(JW Insights) Mar 10 -- China Unicom, one of the leading telecommunications operators in China, announced to spin off its subsidiary, China Unicom Smart Connection(CUSC, 联通智网科技), to list it on the Science and Technology Innovative Board, or the STAR Market of the Shanghai Stock Exchange, on March 8, China Daily reported.
Such a move comes as more central state-owned enterprises have taken on spin-off and listings since the provisions on the domestic listing of subsidiaries of listed companies were released by China Securities Regulatory Commission in 2019.
Since its foundation in 2015, CUSC has always focused on the Internet of Vehicles and has developed three major business segments: Internet of vehicles connectivity, IoV operation, and innovative applications for the evolving demand of IoT and derivative business.
The revenue of CUSC in 2022 amounted to RMB809 million($116.06 million), an increase of RMB235 million($33.8million) from RMB574 million($82.5 million) in 2021, according to China Daily.
The company’s net profit from 2020 to 2022 stood at RMB75 million($10.8 million), RMB117 million($16.8 million) and RMB100 million($14.4 million), respectively.
China Unicom recorded a nine-year high of RMB354.9 billion($51 billion) in its operating revenue in 2022, with an 8.3 percent year-on-year growth rate, according to its 2022 annual report released on March 8, said China Daily.