Approval of Unicom share sale touches rule revision

CSRC said it will treat telecom giant's reform plan as an 'exceptional case'

China's top securities regulator should review and reassess the current rules on private share sales by listed companies to ensure market fair play, analysts said on Wednesday after a high-profile share sale plan by a State-owned telecom giant was seen to have violated securities rules.

The long-awaited ownership reform plan of China United Network Communications Group Co Ltd, the country's second-largest mobile carrier, was approved by the securities regulator on Sunday, giving a green light to the company's plan to sell a 35.2 percent stake to 14 companies, thereby raising 78 billion yuan ($11.6 billion).