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China Unicom Shanghai unit says to raise £7.19 billion, less than flagged

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China Unicom Shanghai unit says to raise £7.19 billion, less than flagged

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HONG KONG (Reuters) – China United Network Communications Ltd <600050.SS>, the Shanghai-listed unit of telecoms group China Unicom, said it plans to raise 61.73 billion yuan (7.19 billion pounds) in a private placement, more than $2 billion less than previously announced. The company made the announcement in a statement to the Shanghai stock exchange late on Sunday. It gave no reason for the change in the value of the placement. On Monday, China Unicom Hong Kong Ltd <0762.HK>, the Hong Kong unit of the group, said trade in its shares would resume. The state-owned group had announced on Wednesday it was raising the funds via its Shanghai-listed unit from more than a dozen investors, including tech giants Alibaba Group <BABA.N>, Tencent Holdings <0700.HK>, and Baidu <BIDU.O>.

(Reporting by Donny Kwok; Editing by Edwina Gibbs)
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