An FT report, Alibaba and Tencent among investors in China Unicom from the Financial Times, suggests that “China’s biggest technology companies, including Alibaba, Tencent and Baidu, are investing $11.7bn in China Unicom, the country’s second-largest wireless telecom, as they seek to revitalise the state-owned group with private capital.” In total,
“Ten private and state investors will buy 35.19 per cent of the company’s Shanghai-listed unit China United Network Communications by purchasing both new and existing shares, the company said in a statement on Wednesday. China Unicom’s shareholding in the listed unit will fall to 36.67 per cent from above 62 per cent.”
This is part of China’s “mixed ownership” （混合所有制）reform, which aims to lure private capital into SOEs while keeping state control in those entities. Recent signs demonstrate that the so-called “state control” will be the “control of the Party-State”.