HONG KONG -- Tencent Holdings will set up a joint venture with state-owned telecom operator China Unicom amid anxieties over the future of the country's private tech sector under China's President Xi Jinping.
Shares in Shanghai-listed China Unicom surged 10% on Wednesday after reports of the deal, which was approved by China's top market watchdog on Oct. 18, were picked up by state media and widely shared on social media.
