China Unicom shares rise on mixed-ownership reform

Shares of China United Network Communications Limited rose 5.06 percent on Monday after its State-owned parent company confirmed that it is considering pushing forward "mixed-ownership reform".

Analysts said the announcement indicates that China United Network Communications Group Co, the country's second largest telecom carrier by subscribers, is likely to attract private investors rather than merging with its smaller rival, China Telecommunications Corp.

The Shanghai-listed unit said in a filing on Sunday night that "its parent firm, China Unicom, is working on a mixed ownership reform plan", but the country's top economic planner has not decided yet whether it will be in the first batch of pilot reform programs.