China Unicom, which plans to raise no more than about 77.914 billion yuan, resumed trading yesterday, became a hot spot in the two cities. On the evening of August 20, China Unicom issued a mixed-ownership reform plan. In addition to raising funds through old stock transfer and equity incentives, it plans to issue no more than about 9.037 billion shares to strategic shareholders including BATJ, and the funds raised will not exceed about about 9.037 billion shares. 61.725 billion yuan is used to optimize 4G networks, build 5G networks, and achieve breakthroughs in innovative business scale. The CSRC stated that the private placement of stocks involved in China Unicom's mixed reform will be handled as a case-by-case basis, and the rules before the revision of the CSRC's refinancing system on February 17 were applied. China Unicom resumed trading from the opening of the market on the 21st. China Unicom said that before this mixed-ownership reform, the company's total share capital was approximately 21.197 billion shares. During this mixed-ownership reform, the company plans to issue no more than about 9.037 billion shares to strategic investors, and raise no more than about 61.725 billion yuan; China Unicom Group transfers its holdings to the Structural Adjustment Fund Agreement by it to the Structural Adjustment Fund Agreement. 1.9 billion shares, with a transfer price of approximately 12.975 billion yuan; no more than 848 million restricted shares were awarded to core employees in the first period, and no more than 3.213 billion yuan was raised. The total consideration of the above transactions shall not exceed approximately RMB 77.914 billion. After all the above transactions are completed, according to the issuance upper limit, China Unicom Group holds a total of approximately 36.67% of the company's shares; China Life Insurance, Tencent Xinda, Baidu Penghuan, JD Sanhong, Alibaba Venture Capital, Suning Cloud Commerce, Guangqi Internet, Huaihai Ark, Xingquan Fund and Structural Adjustment Fund will hold approximately 10.22%, 5.18%, 3.30%, 2.36%, 2.04%, 1.88%, 1.88%, 1.88%, 0.33% and 6.11% of the company's shares respectively.

The newly introduced strategic investors hold a total of approximately 35.19% of the company's shares, further forming a diversified equity structure of mixed ownership. China Unicom said that during this mixed reform, the company plans to raise about 61.725 billion yuan through private placement, and plans to finally invest in China Unicom's operating company through China Unicom BVI through subscribing to the allocation and right-of-rights shares of China Unicom. Focus on the China Securities Regulatory Commission: The market focus on private placement of stocks as a case-based treatment is that in the early morning of August 17, China Unicom issued an announcement on the Shanghai Stock Exchange stating that due to technical reasons, the company has applied to continue to suspend trading and will disclose major confusion within three trading days. The plan and relevant documents for the pilot reform and introduction of strategic investors through private placement will be resumed. But the relevant documents were then removed soon. It is understood that on October 10, 2016, China Unicom announced for the first time that it would promote major mixed ownership reforms, suspending trading from May 16, 2017, and signed a strategic cooperation framework agreement with relevant investors on August 16, and on the Shanghai Stock Exchange, The Hong Kong Stock Exchange has issued a relevant plan. Once China Unicom's mixed reform plan was released, some market participants believed that this plan was incompatible with the new regulations on the China Securities Regulatory Commission's private placement. The analysis pointed out that the reason for the withdrawal may be because the private placement plan does not comply with the new refinancing regulations. According to the latest "Implementation Rules for Private Issuance of Listed Companies" and "Issuance Supervision Questions and Answers - Supervision Requirements on Guide and Standardizing Financing Behavior of Listed Companies" revised by the China Securities Regulatory Commission in February this year, the number of shares issued shall not exceed the total share capital before the issuance 20%, and the proportion of China Unicom's solution has reached 42.63%.

