China Unicom shares skyrocket as government OK's reform plan

The $11.7 billion ownership reform plan of China United Network Communications Group Co Ltd, the country's second-largest mobile carrier by subscribers, has been approved by the country's securities authority, causing shares of its two listed units to skyrocket on Monday.

China Unicom's Shanghai-listed unit plans to raise funds from more than a dozen major investors with 35.19 percent of shares, including Tencent Holdings Ltd, Baidu Inc, and Alibaba Group Holdings Ltd, as part of the country's broad push to revitalize State-owned companies with private money.

The China Securities Regulatory Commission said in a statement late on Sunday that it fully recognized the importance of China Unicom's mixed-ownership reform.