Diversified-ownership is one of the focuses of the new state-owned enterprises (SOE) reform. As the top leadership of the central government has yet to announce the plan, the local governments are still in waiting state. According to Anbound research team, to solve the confusion of the waiting state of SOEs, solution to systematization of the state-owned asset management is the key. Through establishing mutual fund, SOE can be converted to become capital; the capital investment can be used to maintain the preservation of the appreciation of state-owned asset, at the same time market-oriented approach can be fully operated to solve the bottleneck of SOE reform.