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China's State Administration for Market Regulation has approved internet giant Tencent Holdings and China Unicom, one of China's three major telecom carriers, to set up a joint venture, according to a document released on the regulator's website.
The joint venture, which was approved on October 18, will be established by the venture capital arms of the two companies. The entity will primarily operate content delivery networks (CDNs) and edge computing, according to the regulator's website.
CDNs speed up webpage loading, while edge computing is a technology that helps enterprises reduce server load.
China Unicom's venture capital arm will hold 48 percent of the joint venture, Tencent's investment firm will have 42 percent, and the employees will take the remaining 10 percent, public information showed.
Tencent said it had no more details to reveal yet when contacted by CGTN on Wednesday.
China Unicom couldn't be reached at press time.
Shares of Shanghai-listed China Unicom rose by the daily limit of 10 percent to end at 3.75 yuan ($0.52) on Wednesday.
(Cover photo via CFP)
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466