Flip-flop deal: A woman walking past a China Unicom sign in Beijing. A plan under which big Chinese companies led by Tencent and Alibaba would invest US12bil in the country’s second-largest wireless carrier was cast into confusion yesterday – just a day after it was announced. — AFP
HONG KONG: China Unicom’s two main units said their shares would remain suspended until further notice, one day after the group announced it was raising US$11.7bil from investors including Alibaba Group and Tencent Holdings.
No reason was given for the continued suspension, which runs counter to expectations that trading would resume soon after details of the fundraising were released.
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