In response to the above dispute, after China Unicom released the plan on the evening of the 20th, the China Securities Regulatory Commission stated that the CSRC stated in the "China Unicom's mixed reform involves private placement of stocks" that night that the CSRC and the National Development and Reform Commission and other departments carried out the corresponding statutory procedures in accordance with the law. Later, the private placement of stocks involved in China Unicom's mixed reform will be handled as a case-by-case case, and the rules before the revision of the China Securities Regulatory Commission's refinancing system on February 17 will be applied. So far, China Unicom's mixed reform has cleared corresponding obstacles in the new regulations on the China Securities Regulatory Commission's private placement. Pay attention to the special approval of the private placement has caused market controversy. China Unicom's huge private placement has attracted market attention and doubts. Although China Unicom's private placement is a special approval and does not belong to the special approval listing, it also falls under the special approval category, causing market controversy. According to media reports, in fact, in the dispute over the new regulations on the private placement half a year ago, some mergers and acquisition experts shook their heads: The mixed-ownership reform of state-owned enterprises will start in the future, and it will definitely conflict with it. Regarding the "one-size-fits-all" policy of some supervision, some commentators said that our national conditions are that in a market with rapid growth, limited financial resources, impulsive stakeholders, and imperfect judicial environment, such phenomena are repeated. There have been many doubts in the market regarding the special approval. In history, for the special approval of new stock listings, Ye Tan, a well-known financial person, once commented that the special approval system has and is still affecting the credit of the stock market and makes it difficult for new stock issuance to marketize. Financial commentator Cao Zhongming believes that the special approval has prevented the proposed listed company from being rejected, and has also concealed many problems of the company. Financial critic Pi Haizhou believes that "special approval listing" sometimes means "listing with illness". It is understood that since the resumption of new shares in July 2009, many companies that have been established for less than three years have issued and listed in accordance with the "special approval" method.

In the two years from 2009 to 2011, eight listed central enterprises, including China Construction, China MCC, China National Travel Service, China Corp., China Chemical, China West Power, China First Heating, and China Hydropower, all fell into this situation. Outlook institutions believe that China Unicom's stock price still has room for growth, although it has gone through a lot of trouble, China Unicom's mixed-ownership reform is still regarded as a major progress in the current mixed-ownership reform of central enterprises. The State-owned Assets Supervision and Administration Commission News Center of the State Council stated that this pilot of mixed ownership reform is a major historical strategic opportunity for China Unicom, and China Unicom is also the only group's overall mixed reform pilot unit. Shenwan Hongyuan released China Unicom's comments yesterday, saying that China Unicom, as the vanguard of mixed reform, its plan is not only of benchmark significance, but also has substantial benefits for the company's long-term development and is a booster for the company's growth. Comments pointed out that after China Unicom's mixed reform, strategic investors generally hold high shareholding ratios, and at the same time, they optimize the board structure and explore the market-oriented recruitment mechanism of the managers. After the mixed-ownership reform, strategic investors held more than 35% of the shares, and the company and strategic investors formed a community of interests. The board of directors introduced four representatives of private enterprises to strengthen the construction of the management team. The company carried out institutional reforms from top to bottom, with unprecedented reform efforts. Establish an equity incentive mechanism and determine the company's development quantitative goals for the unlocking period. The company grants restricted stocks to core employees, and optimizes the salary distribution mechanism to stimulate employees' vitality based on performance-oriented approach. At the same time, the company has set up clear quantitative equity incentive unlocking conditions, taking the three dimensions of revenue, profit and ROE as assessment indicators, and setting year-on-year growth rates and development goals corresponding to the industry average growth rate, making the company's development path clearer.

Improved capabilities drives revenue reversal, while ensuring cost control drives profit reversal, and improving the company's profitability. The company cooperates with Internet and vertical industries to accelerate business innovation, and has begun to achieve innovative business models, and innovate business will become the driving force for the company's rapid growth in the future. The funds raised will be used for the construction of 4G, 5G and innovative business projects to improve the company's competitiveness, while reducing the company's financial expenses and improving profits and cash flow. Sales expenses and management expenses are expected to be reduced in the future. Compared with the valuation, China Unicom's red chips are more attractive. China Unicom's A-shares have more than 20% room for upward due to multiple dimensions such as valuation, sentiment, and capital. By comparing the relative valuations with international telecom operators, Unicom Red Chips, and A-share large-cap stocks, and considering that the market increase of China Unicom's A-shares during the suspension period is about 10%, it is predicted that state-owned enterprise reform will continue to catalyze expectations in the second half of the year, and the injection of funds into H shares is expected to increase AH The stock conversion ratio reduces the premium, and China Tower's listing is expected to increase by 15% to 25% of the intrinsic value of China Unicom, which is judged that China Unicom's A-shares have room for more than 20%. Many industry leaders behind the scenes gathered in China Unicom's mixed reform and participated in China Unicom's mixed reform, in addition to China Life Insurance, Tencent Xinda, Baidu Penghuan, JD Sanhong, Alibaba Venture Capital, Suning Cloud Commerce and other well-known companies, they also include many industries. leading companies and company leaders. On August 15, UFIDA Network announced that it plans to invest 170 million yuan, accounting for 4.25%, to participate in Shenzhen Huaihai Ark Information Industry Equity Investment Fund (Limited Partnership). The fund scale is 4 billion yuan, and the general partner Qianhai Ark Asset Management Co., Ltd. (Invested 3,000 yuan. 10,000 yuan, accounting for 0.75%), and other shareholders include Qianhai Equity Investment Fund (Limited Partnership) (invested 2.97 billion yuan, accounting for 74.25%), Jiaxing Piyi Investment Partnership (Limited Partnership) (invested 600 million yuan, accounting for 15 %), Yitong Century (invested 200 million yuan, accounting for 5%), UFIDA Guangxin Network Technology Co., Ltd. (invested 30 million yuan, accounting for 0.75%).

