The establishment of a new hybrid company by China Unicom will bring six major changes to the corporate governance structure. Among them, one of the changes is to optimize the composition of the board of directors and implement the powers of the board of directors. The company will appropriately introduce new state-owned shareholders and representatives of non-state-owned shareholders as directors of the company to further optimize the composition of the diversified board of directors. Clarify the core position of the board of directors in the company, implement the powers of the board of directors such as major decision-making, selection and employment, salary distribution, earnestly perform the duties of decision-making, internal management, risk prevention, deepening reform, etc., and accept the supervision of the general meeting of shareholders and the board of supervisors. The second change is to strengthen the construction of managers and explore market-oriented management. After the mixed reform, China Unicom will explore the market-oriented hiring mechanism and market-oriented management mechanism for managers, and implement tenure system and contractual management. Explore the implementation of medium and long-term incentive mechanism for senior managers who meet the policy requirements, and establish a restraint mechanism that matches the incentive mechanism. The third change is to establish a market-oriented mechanism for employees and enterprises to enjoy benefits and bear risks.

In addition, a person close to China Unicom told Caijing 11 that this behavior does not touch the changes in the shares of the parent company, nor is it a "mixed ownership reform" as understood by the market, but an ordinary investment behavior-each company contributes a sum of money to set up a joint venture company. Stock price changes are short-term speculation in the market.