ADRs End Higher; China Unicom Trades Actively
August 16 2017 - 4:56PM
Dow Jones News
International stocks trading in New York closed higher
Wednesday.
The BNY Mellon index of American depositary receipts gained 0.4%
to 144.48. The European index increased 0.33% to 134.83. The Asian
index improved 0.44% to 167.50. The Latin American index rose 0.95%
to 241.41. And the emerging-markets index increased 0.51% to
309.67.
China Unicom Hong Kong Ltd. (CHU) was among those with ADRs that
traded actively.
China Unicom said Wednesday that its Shanghai-listed parent
company is seeking to sell shares to a group of strategic
investors, including Chinese internet and e-commerce majors Tencent
Holdings Ltd. (TCEHY) and Alibaba Group Holding Ltd. (BABA). The
total consideration for the deal, which is part of Beijing's plan
to introduce private investors to its state-owned enterprises, will
be around 78 billion yuan ($11.68 billion), the Hong Kong-listed
mobile operator said after releasing its financial results. Other
strategic investors in the private offering, which is subject to
approval from regulators and shareholders, include China Life
Insurance Co. (LFC) and Baidu Inc. (BIDU). The investors would hold
a combined stake of around 35% in Shanghai-listed China United
Network Communications Ltd. China Unicom rose 3% to $15.67; Alibaba
rose 1% to $159.50; China Life Insurance edged up 0.3% to $15.24;
and Baidu improved 0.4% to $226.14. Tencent, which trades over the
counter, rose 6% to $43.36.
ADRs in BHP Billiton Ltd. (BHP) rose nearly 3% to $41.17, a day
after Elliott Management Corp. disclosed it has increased its
holdings in the resources giant and signaled company officials may
be more receptive to sweeping changes it has been seeking. Elliott,
which has campaigned for BHP to exit its U.S. onshore oil-and-gas
assets and to collapse its dual-listed structure, said it now holds
5% of BHP's London shares.
(END) Dow Jones Newswires
August 16, 2017 17:41 ET (21:41 GMT)
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