In late August 2017, China Unicom announced its plans to raise approximately 77.9 billion RMB through an ownership reform plan. This is a significant move by China's government to implement its plan to revitalise State owned firms by using private capital and ultimately creating more investment opportunities by using both state and private ownership. There are 14 proposed investors who will invest in China Unicom including the main technology companies such as Alibaba Group Holing, Tencent Holdings, Baidu, Suning and JD.com.
The initial announcement was met with some confusion as China Unicom removed the statement from the Shanghai stock exchange website and trading of its shares was suspended. The China Securities and Reform Commission later issued a statement confirming that the reform is in compliance with the laws.