Tsinghua Unigroup is reported to be selling its stake in Unisplendour, a cloud computing firm of which it holds 46.5%. Reuters cited sources that Alibaba and several Chinese state-backed firms are planning to bid for the stake. Unigroup is planning to use proceeds from the stake sale toward debt coming due. Unigroup’s dollar bonds have moved up over 30% since June with traders believing that a state rescue might be coming as per Bloomberg.

Unigroup’s 4.75% 2021s were up 1.5 points to 42.

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