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Exclusive: China Unicom counts Alibaba, Tencent among investors in drive to raise $10 billion - sources

03:29 EDT 22 Jun 2017 | Yahoo News

Exclusive: China Unicom counts Alibaba, Tencent among investors in drive to raise $10 billion - sourcesBy Julie Zhu and Kane Wu HONG KONG (Reuters) - Chinese tech giants Alibaba Group Holdings and Tencent Holdings will be among new investors pouring a total of around $10 billion into mobile carrier China Unicom, sources said, part of efforts by Beijing to rejuvenate state behemoths with private cash. Four sources with knowledge of the matter told Reuters that Alibaba and Tencent would invest in the Shanghai-listed unit of the telecoms group - China United Network Communications Ltd - as part of the capital-raising effort. One of the sources said Alibaba and Tencent would lead the group of investors, while Baidu, the third of China's constellation of tech giants, has pulled out.


Original Article: Exclusive: China Unicom counts Alibaba, Tencent among investors in drive to raise $10 billion - sources

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