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Alibaba, Tencent among investors putting $10B in Chinese telecom

Published 06/22/2017, 09:42 AM
Updated 06/22/2017, 09:42 AM
© Reuters.  Alibaba, Tencent among investors putting $10B in Chinese telecom
  • Beijing-based telecom China Unicom will receive a $10B infusion from investors including Alibaba (NYSE:BABA) and Tencent (OTCPK:TCEHY, OTCPK:TCTZD), according to Reuters sources, in a government-backed attempt to turnaround state businesses with private investments.
  • Alibaba and Tencent will invest in the publicly traded China United Network Communications unit of the telecom. China Unicom hopes to raise about $10.25B through that unit to offset profit losses and mounting debts.
  • Internet behemoth Baidu backed out of the investment opportunity for undisclosed reasons.
  • Now read: Alibaba's Small Steps Into Southeast Asia


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