Didi Chuxing is also hiding in the Huaihai Ark Fund. Didi Chuxing participated in mixed reform investment through Jiaxing Biyi Investment Partnership. The latter was established on July 28, and its shareholders are Didi Chuxing Technology Co., Ltd. and Jiaxing Xiaojuzi Investment Partnership. Both are affiliated subsidiaries of Didi Chuxing parent company Xiaoju Technology. This means that Didi Taxi will invest 600 million yuan to participate in China Unicom's mixed reform. Huaihai Ark Fund's general partners lineup is also very strong. Shareholders of Qianhai Ark Asset Management Co., Ltd. include Shenzhen Innovation Investment Group, former chairman of Shenzhen Venture Capital, Ma Weihua, former president of China Merchants Bank, Sequoia Jingxin, a subsidiary of Sequoia Capital, and Ni Zhengdong, founder of Qingke Group. Qianhai Equity Investment Fund (Limited Partnership) is the main body of Qianhai Mother Fund, and its shareholders include Guangdong Railway Development Fund, Shenzhen Innovation Investment Group, Shenzhen Guidance Fund, Shenzhen Longhua New District Guidance Fund, Nanshan Guidance Fund, Futian Guidance Fund, Beiyin Fengye Asset Management, a subsidiary of Bank of Beijing, Guoxin Hongsheng Venture Capital, Guoxin Securities, and Shenzhen Taitai Pharmaceutical, a subsidiary of Jiankangyuan. If the structural adjustment fund is penetrated, CRRC Capital Holdings Co., Ltd. will appear among its shareholders, and it also includes China Construction Bank Investment Fund, China Chengtong Holdings Group, Shenzhen China Merchants Jinkui Capital Management, and China Ordnance Industry Group , China Communications Construction Group, China Petroleum and Chemical Group, China Mobile Communications Group, Beijing Financial Street Investment Group, Shenhua Group, etc. China Unicom's AH shares resumed trading yesterday, which triggered the enthusiasm of various funds for China Unicom's stocks. The funds that have held China Unicom have become a new hunting target for China Unicom.

The interim report shows that the fund with the highest proportion of China Unicom A-share market value in the net value is the CSI Southern Xiaokang Industrial ETF, with a proportion of up to 9.5%. In addition to this fund and its connected funds, other funds holding China Unicom AH shares are also 45. According to WIND statistics, as of the end of the second quarter of this year, a total of 44 public funds have heavily invested in China Unicom A shares. The largest number of shares is Fuguo State-owned Enterprise Reform A, with a holding of 54.5 million shares, and a circulating share of 0.26%. Because the asset scale of Fuguo's state-owned enterprise reform is large, China Unicom's proportion of fund net value is not high, at 2.99%. Changsheng CSI Shenwan Belt and Road Initiative and Southern Well-off Industry hold more than 10 million shares, 13.42 million shares and 11.55 million shares respectively, second only to the reform of Fuguo State-owned Enterprises, but the proportion of the outstanding shares is both. Below 0.1%. In addition, Jiashen Fundamental 50 and Huaxia State-owned Enterprise Reform hold 8.08 million shares and 6 million shares of China Unicom respectively. Some analysts pointed out that after the resumption of trading, the mixed-ownership reform plan will have a positive impact on China Unicom's stock price. You may wish to pay attention to funds with a high proportion of holdings to net value. (Reporter Liu Shenliang) Financial figure Niu San Wang Sufang made 100 million yuan in mixed reform with China Unicom yesterday, which was established for mixed reform plan. It closed at the daily limit as soon as the market opened yesterday, with a rise of 0.75 yuan per share, and the stock price closed at 8.22 yuan, setting a record 2015 The closing high has been held since the year. "Legendary Niu San" Wang Sufang shined. Its net worth is China Unicom, which surged by nearly 100 million in one day. Wang Sufang is currently the 13th largest shareholder of China Unicom and the only retail investor on the list.

