China Unicom Drops 6%

China Unicom Ltd dropped almost 6% intraday Thursday after the Hong Kong company signaled it will miss out on a mixed-ownership plan being pushed by the government for its state-owned enterprises, according to a report from Bloomberg.

Unicom said Wednesday its Shanghai-listed affiliate, China United Network Communications Ltd., could see its shareholding structure change after the restructuring, without any mention of changes at Hong Kong-listed company, the report added.

Using the Shanghai-based company as a platform for reforms would be more complex than using the Hong Kong company, which may disappoint investors, Joel Ying, an analyst Nomura Holdings Inc., was cited as saying in the report.

By Caroline Williams