Tencent and China Unicom gain approval to set up 'mixed ownership' company

HONG KONG : Chinese tech giant Tencent Holdings and state-owned telecommunications firm China Unicom have received regulatory approval to set up a so-called"mixed ownership" company, a public document showed on Wednesday.

China has been accelerating its push for mixed-ownership reforms in an effort to boost the competitiveness of state firms.Shares in China Unicom surged 10 per cent in Shanghai, forcing a temporary suspension of trade. Trade in its Hong Kong-listed shares had ended before the news emerged as the stock market there was closed early due to a typhoon.

The State Administration for Market Regulation approved the application, according to a list it published.

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