HONG KONG-China Unicom Ltd., China’s second-largest telecommunications provider, is planning an initial public offering in June on the New York and Hong Kong stock exchanges. China Unicom is expected to raise about $4 billion through the offering.
The listing essentially means the China-China-foreign arrangements, which allowed foreign companies to detour Chinese foreign investment regulations, have been resolved. More than 40 foreign groups had participated in the CCF ventures, which Chinese regulators banned last year. Potential problems with dissolving the CCF arrangements threatened to stall the IPO.
China Unicom is expected to list in New York on June 21 and in Hong Kong on June 22.
China Telecom, China’s dominant telecom provider, listed China Telecom Hong Kong in 1997.
