Tencent, China Unicom Set Up Joint Venture Approved Late Last Year
Liao Shumin
DATE:  May 05 2023
/ SOURCE:  Yicai
Tencent, China Unicom Set Up Joint Venture Approved Late Last Year Tencent, China Unicom Set Up Joint Venture Approved Late Last Year

(Yicai Global) May 5 -- Chinese internet giant Tencent Holdings and China United Network Communications have formed a joint venture with a registered capital of CNY300 million (USD43.4 million), after the country’s market regulator approved its set up last November.

Yunzhou Times Technology was incorporated on April 26 with Ma Yuerui as its legal representative, according to corporate information platform Tianyancha. Ma was previously deputy general manager of China Unicom Global, which was set up in 2015.

Yunzhou Times will rely on China Unicom's network resources and capabilities, the state-owned mobile phone carrier said on WeChat yesterday. Tencent's technological, consumer, and industrial internet ecology will provide content delivery network and edge computing services in the digital government and artificial intelligence sectors, it added.

China Unicom subsidiary Unicom Innovation Enterprise Investment owns 48 percent of the JV, Tencent unit Shenzhen Tencent Industry Venture Capital 42 percent, and employees the rest.

China Unicom [SHA: 600050] closed 0.9 percent higher at CNY5.49 (79 US cents) a share today. The benchmark Shanghai Composite Index fell 0.5 percent. Tencent [HKG: 0700] rose 1.5 percent to HKD342.80 (USD43.68) in Hong Kong.

China Unicom’s stock price surged by 10 percent on Nov. 2 after the State Administration for Market Regulation gave the Beijing-based company and Tencent the green light to set up the joint venture.

China Unicom embraced internet giants, including Tencent, Baidu, and Alibaba Group Holding, as strategic investors in August 2017, with Shenzhen-based Tencent investing CNY11 billion (USD1.6 billion) at the time.

In 2018, China Unicom and Tencent inked a deal to form a strategic partnership and set up a joint fifth-generation mobile technology laboratory, building long-term and stable cooperation in the edge computing, network slicing, telematics, and high-precision positioning fields.

Editor: Martin Kadiev

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Keywords:   China United Network Communications,China Unicom,Tencent Holdings,Joint Venture