China Unicom to Spin Off IoV Subsidiary
China Unicom, 8/19/21
Telecom operator China Unicom (0762.HK; 600050.SH) has announced plans for a spin-off and separate listing of China Unicom Smart Connection Technology Limited, the company's Internet of Vehicles subsidiary. Under the proposal, the listing will be on a Mainland China stock exchange.
Background on Smart Connection Technology
China Unicom Smart Connection Technology, incorporated in the PRC, is a non-wholly owned subsidiary of the China Unicom (China Unicom directly or indirectly through its subsidiary holds approximately 69.2% of its shares in total). Smart Connection Technology's businesses focus on the field of Internet of Vehicles, including Smart Connection, Smart Operation and Smart Application.
With respect to Smart Connection business, Smart Connection Technology provides scene-specific integrated smart connection services to meet the specific needs of the end-to-end system of the Internet of Vehicles that features high customization, high security, and high timeliness, including smart connection of vehicles based on mobile networks and cloud-network integration business based on car-cloud networking.
With respect to Smart Operation business, Smart Connection Technology provides ecosystem operation services, introducing Internet of Vehicles streaming media content and online information services to enrich the Internet of Vehicles content service ecosystem. It also provides customer operation services to assist automobile companies and customers in related industries in providing interactive services with individual customers, and provides digital operation services to assist automobile companies in providing TSP, big data and other platforms and operation and maintenance management tools, so as to improve the operational efficiency of the Internet of Vehicles.
With respect to Smart Application business, Smart Connection Technology actively conducts researches relating to the application of 5G, MEC, V2X and other new-generation information technologies, and expands vehicle-road 3 collaboration applications that empower smart transportation, fleet management applications, and personalized smart cockpit applications for users.
Reasons for, and Benefits of, the Proposed Spin-Off
China Unicom hopes the spin-off and separate listing will help Smart Connection Technology to strengthen its financing ability and operational flexibility, better attract talents and strategic partners, enhance its competitiveness, accelerate its business development, and improve returns.
Keywords: China Unicom automobile wireless spin-off 0762.HK 600050.SH IoV China Unicom Smart Connection Technology IPO
Sending