According to the review of China Unicom's quarterly and annual reports, Wang Sufang bought 87.539 million shares of China Unicom in the fourth quarter of last year, and increased his holdings by 40.50778 million shares in the first quarter of this year. As of the disclosure of this year's semi-annual report, Wang Sufang held a total of 128 million shares of China Unicom's outstanding shares, accounting for 0.6% of the total share capital. Since China Unicom disclosed that it was included in the first batch of pilot projects of mixed ownership reform on October 10 last year, the progress of China Unicom's mixed reform has been heard. Wang Sufang began to buy Unicom's stocks in large quantities, and Unicom's stock price has also risen - from October 10 last year The 4.15 yuan on the day rose to 7.47 yuan when it was suspended on March 31 this year, with a cumulative increase of up to 80% in the six-year period! What really made Wang Sufang famous was GF Securities, which is also the starting point for the outside world to believe that its gold-mining road in the stock market. According to the 2006 annual report, Wang Sufang first appeared on the list of top ten shareholders of S Yanbian Road (now known as GF Securities) with a holding of 1.0719 million shares. Based on the closing price of 10.55 yuan per share on October 19, 2006 before the suspension, the market value of the holdings was 11.3085 million yuan. By February 12, 2010, S Yanbian Road, which completed the backdoor restructuring of GF Securities and resumed trading, had its share price soared to 60.46 yuan per share, up more than 5 times from before the suspension, and Wang Sufang successfully made a profit and left the position. As of the end of the third quarter of 2010, Wang Sufang once again appeared on the list of the top ten circulating shareholders of GF Securities with a holding of 1.571 million shares. In the subsequent bull market, GF Securities soared and completed the doubled market. Wang Sufang was accurate again. Profits later disappeared from the list of top ten shareholders in the annual report that year.

(Reporter Liu Shenliang) Financial focus is over 7,000 Unicom employees to purchase China Unicom shares at half price. After experiencing the ups and downs of the announcement of withdrawal on the evening of the 16th, on the evening of the 20th, China United Network Communications Co., Ltd., a subsidiary of China Unicom Group, breathed a sigh of relief through the official website of the Shanghai Stock Exchange on the evening of the 20th. 27 reports, including the "Special Announcement on the Relevant Situation of Mixed Ownership Reform", including "China Unicom Restricted Stock Incentive Plan (Draft)" and "China Unicom Restricted Stock Incentive Plan (Draft)" Wait for documents. According to China Unicom's plan, the total number of company shares involved in the restricted stock incentive plan introduced by this mixed reform shall not exceed 10% of the company's total share capital. The first period is to grant no more than 84.78 million restricted shares to the incentive targets, accounting for approximately 4.0% of the current total share capital, of which 84.78 million shares are planned to be reserved, accounting for 10% of the total granted amount and the current total share capital. 0.4% of that. The price of each restricted stock (including the reserved part) granted to the incentive target is RMB 3.79 per share. Compared with China Unicom's stock price before the resumption of trading, it was basically at a discount and level of 50%. The incentive targets awarded for the first time (excluding the reserved part) include the company's middle-level managers and core management and professional talents (excluding directors and senior management personnel) that have a direct impact on the operating performance and sustainable development of listed companies, with no more than 7,550 people. . The reserved part of the incentive targets will be clarified within 12 months after the equity incentive plan is reviewed and approved by the shareholders' meeting. The content of the draft also shows that the first phase of the incentive plan granting plan is valid for 60 months, and will take effect from the date of grant of restricted shares, including the ban and unlocking period.

There are certain requirements for both company performance and personal performance in the unlocking conditions. Among them, 24 months from the date when the incentive object is granted restricted stocks, it is the restricted period for restricted stocks. During the period of lock-up, the restricted shares held by the incentive object through this plan will be locked and may not be transferred in any form or used to guarantee or repay debts. The 36 months after the expiration of the restricted stock ban is the restricted stock unlocking period. During the unlocking period, installments are unlocked at a constant speed. If the unlocking conditions for the current restricted stocks are met, the incentive object can apply to unlock the restricted stocks held by them through this plan and transfer them according to law; if the unlocking conditions for the restricted stocks stipulated in this plan are not met. , the incentive target shall not unlock restricted shares in the current period, and the company shall repurchase them according to the awarded price of the incentive target.