China Unicom to spin off smart network unit on ChiNext

China United Network Communications Limited intends to spin off its subsidiary, Unicom Smart Network Technology Company Limited, for an initial public offering on the Shenzhen Stock Exchange ChiNext board. This strategic move, approved by the board on October 22, 2025, aims to enhance Smart Network Technology's innovation, operational quality, and competitive edge in the vehicle-to-everything (V2X) sector, while retaining China Unicom's indirect control.

Concurrently, China Unicom reported its Q3 2025 operating data, including 1,233.784m connected users, 225.187m 5G network users, and 703.310m IoT terminal connections. The company’s total operating revenue for the first three quarters of 2025 reached 292.985bn yuan, with a net profit attributable to shareholders of 8.772bn yuan, marking a 5.2% year-over-year increase.

Furthermore, the board approved the achievement of performance conditions for the second and third unlocking periods of its second restricted stock incentive plan. The company confirmed that the performance targets, including year-over-year improvements in main business revenue, total profit, net asset yield, and economic value added (EVA) for both 2023 and 2024, have been met.