Tencent Holdings and state-owned telecommunications company China Unicom have received regulatory approval to set up a joint-venture company, a public document showed on Wednesday.
The State Administration for Market Regulation approved the application, based on a list it published on its website.
The regulator first disclosed details of the as yet unnamed company in September, when it published a document describing it as an entity focused three areas: internet data centres, content delivery networks and edge computing, which is the use of augmented reality and machine learning to analyse bulk data.
Unicom Innovation Venture Capital, a subsidary of China Unicom, will control 48% of the new company while the Shenzhen Tencent Industry Venture Capital, a subsidary of Tencent, will control 42%, based on the document published in September. The additional 10% will go to the company's employees, this document said.
