- Despite observations that a mixed-ownership reform plan for China's state-owned telecom China Unicom (NYSE:CHU) could usher in a wave of reforms, the country's securities regulator says there won't be a repeat of that special treatment.
- China Unicom is undergoing a transition to mixed ownership by raising $11.7B in what was thought a model for revitalizing public firms with private capital, from major investors including Alibaba (NYSE:BABA), Tencent and Baidu. But the deal looked chaotic and a bit rushed and may have violated rules on private placements.
- China's CSRC says today that the deal is being treated as an exceptional case.
- Premarket, China Unicom is 2.2% lower.
- Previously: China Unicom +3.3% as $11.7B reform plan gets regulatory OK (Aug. 21 2017)
- Previously: China Unicom pulls $11.7B mixed-ownership plan amid confusion (Aug. 17 2017)
- Now read: Rogers Communications - The Telecom Riding The Market Like There Is No Tomorrow
Original article