China’s biggest technology and internet groups including Alibaba, Tencent and Baidu will join a list of companies investing $11.7bn in China Unicom, the country’s second-largest wireless telecom operator, in an attempt to revitalise the state-owned group with private capital.
A long list of private and state investors will buy up 35.19 percent of the company’s Shanghai-listed unit China United Network Communications. China Unicom’s shareholding in the unit will be 36.67 per cent.
While the investors include some of China’s top technology brands, such as e-commerce giant JD.com and ride-hailing group Didi Chuxing, it also will bring several large state-owned companies into the picture.
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