Since the Chinese government announced the reform of China Unicom, the company has taken bold steps in its mixed-ownership reform. The first wave of reforms has already shown impressive results, with a massive investment of 75 billion yuan secured in just half a month. This is an unprecedented move that reflects strong confidence from strategic investors in the future of the company.
According to recent reports, the strategic investors of China Unicom have completed their cash subscriptions shortly after receiving regulatory approval on October 13. This was done in less than half a month, far earlier than the maximum 6-month period allowed for private placements. Industry insiders revealed that major players such as China Life Insurance, Tencent, Baidu, JD.com, Alibaba, Suning, Guangqi, Huaihai Ark, Xingquan Fund, and the Structural Adjustment Fund have injected nearly 75 billion yuan into the company in a short time. Their swift action highlights their strong belief in the success of the mixed-ownership reform.
Under the previous mixed reorganization plan, China Unicom aimed to issue up to 9.037 billion shares to strategic investors, raising up to approximately 61.725 billion yuan. In addition, the company plans to transfer about 1 billion shares at a price of around 12.975 billion yuan, bringing the total investment to roughly 74.7 billion yuan.
In addition to this, China Unicom also intends to grant no more than 848 million restricted shares to core employees for the first time, raising an additional 3.213 billion yuan. As the only central enterprise selected in the first batch of mixed reform pilots, China Unicom is pioneering a unique model—being the world's first "telecom operator + internet giant" integration experiment. This reform has attracted widespread attention and support.
Currently, China Unicom is making significant progress in its reform process. Internally, the company is undergoing intense and efficient restructuring:
- **First, organizational restructuring:** Since September 6, China Unicom has launched a "slimming down" initiative, aiming to reduce provincial project numbers by 26% and staff levels by 50.14%. All previous streamlining efforts have been completed, with an average reduction of 26% in management departments across provincial companies. This initial step represents a historic transformation.
- **Second, small-scale contracting:** Alongside the organizational changes, the company has introduced a "small contracting" model to boost grassroots innovation. This allows tens of thousands of frontline employees to directly manage resources and incentives, creating opportunities for entrepreneurs to generate more value.
- **Third, performance-based promotions:** China Unicom is leading the industry in implementing a market-oriented approach to cadre management. It has broken away from the traditional practice of keeping non-performing managers in place without responsibility. By adopting a "demolition and subtraction" strategy, the company plans to eliminate 5% of management personnel, allowing for greater mobility and accountability among leaders.
Recent financial reports show that China Unicom's third-quarter performance has been outstanding. The net profit attributable to the parent company is expected to rise by 168.4% year-on-year. Meanwhile, the growth rate of main business revenue increased from 3.2% in the first half to 4.1% in the first three quarters. Driven by the innovative collaboration with tech giants like BATJ (Baidu, Alibaba, Tencent, and JD.com), China Unicom achieved record-high monthly subscriber gains and 4G user additions in September.
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