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Freshfields advises China Unicom on the issue of up to US$11.3 bn of new shares to its parent company in the first transaction under China’s mixed ownership reform

Freshfields Bruckhaus Deringer (‘Freshfields’) has advised China Unicom (Hong Kong) Ltd. on the issue of up to 6.65 billion new shares to its parent company, China Unicom (BVI) Ltd. for an aggregate subscription price of up to US$11.3 bn  (HK$88.06bn).

The transaction is part of the mixed ownership reform plan being implemented by China United Network Communications Group Co. Ltd. and is the first transaction under China’s mixed ownership reform of state-owned enterprises.

The proceeds from the share issue will be used to upgrade China Unicom’s 4G network, develop and launch the technology for its 5G network, develop other innovative businesses and repay bank loans.

The Freshfields team advising on the deal was led by partner Grace Huang.

ENDS

Notes for editors

About Freshfields Bruckhaus Deringer
Freshfields Bruckhaus Deringer LLP is a global law firm with a long-standing track record of successfully supporting the world's leading national and multinational corporations, financial institutions and governments on ground-breaking and business-critical mandates. Our 2,800 plus lawyers deliver results worldwide through our own offices and alongside leading local firms.  Our commitment, local and multi-national expertise and business know-how means our clients rely on us when it matters most.

The Freshfields team was led by: