KuangChi says parent invests $600 mln for 1.88 pct of Unicom

Genesis Scale Holdings

22/08/2017 02:29

HONG KONG, Aug 22 (Reuters) - KuangChi Science Ltd  0439.HK  
said its parent has invested 4 billion yuan ($600.3 million) in 
a 1.88 percent stake in China United Network Communications Ltd 
 600050.SS , becoming one of its strategic investors under a 
mixed ownership reform plan. 
    KuangChi Group-controlled KuangChi Connection Technology 
will cooperate with China United Network in areas including 
cloud computation, big data, internet of things, artificial 
intelligence, digital content and payment finance, the Hong 
Kong-listed firm said late on Monday. 
    KuangChi Science - an investment company engaged in space 
equipment, paper and property with a market value of HK$15.5 
billion ($2 billion) - would explore the possibility of 
cooperation with China United Network, it said in the filing to 
the Hong Kong bourse.  
    China Unicom's $11.7 billion ownership reform plan, in which 
Unicom's Shanghai-listed unit will tap more than a dozen major 
investors including Alibaba  BABA.N , Tencent  0700.HK  and 
Baidu  BIDU.O  for funds, has been billed as a model case for 
revitalising Chinese state firms with private capital. 
 urn:newsml:reuters.com:*:nL4N1L707T 
 
($1 = 6.6630 Chinese yuan renminbi) 
 
 
($1 = 7.8243 Hong Kong dollars) 
 
 (Reporting by Donny Kwok; Editing by Stephen Coates) 
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters 
Messaging: donny.kwok.reuters.com@reuters.net)) 
 
Keywords: KUANGCHI SCIENCE CHINA UNITEDCOMM/