A public document revealed that Tencent Holdings and state-owned telecommunications company China Unicom have received regulatory approval to establish a joint venture company.
The State Administration for Market Regulation approved the application based on a list published on its website.
The unnamed company was first revealed by the regulator in September, when it published a document describing it as an entity focused on three areas: internet data centers, content delivery networks, and edge computing, which is the use of augmented reality and machine learning to analyze large amounts of data.
According to the document published in September, Unicom Innovation Venture Capital, a subsidiary of China Unicom, will own 48% of the new company, while Shenzhen Tencent Industry Venture Capital, a subsidiary of Tencent, will own 42%. According to the document, the additional 10% will be distributed to the company’s employees.
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