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The China Securities Regulatory Commission (CSRC) said in a
statement on Friday that it would "continue to support
mixed-ownership reforms" of state-owned firms. However, it
warned major shareholders that "any items related to the capital
markets must strictly stick to existing laws, regulations and
rules published by the securities regulator".
China Unicom recently unveiled plans to raise 77.9 billion yuan
($11.7 billion) through an ownership reform plan that some
observers saw as a model case for revitalizing Chinese state
firms with private capital.
The deal immediately raised eyebrows among Chinese media and
investors, who suspected it may have violated rules on private
placements in terms of deal size and pricing mechanism after the
CSRC revised its rules in February.
The CSRC reiterated on Friday that the deal was being treated as
an exceptional case, due to the "major significance" of China
Unicom's reforms.
The deal, in which Unicom's Shanghai-listed unit will tap more
than a dozen major investors, including Alibaba Group <BABA.N>,
Tencent Holdings <0700.HK> and Baidu <BIDU.O>, for funds, caused
confusion among investors when it was announced this month.
(Reporting by Samuel Shen and John Ruwitch; Editing by Susan
Fenton)
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