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The
State Administration for Market Regulation approved the
application, based on a list it published on its website.
The regulator first disclosed details of the as yet unnamed
company in September, when it published a document describing it
as an entity focused three areas: internet data centres, content
delivery networks and edge computing, which is the use of
augmented reality and machine learning to analyse bulk data.
The documents did not say why the companies had decided to set
up the venture.
Unicom Innovation Venture Capital, a subsidary of China Unicom,
will control 48% of the new company while the Shenzhen Tencent
Industry Venture Capital, a subsidary of Tencent, will control
42%, based on the document published in September. The
additional 10% will go to the company's employees, this document
said.
China Unicom shares surged 10% in Shanghai late on Wednesday,
prompting a temporary trading suspension. Trading in its Hong
Kong-listed shares had ended before the news emerged as the
stock market there closed early due to a typhoon.
Tencent's shares rose 1.4% in Hong Kong in afternoon trading.
Chinese media has earlier described the venture as a "mixed
ownership reform" company.
Tencent and China Unicom declined to provide immediate comment.
(Reporting by Josh Ye; Editing by Edwina Gibbs and Jane
Merriman)
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