China's second largest telecom operator, China Unicom, has officially unveiled plans to bring in private investment, selling over 10-billion, or 35-percent, of its shares of its Shanghai-listed unit to some strategic investors.
This is part of Unicom's mixed ownership reform plan.
14 investors, including internet giants Tencent and Alibaba, are going to buy into Unicom.
China Life will purchase the largest stake at 10-percent.
Tencent will take 5-percent, while Baidu will hold 3-percent of the shares.
The reform also includes an employee incentive plan that will allow employees to buy 850-million shares.
In the latest development, Unicom has reportedly removed the reform plan from its website, as it has prolonged the suspension of its shares in Shanghai.
The company says this is not a signal of any changes to the plan.
