China Unicom extends service pacts, revises governance structure

China United Network Communications Limited (China Unicom) disclosed two significant developments: the signing of new 2026-2028 comprehensive service and financial service agreements with China Unicom Group, both considered connected transactions. The comprehensive service agreement, with an estimated annual transaction cap of RMB100.0 bn, will be submitted to the shareholders' meeting for approval. The financial services agreement, with an estimated annual cap of RMB82.0 bn for deposit services and RMB81.0 bn for loan services, does not require shareholder approval.

Additionally, China Unicom announced major revisions to its corporate governance system, including the cancellation of the Board of Supervisors, with its powers transferred to the Audit and Risk Committee. This change aligns with the latest company law and regulatory requirements. The company also reduced its registered capital to RMB31,264,425,327 following the cancellation of repurchased and restricted shares. These changes aim to enhance corporate governance, optimize capital structure, and better serve all shareholders' interests.