Likely Overreaction to Mixed Ownership’s Impact on China Unicom
China Unicom’s stock price rose around 10% following reports on Bloomberg and other news outlets that Baidu, Alibaba, and Tencent may all buy stakes in China Unicom. China Unicom has confirmed that the reports are premature and that neither the Reform Implementation Plan nor the selection of Unicom Group for the initial pilot run of mixed-ownership reform has obtained final approval. We see the stock price movement as a likely overreaction, given our expectations of limited tangible benefits for...
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