising in the Asia-Pacific region since insurer AIA's 2010 market debut, as per Thomson Reuters data.

China Unicom has said the funds would be raised by the group's Shanghai unit via sale of new as well as existing shares, and the investors will get a combined 35.2 percent stake in that company.

Jefferies earlier said in a note the diversified nature and representation of private investors was unprecedented for a Chinese state-owned enterprise, signifying the degree of support Unicom receives from the government.

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China Unicom's $12 billion ownership-reforms plan mired in confusion


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