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China tech

Tencent and state-owned China Unicom to set up joint venture

Deal announced amid anxiety over future of country's private tech sector

The joint venture aligns with Beijing's policy of establishing "mixed-ownership companies" between private and state-owned entities.

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.

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